UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________
FORM 10-K
.._______________________________________________________________________________________________
(Mark One)
☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                   
Commission File Number: 001-36008
________________________________________________________________________________________________
Rexford Industrial Realty, Inc.
(Exact name of registrant as specified in its charter)
._______________________ __________________________________________________________________________.
Maryland 46-2024407
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
11620 Wilshire Boulevard, Suite 1000Los AngelesCalifornia90025
(Address of principal executive offices) (Zip Code)
(310) 966-1680
(Registrant’s telephone number, including area code)
.____________________ __________________________________________________________________________.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Common Stock, $0.01 par valueREXR New York Stock Exchange
5.875% Series B Cumulative Redeemable Preferred StockREXR-PBNew York Stock Exchange
5.625% Series C Cumulative Redeemable Preferred StockREXR-PCNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes ☑ No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☑    
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report   ☑ 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.    ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) .   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑
The aggregate market value of the voting stock held by non-affiliates of the registrant based upon the closing sale price of the registrant’s common stock on June 30, 2024, as reported on the New York Stock Exchange (“NYSE”) was approximately $9.7 billion. The registrant had no non-voting common equity outstanding on such date. This amount excludes 220,890 shares of the registrant’s common stock held by the executive officers and directors. Exclusion of such shares should not be construed to indicate that any such person possesses the power, direct or indirect, to direct or cause the direction of the management or policies of the registrant or that such person is controlled by or under common control with the registrant.  
The number of shares of common stock outstanding at February 5, 2025 was 227,964,273.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement with respect to its 2025 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.


TABLE OF CONTENTS
 
   PAGE NO.
PART I    
     
     
     
     
     
PART II    
     
     
     
     
     
     
     
PART III    
     
     
     
     
PART IV    
      


PART I
 
Forward-Looking Statements
We make statements in this Annual Report on Form 10-K that are forward-looking statements, which are usually identified by the use of words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “potential,” “possible,” “predicts,” “projects,” “results,” “seeks,” “should,” “will,” and variations of such words or similar expressions. Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation:
•the competitive environment in which we operate;
•real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;
•decreased rental rates or increasing vacancy rates;
•potential defaults on or non-renewal of leases by tenants;
•potential bankruptcy or insolvency of tenants or our borrower;
•acquisition risks, including failure of such acquisitions to perform in accordance with expectations;
•the timing of acquisitions and dispositions;
•risks associated with redevelopment and repositioning activities, including the possibility that costs may exceed original estimates, the time to complete a project or to lease up the completed project may be greater than originally anticipated or changes in entitlements or laws may impact or prevent execution of intended projects, including without limitation, newly enacted California Assembly Bill 98;
•potential natural disasters such as earthquakes, wildfires or floods;
•the consequence of any future security alerts and/or terrorist attacks;
•national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries;
•the general level of interest rates;
•potential impacts of inflation;
•potential changes in the law or governmental regulations that affect us and interpretations of those laws and regulations, including changes in real estate and zoning or real estate investment trust (“REIT”) tax laws, and potential increases in real property tax rates;
•financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;
•lack of or insufficient amounts of insurance;
•our failure to complete acquisitions;
•our failure to successfully integrate acquired properties;
•our ability to qualify and maintain our qualification as a REIT;
•our ability to maintain our current investment grade ratings by Fitch Ratings (“Fitch”), Moody’s Investors Services (“Moody’s) or from Standard and Poor’s Ratings Services (“S&P”);
•litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes;
•possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us;
•an epidemic or pandemic, and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; and
•other events outside of our control.
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Accordingly, there is no assurance that our expectations will be realized. Except as otherwise required by the U.S. federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The reader should review carefully our financial statements and the notes thereto, as well as Item 1A. entitled “Risk Factors” in this report.
Summary Risk Factors
Set forth below is a summary of the risks described under Item 1A. Risk Factors in this Annual Report on Form 10-K:
Risks Related to Our Business and Operations
•Our portfolio of properties is concentrated in the industrial real estate sector and our business would be adversely affected by an economic downturn in that sector.
•Our portfolio of properties is dependent upon regional and local economic conditions and is geographically concentrated in Southern California infill markets, which causes us to be especially susceptible to adverse developments in those markets.
•Our properties are concentrated in certain industries that make us susceptible to adverse events with respect to those industries.
•We may be unable to identify and complete acquisitions of properties that meet our criteria, which may impede our growth.
•Our future acquisitions, redevelopments and repositioning activity may not yield the returns we expect.
•Many of our costs could be adversely impacted by periods of heightened inflation.
•An increase in interest rates would increase our interest costs on variable rate debt and new debt and could adversely affect our ability to refinance existing debt.
•We may be unable to renew leases, lease vacant space or re-lease space as leases expire, or renewing existing leases may require significant concession, inducements and/or capital expenditures.
•We face significant competition in the leasing market, which may decrease or prevent increases of the occupancy and rental rates of our properties.
•A substantial majority of the leases at our properties are with tenants who have non-investment grade credit ratings, which may result in our leasing to tenants that are more likely to default in their obligations to us than a tenant with an investment grade credit rating.
Risks Related to Our Capital Structure
•Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all.
•Our debt level reduces cash available for distribution and may expose us to the risk of default under our debt obligations.
•Mortgage and other secured debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
•Failure to hedge effectively against interest rate changes may adversely affect us.
•Our unsecured credit facility, unsecured notes and certain of our other secured loans contain, and any other future indebtedness we incur may contain, various covenants, including business activity restrictions, and the failure to comply with those covenants could materially adversely affect us.
Risks Related to the Real Estate Industry
•Our performance and value are subject to risks associated with real estate assets and the real estate industry.
Risks Related to Our Organizational Structure
•Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of common units, which may impede business decisions that could benefit our stockholders.
•Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
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•We are a holding company with no direct operations and, as such, we will rely on funds received from our Operating Partnership to pay liabilities, and the interests of our stockholders will be structurally subordinated to all liabilities and obligations of our Operating Partnership and its subsidiaries.
Risks Related to Our Status as a REIT
•Failure to maintain our qualification as a REIT would have significant adverse consequences to us and the per share trading price of our common stock.
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Item 1. Business
Company Overview
References to “we,” “our,” “us,” “our company,” or “the Company” refer to Rexford Industrial Realty, Inc., a Maryland corporation, together with our consolidated subsidiaries (unless the context requires otherwise), including Rexford Industrial Realty, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to Rexford Industrial Realty, Inc.
We are a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments in Southern California infill markets.
We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, redevelop, lease and manage industrial real estate primarily located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property.  As of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 million rentable square feet. 
We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2013. We are generally not subject to federal taxes on our income to the extent we distribute our REIT taxable income to our shareholders and maintain our qualification as a REIT.
Business Objectives and Growth Strategies  
Our primary business objective is to generate attractive risk-adjusted returns for our stockholders through dividends and capital appreciation. We believe that pursuing the following strategies will enable us to achieve this objective:
Internal Growth through Intensive, Value-Add Asset Management.  
We employ an intensive asset management strategy that is designed to increase cash flow and occupancy from our properties. Our strategy includes proactive renewal of existing tenants, re-tenanting to achieve higher rents, and repositioning and redeveloping industrial property by renovating, modernizing, increasing functionality or constructing new industrial-use buildings to increase cash flow and value. For example, we sometimes convert formerly single-tenant properties to multi-tenant occupancy to capitalize upon the higher per square foot rents generated by smaller spaces in our target markets in addition to adding or improving loading access and increasing fire, life-safety and building operating systems, among other value-add initiatives. We believe that by undertaking such conversions or other functional enhancements, we can position our properties to attract a larger universe of potential tenants, increase occupancy, tenant quality and rental rates. We also believe that multi-tenant properties, as well as single mid-size buildings, help to limit our exposure to tenant default risk and to diversify our sources of cash flow. Additionally, our proactive approach to leasing and asset management is driven by our in-house asset management, leasing, construction management and customer solutions departments and team of portfolio and property managers who maintain direct, day-to-day relationships and dialogue with our tenants, which we believe enhances recurring cash flow and reduces periods of vacancy.
External Growth through Acquisitions.
We continue to grow our portfolio through disciplined acquisitions in prime Southern California infill markets. We believe that our relationship-, data- and event-driven research allows us to identify and exploit asset mispricing and market inefficiencies. We seek to acquire assets with value-add opportunities to increase their cash flow and asset values, often targeting and catalyzing off-market or lightly marketed transactions where our execution abilities and market credibility encourage owners to sell assets to us at what we consider pricing that is more favorable than heavily marketed transactions. We also seek to source transactions from owners with generational ownership shift, fund divestment, sale-leaseback/corporate surplus, maturing loans, some facing liquidity needs or financial stress, including loans that lack economical refinancing options. We also believe our deep market presence and relationships may enable us to selectively acquire assets in marketed transactions that may be difficult to access for less focused buyers.
Competitive Strengths
We believe that our investment strategy and operating model distinguishes us from other owners, operators and acquirers of industrial real estate in several important ways, including the following:
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Focus on Industrial Assets in Southern California’s Infill Market: We intend to continue our core strategy of owning and operating industrial properties within Southern California’s infill regions. Infill markets are considered high-barrier-to-entry markets with scarcity of vacant or developable land and high concentrations of people, jobs, housing, income, wages and consumption. We believe Southern California’s infill industrial property market is the largest, most fragmented industrial market in the nation, demonstrating favorable long-term tenant demand fundamentals in the face of an ongoing long-term scarcity and diminishment of supply over time. We have a portfolio of 425 properties totaling approximately 50.8 million square feet, which are all strategically located in Southern California infill markets.
Diversified Tenant Mix: Our portfolio is leased to a broad tenant base, drawn from diverse industry sectors. We believe that this diversification reduces our exposure to tenant default risk and earnings volatility. As of December 31, 2024, we had 1,650 leases, with no single tenant accounting for more than 2.5% of our total annualized base rent. Our portfolio is also geographically diversified within the Southern California market across the following submarkets: Los Angeles 56.2%; San Bernardino 18.9%; Orange County 11.7%; San Diego 7.1%; and Ventura 6.1%.
Superior Access to Investment Opportunities: We believe that we enjoy superior access to value-add, off-market, lightly marketed and marketed acquisition opportunities, many of which are difficult for competing investors to access. Off-market and lightly marketed transactions are characterized by a lack of a formal marketing process and a lack of widely disseminated marketing materials. Marketed transactions are often characterized by extensive buyer competition, making such transactions difficult to close on for less-focused investors. As we are principally focused on the Southern California market, our executive management and acquisition teams have developed and maintain a deep, broad network of relationships among key market participants, including property brokers, lenders, owners and tenants. We employ an extensive broker marketing, incentives and loyalty program. We also utilize data and event-driven analytics and primary research to identify and pursue events and circumstances, including below-market leased properties, properties with curable functional obsolescence, generational ownership changes, and financial stress related to properties, owners, lenders, and tenants, that tend to generate early access to emerging investment opportunities.
Vertically Integrated Platform: We are a full-service real estate operating company, with substantial in-house capabilities in all aspects of our business. Our platform includes experienced in-house teams focused on acquisitions, analytics and underwriting, asset management, repositioning and redevelopment, property management, sales and leasing, design, construction management, as well as finance, accounting, legal, technology and human relations departments.
Value-Add Repositioning and Redevelopment Expertise: Our in-house redevelopment and construction management team employs an entrepreneurial approach to redevelopment and repositioning activities that are designed to increase the functionality, cash flow and value of our properties. Repositioning activities include converting large, underutilized spaces into a series of smaller and more functional spaces, creating generic industrial space that appeals to a wide range of tenants, adding additional square footage and modernizing properties by, among other things, upgrading fire, life-safety and building operating systems, resolving functional obsolescence, adding or enhancing loading areas and truck access and making other accretive modernization improvements. Our environmental, social and governance (ESG) goals influence our repositioning and redevelopment projects, where we focus on transforming outdated and inefficient buildings into high functioning, energy efficient and higher value industrial properties. Additionally, we pursue U.S. Green Building Council LEED certification for all ground-up developments. This repositioning and redevelopment work has the potential to revitalize our communities while reducing negative environmental impact. Redevelopment activities include fully or partially demolishing an existing building(s) due to building obsolescence and/or a property with excess or vacant land and constructing a ground-up building.
Growth-Oriented, Flexible and Conservative Capital Structure: Our capital structure is designed to provide us with the resources, financial flexibility and the capacity to support the future growth of our business. Since our initial public offering, we have raised capital through ten public offerings of our common stock (including one completed in 2024), three public offerings of preferred stock, sales of common stock under our various at-the-market equity offering programs, three public offerings of senior notes and a private offering of exchangeable senior notes. We currently have an at-the-market equity offering program (“ATM program”) pursuant to which we may sell from time to time up to an aggregate of $1.25 billion of our common stock directly through sales agents or by entering into forward equity sale agreements with certain financial institutions acting as forward purchasers (the “2023 ATM Program”). As of the filing date of this Annual Report on Form 10-K, we have sold $322.6 million of our common stock under the 2023 ATM program, leaving us with the capacity to issue up to $927.4 million of additional shares. We also have a credit agreement with a $1.0 billion unsecured revolving credit facility, and as of the filing date of this Annual Report on Form 10-K, we only had $5.0 million outstanding in letters of credit that reduced our borrowing capacity, leaving $995.0 million available for future borrowings. The credit agreement has an accordion feature that permits us to request additional lender commitments up to an additional $800 million, which may be comprised of additional revolving commitments, term loan commitments or any combination thereof, subject to certain conditions. As of December 31, 2024, our ratio of net debt to total market capitalization was 26.5%.
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Competition
In acquiring our target properties, we compete with other public industrial property sector REITs, income oriented non-traded REITs, private real estate fund managers and local real estate investors and developers, some of which have greater financial resources or other competitive advantages than we do. Such competition may result in an increase in the amount we must pay to acquire a property or may require us to forgo an investment in properties which would otherwise meet our investment criteria. We also face significant competition in leasing available properties to prospective tenants and in re-leasing space to existing tenants. As a result, we may have to provide rent concessions, incur expenses for tenant improvements or offer other inducements to enable us to timely lease vacant space, all of which may have an adverse impact on our results of operations.
Insurance
Commercial property, liability, environmental, earthquake and terrorism coverage is carried on all the properties in our portfolio under blanket or standalone insurance policies. In addition, we hold other environmental policies for certain properties with known environmental conditions that provide for additional coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations. Generally, we do not carry insurance for certain types of extraordinary losses, including, but not limited to, losses caused by floods (unless the property is located in certain flood plains), riots, war and wildfires. Substantially all of our properties are located in areas that are subject to earthquakes, and while we maintain earthquake insurance coverage, the events are subject to material deductibles and exclusions. Beginning in May 2024, we manage a portion of our earthquake insurance indirectly through our wholly-owned captive insurance company, which provides $25.0 million of earthquake coverage to the Company and its affiliates for earthquake claims in excess of $250.0 million. Additionally, seismic risks are evaluated for properties during acquisition by a qualified structural engineer and to the extent that the engineer identifies a property with weaknesses that contribute to a high statistical risk, the property will generally be structurally retrofitted to reduce the statistical risk to an acceptable level.
Regulation
General
Our properties are subject to various laws, ordinances and regulations, including regulations relating to common areas and fire and safety requirements. We believe that we have the necessary permits and approvals to operate each of our properties.
Americans with Disabilities Act
Our properties must comply with Title III of the Americans with Disabilities Act of 1990, as amended (the “ADA”) to the extent that such properties are “public accommodations” as defined under the ADA. Under the ADA, all public accommodations must meet federal requirements related to access and use by disabled persons. The ADA may require removal of structural barriers to access by persons with disabilities in certain public areas of our properties where such removal is readily achievable. Although we believe that the properties in our portfolio in the aggregate substantially comply with present requirements of the ADA, and we have not received any notice for correction from any regulatory agency, we have not conducted a comprehensive audit or investigation of all of our properties to determine whether we are in compliance, and therefore we may own properties that are not in compliance with current ADA standards.
ADA compliance is dependent upon the tenant’s specific use of the property, and as the use of a property changes or improvements to existing spaces are made, we will take steps to ensure compliance. Noncompliance with the ADA could result in additional costs to attain compliance, imposition of fines by the U.S. government or an award of damages plus attorney’s fees to private litigants. The obligation to make readily achievable accommodations is an ongoing one, and we will continue to assess our properties and make alterations to achieve compliance as deemed commercially reasonable.
Environmental Matters
The properties that we acquire are subject to various federal, state and local environmental laws. Under these laws, courts and government agencies have the authority to require us, to the extent we own a contaminated property, to clean up the property, even if we did not know of or were not responsible for the contamination. These laws also apply to persons who owned a property at the time it became contaminated and, therefore, it is possible we could incur these costs even after we sell some of the properties we acquire. In addition to the costs of cleanup, environmental contamination can affect the value of a property and, therefore, an owner’s ability to borrow using the property as collateral or to sell the property. From time to time we are required to export soils (which may or may not contain hazardous materials) from our sites, and under applicable environmental laws, courts and government agencies also have the authority to require that a person who sent waste to a waste disposal facility, such as a landfill or an incinerator, pay for the clean-up of that facility if it becomes contaminated and threatens human health or the environment.
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Furthermore, various court decisions have established that third parties may recover damages for injury caused by property contamination. For instance, a person exposed to asbestos at a property may seek to recover damages if he or she suffers injury from the asbestos. Lastly, some of these environmental laws restrict the use of a property or place conditions on various activities. An example would be laws that require a business using chemicals to manage them carefully and to notify local officials that the chemicals are being used.
We could be responsible for any of the costs discussed above, which have the potential to be very significant. The costs to clean up a contaminated property, to defend against a claim or to comply with environmental laws could be material and could adversely affect the funds available for distribution to our stockholders. To mitigate some of the environmental risk, our properties are covered by blanket or standalone environmental insurance policies. Such standalone environmental policies are held for certain properties with known environmental conditions that provide for additional coverage for potential environmental liabilities. These policies, however, are subject to certain limits, deductibles and exclusions, and insurance may not fully compensate us for any environmental liability. We obtain Phase I or similar environmental assessments by independent environmental consultants at the time of acquisition of a property. Phase I environmental investigations are a common form of real estate due diligence that are governed by nationally recognized American Society for Testing and Materials (ASTM) standards and typically conducted by licensed environmental scientists. Phase I investigations commonly include a physical walk-through of the property in addition to a file review of the site. The file review includes creating a known operating history of the site. This includes, but is not limited to, inquiries with local governmental agencies as well as reviewing historical aerial reviews. If the consultant identifies any unexplained Recognized Environmental Concerns (“REC”) then the consultant may recommend further investigation, usually through specific invasive property tests. This additional round of investigation is commonly referred to as a “Phase II”. Invasive testing may or may not include air, soil, soil vapor or ground water sampling. Additionally, it may or may not include an asbestos and/or lead-based paint survey. Depending on the results of the initial Phase II investigation, the consultant may recommend further Phase II investigations, or if satisfied with the results, the consultant may decide the initial REC identified is no longer a concern. On occasion the seller of a property may not allow us to conduct a Phase II investigation, and we may elect to proceed with a property acquisition without a Phase II based on our risk assessment and mitigating factors informed by our third-party environmental consultants and advisors. Although we obtain a Phase I, a Phase II as permitted by the property seller, or similar environmental site assessments by independent environmental consultants on each property prior to acquiring it, these environmental assessments may not reveal all environmental risks that might have a materially adverse economic effect on our business, assets and results of operations or liquidity, and may not identify all potential environmental liabilities, and our portfolio environmental and any site-specific insurance policies may be insufficient to cover any such environmental costs and liabilities.
We can make no assurances that (1) future laws, ordinances or regulations will not impose material environmental liabilities on us, or (2) the current environmental condition of our properties will not be affected by tenants, the condition of land or operations in the vicinity of our properties (such as releases from underground storage tanks), or by third parties unrelated to us.
Human Capital
As of December 31, 2024, we employed 271 individuals, supported by five regional offices within our Southern California market. These offices facilitate servicing our business and tenants, optimizing staff welfare and productivity, and minimizing commute times. Nearly all employees have the opportunity to work remotely within Southern California and have regular access to various offices, thereby allowing them flexible working conditions while achieving performance objectives and maintaining business continuity. We believe that we maintain positive relations with our employees, none of whom are represented by a union. We have implemented a Code of Business Conduct and Ethics, and Policies and Procedures for Complaints Regarding Accounting and Fraud. This includes a dedicated phone number and website for employees to voice anonymous concerns, which are subsequently brought to the attention of our independent audit committee of the board of directors and our general counsel. These policies apply to all employees, and receipt and review by each employee is documented and verified annually.
Employee Engagement and Support
We believe employee engagement and recognition of strong performance are key components of a strong corporate culture and essential determinants of our future success. As part of our ongoing efforts to encourage employee engagement, we routinely solicit employee feedback, sometimes via anonymous surveys, and hold team-building events. Our employees also actively participated in monthly volunteer events, collectively contributing 3,379 hours in 2024 to support and give back to our communities, surpassing our goal of 3,000 hours. Employees received formal recognition awards during our all-company quarterly meetings after being nominated by their peers for outstanding demonstration of our Core Values. Each employee also undergoes performance discussions at least twice per year, with annual compensation adjustment consideration based on market trends, individual contributions, and company performance. Our voluntary turnover rate was 4% in 2024, and our referral rate for
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new hires was 23%, which we believe reflects strong employee engagement and commitment. Additionally, all employees receive weekly updates via email from our executive management team.
We offer and encourage ongoing employee training and advancement opportunities, with a wide variety of courses on topics including management, leadership, personal development, diversity and inclusion, sexual harassment prevention, anti-bribery practices, health and safety, and technical skills development. Many of our employees have contributed to the creation of learning content, leveraging their expertise to promote a culture of learning and engagement. On average, each employee completed over 26 hours of focused training in 2024. We also have a tuition reimbursement program, providing employees with additional opportunities to grow and succeed in their careers. Our employee engagement platform, launched in 2023, continues to foster connection and participation across our workforce, achieving a 97% participation rate and reinforcing our commitment to an engaged and collaborative culture.
Additionally, we have a paid parental leave policy for birthing and non-birthing parents, supporting the bonding and wellness of our employees and their newborn children. In 2022, we introduced a flexible time-off policy, allowing employees to take time off as needed without accruing hours. We believe this approach supports a healthy work-life balance while enabling employees to exercise judgment in managing their workload and contributing to the Company’s goals. In the fourth quarter of 2024, we implemented a Wellness Incentive Program to encourage health-focused activities and provide tailored resources for healthier lifestyles. The program resulted in benefits such as lowered monthly medical premiums and personalized health insights to support long-term wellness goals.
Workforce Diversity, Equity and Inclusion
We seek to hire and retain a highly qualified workforce in compliance with applicable federal and other laws and regulations. The Company values diversity in experience, background, and ethnicity, and it is our policy to recruit talent based on skill, knowledge, attitude and experience, using legally compliant methods and without discrimination on the basis of any legally protected characteristic. Our workforce is 61% female or non-binary and 39% male, with 53% identifying as racial or ethnic minorities. At the director level and above, 42% are female and 58% male. As of December 31, 2024, our eight-member board was 38% female and 25% ethnically diverse.
Additional Information
Our principal executive offices are located at 11620 Wilshire Boulevard, Suite 1000, Los Angeles, California 90025 (telephone 310-966-1680).
Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements, Information Statements and amendments to those reports are available free of charge through our investor relations website at http://www.rexfordindustrial.com, as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). All reports we file with the SEC are also available free of charge via EDGAR through the SEC website at http://www.sec.gov. 
Our board of directors maintains charters for each of its committees and has adopted a written set of corporate governance guidelines and a code of business conduct and ethics applicable to independent directors, executive officers, employees and agents, each of which is available for viewing on our website at http://www.rexfordindustrial.com under the heading “Investor Relations—Governance—Documents & Policies.” We have also adopted an insider trading policy governing the purchase, sale and other dispositions of the Company’s securities by directors, officers and employees.
Website addresses referred to in this Annual Report on Form 10-K are not intended to function as hyperlinks, and the information contained on our website is not incorporated into, and does not form a part of, this Annual Report on Form 10-K or any other report or documents we file with or furnish to the SEC.
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Item 1A. Risk Factors
Set forth below are some (but not all) of the factors that could adversely affect our performance and financial condition. Moreover, we operate in a highly competitive and rapidly-changing environment. New risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, nor can we predict the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
We believe the following risks are material to our stockholders. You should carefully consider the following factors in evaluating our company, our properties and our business. The occurrence of any of the following risks could adversely affect our results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock and might cause our stockholders to lose all or part of their investment. For purposes of this section, the term “stockholders” means the holders of shares of our common stock and preferred stock.
Risks Related to Our Business and Operations
Our portfolio of properties is concentrated in the industrial real estate sector, and our business would be adversely affected by an economic downturn in that sector.
Our properties are concentrated in the industrial real estate sector. This concentration exposes us to the risk of economic downturns in this sector to a greater extent than if our business activities were spread across more sectors of the real estate industry.
Our portfolio of properties is dependent upon regional and local economic conditions and is geographically concentrated in Southern California infill markets, which causes us to be especially susceptible to adverse developments in those markets.
All of our properties are located in Southern California, which may expose us to greater or lesser economic risks than if we owned a more geographically-diverse portfolio. We are particularly susceptible to adverse economic or other conditions in Southern California, as well as to natural disasters that occur in this market. Most of our properties are located in areas known to be seismically active. While we diversify the geographic concentrations of assets within Southern California and carry insurance for losses resulting from earthquakes (and other casualties), the amount of our coverage may not always be sufficient to fully cover losses from earthquakes and other casualties, and the policies are subject to material deductibles and self-insured retention. The Southern California market has experienced downturns in past years. Any future downturns in the Southern California economy could impact our tenants’ ability to continue to meet their rental obligations or otherwise adversely affect the size of our tenant base, which could materially adversely affect our operations and our revenue and cash available for distribution, including cash available to pay distributions to our stockholders. If a material reduction of imports were to occur at the Ports of Los Angeles and Long Beach, through impacts from tariffs and trade policy, material labor issue or other reasons, it could reduce the need for tenants to store related imported goods in our properties and result in higher market vacancy and lower rents. We cannot assure you that the Southern California market will grow or that underlying real estate fundamentals will be favorable to owners and operators of industrial properties. Our operations may also be affected if competing properties are built in the Southern California market. In addition, the State of California is more highly regulated and taxed than many other states, all of which may reduce demand for industrial space in California and may make it costlier to operate our business. Additionally, conditions in Southern California related to homelessness, crime, tax rates and heightened regulation could negatively impact economic conditions and make tenants less desirous to lease properties from us. In November 2022, various transfer tax ballot measures passed, including Measure ULA in the City of Los Angeles. As of December 31, 2024, we owned 75 properties in the City of Los Angeles representing approximately 12.5% of the rentable square footage of our portfolio. Beginning on April 1, 2023, Measure ULA imposed an additional fee at the time of sale at a rate of 4% for properties between $5 million and $10 million and 5.5% for those $10 million or above. During 2024, we sold one property located in the City of Los Angeles and paid a fee of $0.6 million as required under Measure ULA. Additional California ballot measure initiatives have sought the removal of Proposition 13 property tax protections, which proposals have not passed, but if successful could cause a significant increase in property taxes at our properties. Any adverse economic or real estate developments in the Southern California market as described above, or any decrease in demand for industrial space resulting from the regulatory environment, business climate or energy or fiscal problems, could adversely impact us and our stockholders.
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The impact from governmental emergency declarations with emergency powers, may impact our ability to collect rent and could adversely impact our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations.
The impact from governmental emergency declarations with emergency powers may have significant adverse impact on economic and market conditions around the world, including the United States and the infill Southern California markets in which we own properties and have development projects, and could trigger a period of sustained global and U.S. economic downturn or recession. This could lead to adverse impacts on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations, occupancy levels and the ability or willingness of certain of our tenants to pay rent in full on a timely basis.
Moreover, to the extent any of these risks and uncertainties could adversely impact us in the ways described above or otherwise, they could also have the effect of heightening many of the other risks set forth in this “Risk Factors” section.
Our properties are concentrated in certain industries that make us susceptible to adverse events with respect to those industries.
Our properties are concentrated in certain industries, which, as of December 31, 2024, included the following (and accounted for the percentage of our total annualized base rent indicated): Manufacturing (23.5%), Wholesale Trade (22.1%) and Transportation and Warehousing (20.3%). Any downturn in one or more of these industries, or in any other industry in which we may have a significant concentration now or in the future, could adversely affect our tenants who are involved in such industries. If any of these tenants is unable to withstand such downturn or is otherwise unable to compete effectively in its business, it may be forced to declare bankruptcy, fail to meet its rental obligations, seek rental concessions or be unable to extend its current lease or enter into new leases, which could materially and adversely affect us.
We may be unable to identify and complete acquisitions of properties that meet our criteria, which may impede our growth.
Our business strategy involves the acquisition of properties that meet certain investment criteria in our target markets. These activities require us to identify suitable acquisition candidates or investment opportunities that meet our criteria and are compatible with our growth strategies. We may be unable to acquire properties identified as potential acquisition opportunities on favorable terms, or at all, which could impede our intended rate of growth or a higher number of potential acquisition transactions may not consummate due to changes in market conditions or otherwise, which may result in higher deal pursuit expenses incurred without benefiting from the projected revenue growth of such uncompleted acquisition. We may acquire properties utilized for non-industrial uses, including office properties, where our long-term strategy is to develop, redevelop or reposition such office asset into industrial property. Prior to executing our strategy, we may lack non-industrial property management expertise necessary to optimally manage the non-industrial properties.
If we are unable to finance property acquisitions or acquire properties on favorable terms, or at all, our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock could be adversely affected.
Our acquisition activities may pose risks that could harm our business.
As a result of our acquisitions, we may be required to incur debt and expenditures and issue additional common stock or common units to pay for the acquired properties. These acquisitions may dilute our stockholders’ ownership interest, delay or prevent our profitability and may also expose us to risks such as overpayment, reduction in value of acquired properties, and the possibility of pre-existing undisclosed liabilities, including environmental or asbestos liability, for which our insurance may be insufficient or for which we may be unable to secure insurance coverage.
We cannot provide assurance that the price for any future acquisitions will be similar to prior acquisitions. If our revenue does not keep pace with these potential acquisition and expansion costs, we may incur net losses. There is no assurance that we will successfully overcome these risks or other problems encountered with acquisitions.
We may be unable to source off-market or lightly marketed investment opportunities in the future.
As of December 31, 2024, approximately 77% of the acquisitions by property count completed by us since our initial public offering (“IPO”) were acquired in off-market or lightly-marketed transactions, which are transactions that are characterized by a lack of a formal marketing process and lack of widely-disseminated marketing materials. Properties that are acquired by off-market or lightly-marketed transactions are typically more attractive to us as a purchaser and are a core part of our strategic plan, because the absence of a formal or extended marketing/bidding period typically results in more favorable pricing, more favorable non-economic terms and often an ability to close transactions more rapidly. If we cannot obtain off-market or lightly-marketed
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deal flow in the future, our ability to locate and acquire additional properties in the manner in which we have historically may be adversely affected and may cause us to revisit our core strategies.
Our future acquisitions may not yield the returns we expect.
Our future acquisitions, and our ability to successfully operate the properties we acquire in such acquisitions, may be exposed to the following significant risks:
•even if we are able to acquire a desired property, competition from other potential acquirers may significantly increase the purchase price;
•we may acquire properties that are not accretive to our results upon acquisition, and we may not successfully manage and lease those properties as originally intended;
•we may spend more than budgeted amounts to make necessary improvements or renovations to acquired properties;
•we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations;
•market conditions may result in higher than expected vacancy rates and lower than expected rental rates; and
•we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown or greater than expected liabilities such as liabilities for clean-up of environmental contamination, claims by tenants, vendors or other persons dealing with the former owners of the properties, liabilities incurred in the ordinary course of business and claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.
We may not be able to control our operating costs or our expenses may remain constant or increase, even if our revenues do not increase, causing our results of operations to be adversely affected.
Factors that may adversely affect our ability to control operating costs include the need to pay for insurance and other operating costs (including real estate taxes, which could increase over time), the need to periodically repair, renovate and re-lease space, the cost of compliance with governmental regulation, including zoning and tax laws, the potential for liability under applicable laws, interest rate levels and the availability of financing. If our operating costs increase or our property income decreases as a result of any of the foregoing factors, our results of operations may be adversely affected.
Many of our costs, such as operating expenses and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation and changes in U.S. trade policies.
During the twelve months ended December 2024, the consumer price index increased by approximately 2.9%, compared to the twelve months ended December 2023. Federal policies and global events, such as the price of oil, the conflicts between Russia and Ukraine, U.S. elections and speculation regarding impending political and governing policy, and events in the Middle East, may have exacerbated, and may continue to exacerbate, increases in the consumer price index.
A sustained or further increase in inflation could have an adverse impact on our operating expenses incurred in connection with, among others, the property-related contracted services. Our operating expenses may be recoverable through our lease arrangements. In general, our properties are leased to tenants on a triple net or modified gross basis. During inflationary periods, we expect to recover some increases in operating expenses from our tenants through our existing lease structures. As a result, we do not believe that inflation would result in a significant adverse effect on our net operating income and operating cash flows at the property level. However, there can be no assurance that our tenants would be able to absorb these expense increases and be able to continue to pay us their portion of operating expenses, capital expenditures and rent.
In addition, most of our leases provide for fixed annual rent increases of three percent or greater. However, the impact of the current rate of inflation of 2.9% may not be adequately offset by some of our annual rent escalations, and it is possible that the resetting of rents from our renewal and re-leasing activities would not fully offset the impact of the current inflation rate. As a result, during inflationary periods in which the inflation rate exceeds the annual rent escalation percentages within our lease contracts, we may not adequately mitigate the impact of inflation, which may adversely affect our business, financial condition, results of operations, and cash flows.
Our general and administrative expenses consist primarily of compensation costs and professional service fees. Rising inflation rates may require us to provide compensation increases beyond historical annual increases, which may unexpectedly or significantly increase our compensation costs. Similarly, professional service fees are also subject to the impact of inflation and expected to increase proportionately with increasing market prices for such services. Consequently, inflation may increase our general and administrative expenses over time and may adversely impact our results of operations and cash flows.
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During 2024, the Federal Reserve Board lowered interest rates three times, after raising interest rates at a significant pace during 2022 and 2023 in an effort to curb inflation. Although the Federal Reserve Board may continue to decrease rates in 2025, future decisions to decrease, hold steady or increase interest rates and the timing of such decisions are unknown. Our exposure to increases in interest rates in the short term is limited to our variable-rate borrowings. As of December 31, 2024, we had $760.0 million of variable-rate debt, excluding the impact of interest rates swaps in effect. In addition, the effect of inflation on interest rates could increase our financing costs over time, either through near-term borrowings on our floating-rate line of credit or refinancing of our existing borrowings that may incur higher interest expenses related to the issuance of new debt. We have entered into interest rate swaps to effectively fix all $760.0 million of our variable-rate indebtedness, and we may enter into other hedging transactions. The use of hedging transactions involves certain risks.
Inflationary pricing may have a negative effect on the construction costs necessary to complete our repositioning and redevelopment projects, including, but not limited to, costs of construction materials, insurance, and labor and services from third-party contractors and suppliers. In addition, new or increased tariffs on construction materials and supplies due to changes in U.S. trade policies could further increase construction costs. Over the past 10 years, the U.S. government has imposed new, or increased existing, tariffs on some imported materials and products that are used in construction, including lumber, steel, aluminum and solar panels, which increased the costs of those items. On February 1, 2025, President Donald J. Trump announced tariffs on imports from Canada, Mexico and China, and President Trump has expressed a strong desire to impose new, or further increase other existing tariffs. The ultimate impact of the announced tariffs and any future tariffs will depend on various factors, including if such tariffs are ultimately implemented, the timing of implementation and the amount, scope and nature of such tariffs. Certain increases in the costs of construction materials can often be managed in our repositioning and redevelopment projects through either general budget contingencies built into our overall construction costs estimates for each of our projects or guaranteed maximum price construction contracts, which stipulate a maximum price for certain construction costs and shift inflation risk to our construction general contractors. However, no assurance can be given that our budget contingencies would accurately account for potential construction cost increases given the current level of inflation and variety of contributing factors, including the imposition of new or increased tariffs, or that our general contractors would be able to absorb such increases in costs and complete our construction projects timely, within budget, or at all. Higher construction costs could adversely impact our investments in real estate assets and expected yields on our redevelopment projects, which may make otherwise lucrative investment opportunities less profitable to us. As a result, our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and to pay dividends and distributions to security holders could be adversely affected over time.
An increase in interest rates would increase our interest costs on variable rate debt and new debt and could adversely affect our ability to refinance existing debt, conduct repositioning, redevelopment, and acquisition activity, recycling of capital and leasing activity.
As of December 31, 2024, we had a $1.0 billion unsecured revolving credit facility, $400.0 million term loan facility, $300.0 million term loan facility and $60.0 million term loan facility bearing interest at variable rates on amounts drawn and outstanding. As of December 31, 2024, the variable interest rate on the $300.0 million term loan facility has been swapped to a fixed rate of 2.81725% through its maturity date, and the $400.0 million term loan facility and $60.0 million term loan facility have been swapped to a fixed rate of 3.97231% and 3.71000%, respectively, for a portion of the extension option period following the initial maturity date. There was no amount outstanding on the revolving credit facility and each of our term loan facilities was fully drawn at December 31, 2024. However, we may borrow on the revolving credit facility or incur additional variable rate debt in the future. Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve Board. During 2024, the Federal Reserve Board decreased the federal funds rate three times, resulting in a range of 4.25% to 4.50% as of December 31, 2024. Although the Federal Reserve Board may continue to decrease the federal funds rate in 2025, any future decisions to decrease, hold steady or increase the federal funds rate and the timing of such decisions, are unknown, and the risk of higher overall interest rates still exists. Steady but high interest rates or increases to interest rates would increase our interest costs for any variable rate debt and for new debt, which could in turn make the financing of any repositioning, redevelopment and acquisition activity costlier and could also impact demand for space and our leasing activity. Steady but high or rising interest rates could also limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing and increase interest expense on refinanced indebtedness. In addition, steady but high interest rates or increases in interest rates could decrease the amount third parties are willing to pay for our assets, thereby limiting our ability to recycle capital and our portfolio promptly in response to changes in economic or other conditions.
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The potential impacts of current and future climate change and governmental initiatives remain uncertain at this time but could result in increased operating costs.
    Our assets and tenants may be exposed to potential risks from existing and possible future climate change that could result in physical and regulatory impacts, an increase in sea level, drought, flooding, and catastrophic weather events and fires. The occurrence of sea level rise or one or more natural disasters, such as floods, wildfires, solar storms and earthquakes (whether or not caused by climate change), could increase our operating costs, impair our tenants’ ability to lease property and pay rent and negatively affect our financial performance. Additional risks related to our business and operations as a result of climate change include both physical and transition risks such as:
•higher energy costs as a result of extreme weather events, extreme temperatures or increased demand for limited resources;
•higher maintenance and repair costs due to increasing temperatures and more frequent heatwaves;
•higher costs of materials due to limited availability of raw materials and requirements that may limit types of material for construction;
•limited availability of water and higher costs due to droughts caused by low snowpack;
•reduced labor pool and lease rates as a result of increasing air pollution and related illnesses; and
•reduced tenant appeal and/or investor interest in the event that certain tenant priorities and/or investor expectations regarding sustainability and efficient building practices are not met.
In addition, laws and regulations targeting climate change could result in stricter energy efficiency standards and increased capital expenditures in order to comply with such regulations, as well as increased operating costs that we may not be able to effectively pass on to our tenants. Any such regulation could impose substantial costs on our tenants, thereby impacting the financial condition of our tenants and their ability to meet their lease obligations and to lease or re-lease our properties. Further, proposed climate change and environmental laws and regulations at the federal, state and local level, including climate change and greenhouse gas emissions related disclosure rules proposed by the Securities and Exchange Commission, may increase compliance and data collection costs and compliance risks.
In October 2023, California enacted the Climate Corporate Data Accountability Act (SB-253), which mandates the disclosure of greenhouse gas (“GHG”) emissions, including Scope 1, Scope 2 and Scope 3 emissions; and the Climate-Related Financial Risk Act (SB-261), which mandates the disclosure of climate-related financial risks, and measures adopted to reduce and adapt to such risks. Both California laws require initial disclosures in 2026. California also enacted the Voluntary Carbon Market Disclosure Act (AB-1305), a third climate-disclosure law that requires entities that operate in the state and make net zero emissions claims, carbon-neutral claims or significant GHG reduction claims to disclose, starting in 2024, information about those claims and the purchase or use of voluntary carbon offsets used to achieve those claims. This disclosure law did not impact us during 2024. Additionally, in 2023 we announced a target to reach net-zero greenhouse gas emissions across scope 1, 2 and 3 by 2045, as well as a near-term science-based target to reduce absolute scope 1 and 2 emissions by 42% by 2030 from a 2022 baseline, aligned with The Science Based Targets initiative (SBTi) 1.5-degree Celsius pathway. While SBTi validated our targets, there is no guaranty that we will be able to achieve such goals or accurately track and report the required disclosures. Compliance with such laws and commitments may be costly and impact our property operations. Stakeholders may respond adversely to any failure to meet such commitments.
Adverse U.S. and global market, economic and political conditions, including the ongoing conflict between Ukraine and Russia, recent events in the Middle East and other events or circumstances beyond our control could have a material adverse effect on us.
Another economic or financial crisis or rapid decline of the consumer economy, significant concerns over energy costs, geopolitical issues, including the ongoing conflict between Ukraine and Russia, recent events in the Middle East, the availability and cost of credit, the U.S. mortgage market, or a declining real estate market in the U.S. can contribute to increased volatility, diminished expectations for the economy and the markets, and high levels of structural unemployment by historical standards.
Market, political and economic challenges, including dislocations and volatility in the credit markets, general global economic uncertainty, uncertainty or volatility from matters such as the implementation of the governing agenda of President Donald J. Trump, and changes in governmental policy on a variety of matters such as trade, tariffs and manufacturing policies may adversely affect the economy and financial markets, our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock.
In addition, global market, political and economic conditions could adversely affect the businesses of many of our tenants. As a result, we may see increases in bankruptcies of our tenants and increased defaults by tenants, and we may experience higher vacancy rates and delays in re-leasing vacant space, which could negatively impact our business and results of operations.
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The Russian invasion of Ukraine in February 2022 and the resulting global governmental responses, including international sanctions imposed on Russia and other countries that are supporting Russia’s invasion of Ukraine, have led to volatility in global markets, disruptions in the energy, agriculture and other industries and have created worldwide inflationary pressures. While the conflict has not caused material disruptions to our operations to date, further escalation of the war between Russia and Ukraine could result in a significant decline in global economic activities and impact our tenants in a manner that may lower the near-term demand for our rental properties or our tenants’ ability to pay rents.
We may be unable to renew leases, lease vacant space or re-lease space as leases expire, or renewing existing leases may require significant concessions, inducements and/or capital expenditures.
As of December 31, 2024, 8.7% of the rentable square footage of our portfolio was vacant or classified as repositioning, redevelopment, or lease-up and leases representing 0.8% of the rentable square footage of our portfolio expired on December 31, 2024. In addition, leases representing 14.4% and 17.1% of the rentable square footage of the properties in our portfolio will expire in 2025 and 2026, respectively. We cannot assure you that our leases will be renewed or that our properties will be re-leased at rental rates equal to or above the current average rental rates or that we will not offer substantial rent abatements, tenant improvements, early termination rights or below-market renewal options to attract new tenants or retain existing tenants. Our rental rate growth assumptions and forecasting may be wrong. If the rental rates for our properties decrease, or if our existing tenants do not renew their leases or we do not re-lease a significant portion of our available space and space for which leases will expire, our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock could be adversely affected. In order to attract and retain tenants, we may be required to make rent or other concessions to tenants, accommodate requests for renovations, build-to-suit remodeling and other improvements or provide additional services to our tenants. Additionally, we may need to raise capital to make such expenditures. If we are unable to do so or if capital is otherwise unavailable, we may be unable to make the required expenditures. This could result in non-renewals by tenants upon expiration of their leases and/or an inability to attract new tenants.
We face significant competition in the leasing market, which may decrease or hinder opportunities to increase the occupancy and rental rates of our properties.
We compete with numerous developers, owners and operators of real estate, many of which own properties similar to ours in the same submarkets in which our properties are located. If our competitors offer space at rental rates below current market rates, or below the rental rates we currently charge our tenants, we may lose existing or potential tenants and we may be pressured to reduce our rental rates below those we currently charge or to offer more substantial tenant concessions or tenant rights (including rent abatements, tenant improvements, early termination rights or below-market renewal options) in order to retain tenants or attract new tenants. Furthermore, as a result of various factors, including competitive pricing pressure in our submarkets, adverse conditions in the Southern California real estate market, a general economic downturn and a decline in the desirability of our properties compared to other properties in our submarkets, we may be unable to realize the budgeted rents for properties in our portfolio. If we are unable to obtain rental rates comparable to our asking rents for properties in our portfolio, our ability to generate cash flow growth will be negatively impacted. Significant rent reductions could result in a write-down of one or more of our consolidated properties and/or adversely affect the market price of our common stock, our financial condition and our results of operations, including our ability to satisfy our debt service obligations and to pay dividends to our stockholders.
A substantial majority of the leases at our properties are with tenants who have non-investment grade credit ratings, which may result in our leasing to tenants that are more likely to default in their obligations than a tenant with an investment grade credit rating.
A substantial majority of the leases at our properties are with tenants who have non-investment grade credit ratings. The ability of a non-investment grade tenant to meet its obligations cannot be considered as strong as that of an investment grade tenant. All of our tenants may face exposure to adverse business or economic conditions which could lead to an inability to meet their obligations. However, non-investment grade tenants may not have the financial capacity or liquidity to adapt to these conditions or may have less diversified businesses, which may exacerbate the effects of adverse conditions on their businesses. Moreover, the fact that a substantial majority of our tenants are not investment grade may cause investors or lenders to view our cash flows as less stable, which may increase our cost of capital, limit our financing options or adversely affect the trading price of our common stock.
Historically, some of our tenants have filed for bankruptcy protection or become insolvent. This may continue to occur with tenants in the future, and we are at an elevated risk because of the non-investment grade credit rating of much of our tenant base. The bankruptcy or insolvency of a major tenant also may adversely affect the income produced by our properties. 
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We may acquire properties or portfolios of properties through tax-deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
We may continue to acquire properties or portfolios of properties through tax-deferred contribution transactions in exchange for partnership interests in our Operating Partnership, which may result in stockholder dilution. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we are able to deduct over the tax life of the acquired properties, and may require that we agree to protect the contributors’ ability to defer recognition of taxable gain through restrictions on our ability to dispose of the acquired properties and/or the allocation of partnership debt to the contributors to maintain their tax bases. These restrictions limit our ability to sell an asset at a time, or on terms, that would otherwise be favorable absent such restrictions.
Our real estate development, redevelopment and repositioning activities are subject to risks.
We are actively engaged in the development, redevelopment and repositioning activities with respect to certain of our properties. For such projects, we will be subject to the following risks associated with such development, redevelopment and repositioning activities:
•construction, redevelopment and repositioning may be unsuccessful and/or costs of a project may exceed original estimates (including as a result of the imposition of tariffs), possibly making the project less profitable than originally estimated, or unprofitable;
•time required to complete the construction, redevelopment or repositioning of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity;
•non-industrial properties targeted for development, redevelopment or repositioning may be more difficult to manage compared to our industrial properties where we have the most property management expertise;
•contractor and subcontractor disputes, strikes, labor disputes or supply disruptions, which may cause delays or increase costs;
•delays from utility companies may prevent the energization and delivery of buildings to tenants;
•failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all;
•delays with respect to obtaining, or the inability to obtain, necessary zoning, occupancy, land use and other governmental permits, and changes in zoning and land use laws;
•statewide and local changes in zoning and land use laws and state attorney general actions that result in moratoriums on industrial and warehouse development or materially restrict the size and uses of industrial and warehouse projects, such as the recently enacted California Assembly Bill 98 which enacts statewide heightened industrial development standards effective as of January 1, 2026;
•occupancy rates and rents of a completed project may not be sufficient to make the project profitable;
•the availability and pricing of financing to fund our development activities on favorable terms or at all.
Potential losses, including from adverse weather conditions and natural disasters, such as earthquakes, may not be covered by insurance, and we may be unable to rebuild our existing properties in the event of a substantial or comprehensive loss of such properties.
We carry commercial property, liability, environmental, earthquake and terrorism coverage on all the properties in our consolidated portfolio under a blanket insurance policy, in addition to other coverages that we believe are appropriate for certain of our properties given the relative risk of loss, the cost of the coverage and industry practice. Some of our policies are insured subject to limitations involving significant deductibles or co-payments and policy limits that may not be sufficient to cover losses. In particular, all of the properties in our portfolio are located in Southern California, an area that is particularly prone to seismic activity. A severe earthquake in the Southern California region could result in uninsured damage to a subset or even a substantial portion of our portfolio and could significantly impact our cash flow. While we carry insurance for losses resulting from earthquakes, such policies are subject to material deductibles, insurance payouts could be delayed, contested or insurers could be unable to pay claims due to their financial instability. Additionally, natural disasters, including earthquakes, may cause future earthquake insurance costs to increase significantly, which may impact the operating costs and net cash flow of our properties.
In addition, we may discontinue terrorism or other insurance, or increase deductibles on some or all of our properties in the future, if the cost of premiums for any such policies exceeds, in our judgment, the value of the coverage discounted for the risk of loss. Currently, we do not carry insurance for certain types of extraordinary losses, such as loss from riots, war and wildfires, because we believe such coverage is only available at a disproportionately high cost. As a result, we may incur significant costs in the event of loss from wildfires, riots, war and other uninsured losses. If we do obtain insurance for any of those risks in the future, such insurance cost may impact the operating costs and net cash flow of our properties.
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If we or one or more of our tenants experiences a loss that is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged. Furthermore, we may not be able to obtain adequate insurance coverage at reasonable costs in the future as the costs associated with property and casualty renewals may be higher than anticipated. In the event that we experience a substantial or comprehensive loss of one of our properties, we may not be able to rebuild such property to its existing specifications. Further, reconstruction or improvement of such a property would likely require significant upgrades to meet zoning and building code requirements. Environmental, insurance and legal restrictions could also restrict the rebuilding of our properties.
Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on co-venturers’ financial condition and disputes between us and our co-venturers.
We have co-invested in the past, and may co-invest again in the future, with third parties through partnerships, joint ventures or other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a property, partnership, joint venture or other entity. In such event, we would not be in a position to exercise sole decision-making authority regarding the property, partnership, joint venture or other entity, involving risks not present were a third party not involved, including the possibility that partners or co-venturers might become bankrupt or fail to fund their share of required capital contributions, disputes and litigation. Partners or co-venturers may have economic or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives, and they may have competing interests in our markets that could create conflict of interest issues. Such investments may also have the potential risk of impasses on decisions, such as a sale, because neither we nor the partner or co-venturer would have full control over the partnership or joint venture. In addition, prior consent of our joint venture partners may be required for a sale or transfer to a third party of our interests in the joint venture, which would restrict our ability to dispose of our interest in the joint venture. In addition, we may in certain circumstances be liable for the actions of our third-party partners or co-venturers. Our joint ventures may be subject to debt and, in volatile credit markets, the refinancing of such debt may require equity capital calls.
We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (“IT”) networks and related systems.
We face risks that threaten the confidentiality, integrity and availability of our systems and information associated with IT security breaches, whether through cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, software vulnerabilities, attachments to e‑mails, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems. The risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Emerging threats include the use of artificial intelligence (“AI”) to automate and enhance cyberattacks, generate sophisticated phishing attempts, bypass traditional security controls, and exploit vulnerabilities more efficiently. AI-powered attacks may increase the speed and complexity of cyber threats, making detection and response more challenging. Our IT networks and related systems are essential to the operation of our business and our ability to perform day‑to‑day operations and, in some cases, may be critical to the operations of many of our tenants. A security breach or other significant disruption involving our IT networks and related systems could:
•Disrupt the proper functioning of our networks and systems;
•Result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
•Result in our inability to properly comply with or monitor our compliance with the rules and regulations regarding our qualification as a REIT;
•Result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;
•Require significant management attention and resources to remedy any damages that result;
•Subject us to claims for breach of contract or failure to safeguard personal information, damages, credits, penalties or termination of leases or other agreements;
•Damage our reputation among our tenants, prospective sellers, brokers and investors generally; and
•Subject us to legal liability, including liability under the California Consumer Privacy Act of 2018 and other state and federal laws.
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To help us better identify, manage, and mitigate these IT risks, we use the National Institute of Standards and Technology (NIST) cybersecurity framework as a guide for our cybersecurity risk management program. Additionally, our Technology department requires each employee upon hire, and at least annually thereafter, to successfully complete various security awareness training courses. Further, all employees are required to complete bi-monthly micro training modules. Our Technology department conducts periodic simulated social engineering exercises that may include, but are not limited to, simulated phishing (e-mail), vishing (voice), smishing (SMS), USB testing, and physical assessments. These tests are conducted at random throughout the year with no set schedule or frequency. Additionally, we may conduct targeted exercises against specific departments or individuals based on a risk determination. From time to time our employees may be required to complete additional cyber awareness training courses or receive personalized training from our Technology department staff based on outcomes of random testing or as part of a risk-based assessment. Given the rise of AI-driven cyber threats, our training efforts now include education on AI-generated phishing attacks.
On a quarterly basis we conduct third-party internal and external vulnerability assessments from our cybersecurity firm leveraging the Common Vulnerability Scoring System (CVSS), and on a bi-annual basis we conduct third party social engineering and cyber penetration testing with an information security company that specializes in conducting such tests. We currently maintain insurance policies to insure against breaches of network security, privacy liability, media liability, data incident response expenses, cyber related business interruption, and cyber extortion, although there is no guaranty that the insurance limits and coverage will be sufficient to cover any loss.
To further address IT security, the Audit Committee and the current chairperson of the Company’s nominating and corporate governance committee of the board of directors, provides board level oversight of information security and receives quarterly information security reports from our Technology department, while the full board of directors typically receives information security updates annually from senior leadership (in addition to ongoing updates on as-needed basis). Management has overall responsibility for implementing the Company’s cybersecurity risk management program and works closely with our Technology Department in this regard to stayed informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents.
Over the prior four years, the Company has not been subject to any material information security breaches to our knowledge, has not incurred any material financial harm from information security breaches, nor has the Company been subject to any material information security breaches or expenses to our knowledge since our initial formation.
Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, including the engagement of independent third party consultants to analyze and remediate any vulnerabilities, implementation of software and systems intended to monitor systems and devices on our network to reduce the risk of IT security breaches and improve our ability to detect a breach, the engagement of a cyber forensics company who can assist our investigation in the event of a breach, and ongoing cybersecurity education and training for employees throughout the year, there can be no assurance that our security efforts and measures will always be effective or that attempted security breaches or disruptions would always be thwarted or mitigated. We regularly experience attempted cyberattacks and other incidents, and we expect such attacks and incidents to continue in varying degrees. Even the most well-protected information, networks, systems, and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and may not be recognized until after being launched against a target. AI-driven threats, including AI-generated malware and automated attack strategies, further exacerbate this risk, as they may evade detection by traditional security measures. Because we make extensive use of third-party suppliers and service providers, such as cloud services that support our operations, successful cyberattacks that disrupt or result in unauthorized access to third party IT Systems can materially impact our operations and financial results. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.
Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults, or
non-performance by financial institutions, could adversely affect our business, financial condition or results of operations.
The funds in our accounts are held in banks or other financial institutions, and our deposits at these institutions would exceed any applicable Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Should events, including limited liquidity, defaults, non-performance or other adverse developments occur with respect to the banks or other financial institutions that hold our funds or that provide financial assurances on behalf of our tenants, or that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, our liquidity may be adversely affected. In addition, if any of our tenants or other parties with whom we conduct business are unable to access funds pursuant to instruments or lending arrangements with a financial institution, such parties’ ability to pay their obligations to us or to enter into new commercial arrangements requiring additional payments to us could be adversely affected.
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In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on terms favorable to us in connection with a potential business combination, or at all, and could have material adverse impacts on our liquidity, our business, financial condition or results of operations.
In addition, any further deterioration in the macroeconomic economy or financial services industry could lead to losses or defaults by our tenants, which in turn, could have a material adverse effect on our current and/or projected business operations and results of operations and financial condition. For example, a tenant may fail to make payments when due, default under their agreements with us, or become insolvent or declare bankruptcy. In addition, a tenant could be adversely affected by any of the liquidity or other risks that are described above as factors that could result in material adverse impacts on us, including but not limited to delayed access or loss of access to uninsured deposits or loss of the ability to draw on existing credit facilities involving a troubled or failed financial institution. Any tenant bankruptcy or insolvency, or the failure of any tenant to make payments when due, could result in material losses to us and may have a material adverse impact on our business.
Risks Related to Our Capital Structure
Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all.
In order to qualify and maintain our qualification as a REIT, we are required under the Code, among other things, to distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, we will be subject to federal and state corporate income tax to the extent that we distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction, including any net capital gains. Because of these distribution requirements, we are highly dependent on third-party sources to fund capital needs, including any necessary acquisition financing. We may not be able to obtain such financing on favorable terms or at all and any additional debt we incur will increase our leverage and likelihood of default. Our access to third-party sources of capital depends, in part, on:
•general market conditions;
•the market’s perception of our growth potential;
•our current debt levels;
•our current and expected future earnings;
•our cash flow and cash distributions; and
•the trading price of our common stock.
In prior years, the capital markets have been subject to periodic disruptions. Our inability to obtain capital when needed could have a material adverse effect on our ability to expand our business, implement our growth plan and fund other cash requirements. If we cannot obtain capital from third-party sources on favorable terms or at all when desired, we may not be able to acquire or develop properties when strategic opportunities exist, meet the capital and operating needs of our existing properties, satisfy our debt service obligations or make the cash distributions to our stockholders necessary to maintain our qualification as a REIT. To the extent that capital is not available to acquire properties, we may not be able to execute on our acquisition plan, profits may not be realized or their realization may be delayed, which could result in an earnings stream that is less predictable than some of our competitors and result in us not meeting our projected earnings and distributable cash flow levels in a particular reporting period. Failure to meet our projected earnings and distributable cash flow levels in a particular reporting period could have an adverse effect on our financial condition and on the market price of our stock.
Some of our financing arrangements involve balloon payment obligations, which may adversely affect our financial condition and our ability to make distributions.
Some of our financing arrangements require us to make a lump-sum or “balloon” payment at maturity. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Our ability to satisfy a balloon payment at maturity is uncertain and may depend upon our ability to obtain additional financing or our ability to sell the property. At the time the balloon payment is due, we may or may not be able to refinance the existing financing on terms as favorable as the original loan or sell the property at a price sufficient to satisfy the balloon payment. Such a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets.
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Our debt level reduces cash available for distribution and may expose us to the risk of default under our debt obligations.
Payments of principal and interest on borrowings may leave us with insufficient cash resources to operate our properties or to pay the dividends necessary to maintain our REIT qualification. Our level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including the following:
•our cash flow may be insufficient to meet our required principal and interest payments;
•we may be unable to borrow additional funds as needed or on favorable terms;
•we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness;
•we may be forced to dispose of one or more of our properties, possibly on unfavorable terms or in violation of certain covenants to which we may be subject;
•we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations and, in some cases commence foreclosure proceedings on one or more of our properties; and
•our default under any loan with cross default provisions could result in a default on other indebtedness.
Any loan defaults or property foreclosures may impact our ability to access capital in the future on favorable terms or at all, as well as our relationships with and/or perception among lenders, investors, tenants, brokers, analysts, vendors, employees and other parties. Furthermore, foreclosures could create taxable income without accompanying cash proceeds, which could hinder our ability to meet the REIT distribution requirements imposed by the Code. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Factors That May Influence Future Results of Operations.”
Mortgage and other secured debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
Incurring mortgage and other secured debt obligations increases our risk of property losses because defaults on indebtedness secured by properties may result in foreclosure actions initiated by lenders, and ultimately our loss of our interest in the property securing any loans for which we are in default. Any foreclosure on a mortgaged property or group of properties could adversely affect the overall value of our portfolio of properties. For tax purposes, a foreclosure on any of our properties that is subject to a nonrecourse mortgage loan would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds, which could hinder our ability to meet the REIT distribution requirements imposed by the Code.
Failure to hedge effectively against interest rate changes may adversely affect us.
Subject to the rules related to maintaining our qualification as a REIT, we may enter into hedging transactions to protect us from the effects of interest rate fluctuations on floating rate debt. As of December 31, 2024, we have interest rate swaps with a combined notional value of $760.0 million in place for the purpose of mitigating our exposure to fluctuations in short-term interest rates. For additional details related to our interest rate swap activity, see Note 8 to our consolidated financial statements included in Item 15 of this Report on Form 10-K.
Our future hedging transactions may include entering into additional interest rate cap agreements or interest rate swap agreements. These agreements involve risks, such as the risk that such arrangements would not be effective in reducing our exposure to interest rate changes or that a court or regulatory agency could find that such an agreement is not legally enforceable or fails to satisfy other legal requirements. In addition, interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates. Hedging could reduce the overall returns on our investments. In addition, while such agreements would be intended to lessen the impact of rising interest rates on us, they could also expose us to the risk that the other parties to the agreements would not perform, we could incur significant costs associated with the settlement of the agreements or that the underlying transactions could fail to qualify as highly effective cash flow hedges under Financial Accounting Standards Board, or FASB, Accounting Standards Codification (“ASC”), Topic 815: Derivatives and Hedging. Further, our derivatives counterparties may be subject to new capital, margin and business conduct requirements imposed as a result of the legislation, which may increase our transaction costs or make it more difficult for us to enter into additional hedging transactions on favorable terms. Our inability to enter into future hedging transactions on favorable terms, or at all, could increase our operating expenses and put us at increased exposure to interest rate risks.
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Our unsecured credit facility, unsecured notes and certain of our other secured loans contain, and any other future indebtedness we incur may contain, various covenants, including business activity restrictions, and the failure to comply with those covenants could materially adversely affect us.
Our unsecured credit facility, unsecured notes and certain of our other secured loans contain, and any other future indebtedness we incur may contain, certain covenants, which, among other things, restrict our activities, including, as applicable, our ability to sell the underlying property without the consent of the holder of such indebtedness, to repay or defease such indebtedness, to incur additional indebtedness, to make certain investments or capital expenditures or to engage in mergers or consolidations that result in a change in control of our company. We are also subject to financial and operating covenants including, as applicable, requirements to maintain certain financial coverage ratios and restrictions on our ability to make distributions to stockholders. Failure to comply with any of these covenants would likely result in a default under the applicable indebtedness that would permit the acceleration of amounts due thereunder and under other indebtedness and foreclosure of properties, if any, serving as collateral therefor.
The business activity limitations contained in the various covenants will restrict our ability to engage in some business activities that may otherwise be in our best interests. In addition, our unsecured credit facility, unsecured notes and secured term loan contain specific cross-default provisions with respect to specified other indebtedness, giving the lenders the right to declare a default if we are in default under other loans in some circumstances.
Risks Related to Investments in Real Estate and Real Estate-Related Debt
Our performance and value are subject to risks associated with real estate assets and the real estate industry.
Our ability to pay expected dividends to our stockholders depends on our ability to generate revenues in excess of expenses, scheduled principal payments on debt and capital expenditure requirements. Events and conditions generally applicable to owners and operators of real property that are beyond our control may decrease cash available for distribution and the value of our properties. These events include many of the risks set forth above under “—Risks Related to Our Business and Operations,” as well as the following:
•local oversupply in connection with increased vacancies or reduction in demand for industrial space;
•adverse changes in financial conditions of buyers, sellers and tenants of properties;
•vacancies or our inability to rent space on favorable terms, including possible market pressures to offer tenants rent abatements, tenant improvements, early termination rights or below-market renewal options, and the need to periodically repair, renovate and re-lease space;
•increased operating costs, including insurance premiums, utilities, real estate taxes and state and local taxes;
•civil unrest, acts of war, terrorist attacks and natural disasters, including earthquakes, floods and wildfires, which may result in uninsured or underinsured losses;
•decreases in the market value of our properties;
•changing submarket demographics; and
•changing traffic patterns.
In addition, periods of economic downturn or recession, rising interest rates or declining demand for real estate, or the public perception that any of these events may occur, could result in a general decline in rents or an increased incidence of defaults under existing leases.  
Illiquidity of real estate investments could significantly impede our ability to sell a property if and when we decide to do so or to respond to adverse changes in the performance of our properties and resulting in harm to our financial condition.
The real estate investments made, and to be made, by us are relatively difficult to sell quickly. As a result, our ability to promptly sell one or more properties in our portfolio in response to changing economic, financial and investment conditions is limited. Our ability to dispose of properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers of our properties. Due to the uncertainty of market conditions which may affect the future disposition of our properties, we cannot assure you that we will be able to sell any properties identified for sale at favorable pricing and may not receive net income from the transaction.
Return of capital and realization of gains, if any, from an investment generally will occur upon disposition or refinancing of the underlying property. We may be unable to realize our investment objectives by sale, other disposition or refinancing at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy. In particular, our ability to dispose of one or more properties within a specific time period is subject to certain limitations imposed by our Tax Matters Agreements (as defined below), as well as weakness in or even the lack of an established market for a
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property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, and changes in laws, regulations or fiscal policies of jurisdictions in which the property is located.
In addition, the Code imposes restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. In particular, the tax laws applicable to REITs effectively require that we hold our properties for investment, rather than primarily for sale in the ordinary course of business (by imposing a 100% prohibited transaction tax on REITs on profits derived from sales of properties held primarily for sale in the ordinary course of business), which may cause us to forgo or defer sales of properties that otherwise would be in our best interest. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on favorable terms.  
Declining real estate valuations and impairment charges could materially adversely affect us.
We review the carrying value of our properties when circumstances, such as adverse market conditions, indicate a potential impairment may exist. We base our review on an estimate of the future cash flows (excluding interest charges) expected to result from the property’s use and eventual disposition on an undiscounted basis. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If our evaluation indicates that we may be unable to recover the carrying value of a real estate investment, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property.
Impairment losses have a direct impact on our operating results, because recording an impairment loss results in a negative adjustment to our publicly reported operating results. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. A worsening real estate market may cause us to reevaluate the assumptions used in our impairment analysis.
Acquired properties may be located in new markets where we may face risks associated with investing in an unfamiliar market.
In the past we have acquired properties located in markets that are new to us. For example, our predecessor business acquired properties in Arizona and Illinois as part of an acquisition of a portfolio of properties that included properties located in our target markets. When we acquire properties located in new markets, we may face risks associated with a lack of market knowledge or understanding of the local economy, forging new business relationships in the area and unfamiliarity with local government and permitting procedures. In the past when we have acquired properties outside of our focus market, we have subsequently divested those properties, and at this time we expect to continue this practice.
We may choose not to distribute the proceeds of any sales of real estate to our stockholders, which may reduce the amount of our cash distributions to stockholders.
We may choose not to distribute any proceeds from the sale of real estate investments to our stockholders. Instead, we may elect to use such proceeds to:
•acquire additional real estate investments;
•repay debt;
•create working capital reserves; or
•make repairs, maintenance, tenant improvements or other capital improvements or expenditures on our other properties.
Any decision to retain or invest the proceeds of any sales, rather than distribute such proceeds to our stockholders, may reduce the amount of cash distributions to equity holders.
If any of our insurance carriers becomes insolvent, we could be adversely affected.
We carry several different lines of insurance, placed with several large insurance carriers that we believe have good ratings at the time our policies are put into effect. If any one of these large insurance carriers were to become insolvent, we would be forced to replace the existing insurance coverage with another suitable carrier, and any outstanding claims would be at significant risk for collection. In such an event, we cannot be certain that we would be able to replace the coverage at similar or otherwise favorable terms. Replacing insurance coverage at unfavorable rates and the potential of uncollectible claims due to carrier insolvency would likely adversely affect us. Natural disasters in the Southern California region could impact the future insurability of industrial assets in the region as insurance carriers may decide to reduce or eliminate renewing policies in certain geographic areas that are more susceptible to insurance risk. Government-implemented insurance plans may be limited in their insurance pools, claim processing and payout potential.
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Our property taxes could increase due to property tax rate changes or reassessment, which could adversely impact our cash flows.
Even if we qualify as a REIT for federal income tax purposes, we will be required to pay some state and local taxes on our properties. The real property taxes on our properties may increase as property tax rates change or as our properties are assessed or reassessed by taxing authorities. All our properties located in California may be reassessed as a result of various factors including, without limitation, changes in California laws that contain certain limitations on annual increases of assessed value of real property. In recent years, there have been calls for a so called “split roll” under which commercial and industrial property owners would no longer receive the benefits of California Proposition 13 caps to property tax increases. During the November 2020 election, there was a California ballot initiative to create such a “split roll” and remove the property tax increase caps for commercial and industrial real estate. This ballot initiative failed by a margin of less than four percent. However, there is a risk that future ballot initiatives will succeed. If the property taxes we pay increase, our cash flow would be adversely impacted to the extent that we are not reimbursed by tenants for those taxes due to lease restrictions or tenant disputes.
We face certain risks in connection with Section 1031 Exchanges.
From time to time we dispose of properties in transactions that are intended to qualify for federal income tax deferral as a “like-kind exchange” under Section 1031 of the Code (a “1031 Exchange”). It is possible that a transaction intended to qualify as a 1031 Exchange could later be determined to have been taxable or that we may be unable to identify and complete the acquisition of a suitable replacement property to complete a 1031 Exchange. If this occurs, we could face adverse tax consequences. Additionally, it is possible that legislation could be enacted that could modify or repeal the laws with respect to 1031 Exchanges, which could impact our ability to dispose of properties on a tax deferred basis.
We could incur significant costs related to government regulation and litigation over environmental matters.
Under various federal, state and local laws and regulations relating to the environment, as a current or former owner or operator of real property, we may be liable for costs and damages resulting from the presence or discharge of hazardous or toxic substances, waste or petroleum products at, on, in, under or migrating to or from such property, including costs to investigate, clean up such contamination and liability for harm to natural resources. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such contamination, and the liability may be joint and several. These liabilities could be substantial and the cost of any required remediation, removal, fines or other costs could exceed the value of the property and in some cases our aggregate net asset value. In addition, the presence of contamination or the failure to remediate contamination at our properties may expose us to third-party liability for costs of remediation and/or personal, property, or natural resources damage or materially adversely affect our ability to sell, lease or develop our properties or to borrow using the properties as collateral. In addition, environmental laws may create liens on contaminated sites in favor of the government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures.
We obtain Phase I, or Phase II as appropriate and permitted by the seller, or similar environmental site assessments conducted by independent environmental consultants on most of our properties at the time of their acquisition or in connection with subsequent financings, however, these assessments are limited in scope and are not updated in the ordinary course of business absent a specific need and therefore, may not reveal all environmental conditions affecting a property. This may expose us to liability related to unknown or unanticipated environmental matters. Unless required by applicable laws or regulations, we may not further investigate, remedy or ameliorate the liabilities disclosed in the existing Phase I’s or similar environmental site assessments, and this failure may expose us to liability in the future. While we maintain portfolio environmental and some site-specific insurance policies, they may be insufficient to cover any such environmental costs and liabilities.
Some of our properties have been or may be impacted by contamination arising from current or prior known or unknown uses of the property, or adjacent properties, for commercial or industrial purposes. Such contamination may arise from spills of petroleum or hazardous substances or releases from tanks used to store such material known or suspected to exist at a number of our properties which may result in further investigation, remediation, or deed restrictions. Further, certain of our properties are adjacent to or near other properties that have contained or currently contain petroleum or other hazardous substances, or at which others have engaged or may engage in activities that may release such hazardous substances. Adjacent property uses are identified in standard ASTM procedures in Phase I environmental studies, and if warranted based on adjacent property concerns a Phase II environmental study may be obtained. In addition to a blanket environmental insurance policy, as needed, we may obtain a standalone environmental insurance policy for certain properties with commercially reasonable terms that provide coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations. However, these policies are subject to certain limits, deductibles and exclusions, and insurance may not fully compensate us for any environmental liability. From time to time, we may acquire properties with known adverse environmental conditions where we believe that the environmental liabilities associated with these conditions are quantifiable and that the acquisition will yield a superior risk-adjusted return. We
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usually perform a Phase I environmental site assessment at any property we are considering acquiring. Phase I environmental site assessments are limited in scope and do not involve sampling of soil, soil vapor, or groundwater, and these assessments may not include or identify all potential environmental liabilities or risks associated with the property. Even where subsurface investigation is performed, it can be very difficult to ascertain the full extent of environmental contamination or the costs that are likely to flow from such contamination. We cannot assure you that the Phase I environmental site assessment or other environmental studies identified all potential environmental liabilities, or that we will not face significant remediation costs or other environmental contamination that makes it difficult to sell any affected properties. Also, we have not always implemented actions recommended by these assessments, and recommended investigation and remediation of known or suspected contamination has not always been performed. Contamination may exist at many of our properties, and governmental regulators or third parties could seek to force us to contribute to investigation or remediation of known or suspected contamination. As a result, we could potentially incur material liability for these issues.
Environmental laws also govern the presence, maintenance and removal of asbestos-containing building materials, or ACBM, and may impose fines and penalties for failure to comply with these requirements. Such laws require that owners or operators of buildings containing ACBM (and employers in such buildings) properly manage and maintain the asbestos, adequately notify or train those who may come into contact with asbestos, and undertake special precautions, including removal or other abatement, if asbestos would be disturbed during renovation or demolition of a building. In addition, the presence of ACBM in our properties may expose us to third-party liability (e.g., liability for personal injury associated with exposure to asbestos).
In addition, the properties in our portfolio also are subject to various federal, state and local environmental, health and safety requirements, such as state and local fire requirements. Moreover, some of our tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at our properties, which are subject to regulation. Such environmental, health and safety laws and regulations could subject us or our tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to us. In addition, changes in laws could increase the potential liability for noncompliance, including evolving regulatory evaluation and scrutiny of per- and polyfluoroalkyl substance known as PFAS. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect our operations, or those of our tenants, which could in turn have an adverse effect on us. Further, these environmental, health and safety laws could become more stringent in the future, and this could subject us or our tenants to new or greater liability.
We cannot assure you that remedial measures and other costs or liabilities incurred as a result of environmental issues will be immaterial to our overall financial position. If we do incur material environmental liabilities in the future, we may face significant remediation costs, and we may find it difficult to sell any affected properties.
Our properties may contain lead based paint, contain or develop harmful mold or suffer from other air quality issues, which could lead to liability for adverse health effects and costs of remediation.
When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate ventilation, chemical contamination from indoor or outdoor sources, and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to airborne toxins or irritants above certain levels can be alleged to cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold, lead based paint or other lead containing materials or other airborne contaminants from the affected property or increase indoor ventilation. In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury is alleged to have occurred.
We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties.
Our properties are subject to various covenants and federal, state and local laws and regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal or local ordinances and zoning restrictions, may restrict our use of our properties and may require us to obtain approval from local officials of community standards organizations at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations to any of our existing properties. Among other things, these restrictions may relate to fire and safety, seismic or hazardous material abatement requirements. There can be no assurance that existing laws and regulatory policies will not adversely affect us or the timing or cost of any future acquisitions or renovations, or that additional regulations will not be adopted that increase such delays or result in additional costs. Our growth strategy may be affected by our ability to obtain permits, licenses and zoning relief. Our properties
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could also be subject to local, state or federal eminent domain or condemnation proceedings, which could impact the functionality of those properties (or portions thereof) impacted.
In addition, federal and state laws and regulations, including laws such as the Americans with Disabilities Act and parallel California Statutes, or ADA, and the Fair Housing Amendment Act of 1988, or FHAA, impose further restrictions on our properties and operations. Under the ADA and the FHAA, all public accommodations must meet federal requirements related to access and use by disabled persons. Some of our properties may currently be in non-compliance with the ADA or the FHAA. If one or more of the properties in our portfolio is not in compliance with the ADA, the FHAA or any other regulatory requirements, we may be required to incur additional costs to bring the property into compliance, including the removal of access barriers, and we might incur governmental fines or the award of damages to private litigants. In addition, we do not know whether existing requirements will change or whether future requirements will require us to make significant unanticipated expenditures.
Furthermore, while leases with our tenants generally include provisions to obligate the tenants to comply with all laws and operate within a defined use, there is no guaranty that the tenants will comply with the terms of their leases. We may incur costs to bring a property into legal compliance even though the tenant may have been contractually required to comply and pay for the cost of compliance. Our tenants may disregard the use restrictions contained in the leases and conduct operations not contemplated by the lease, such as prohibited uses related to cannabis or highly hazardous uses, for example, despite our efforts to prohibit certain uses.
Under California energy efficiency standards, enacted and periodically amended, including, without limitation, Title 24 or The Energy Efficiency Standards for Residential and Nonresidential Buildings, building owners may incur increased costs to renovate properties in order to meet changing energy efficiency standards and make energy usage disclosures. If we are required to make unanticipated expenditures or substantial modifications to our properties, our financial condition, cash flows, results of operations, the market price of our shares of common stock and preferred stock and our ability to make distributions to our stockholders could be adversely affected. We may incur additional costs collecting and reporting energy usage data from our tenants and properties in order to comply with such energy efficiency standards.
The commercial loan that we originated is subject to the risk of delinquency and foreclosure, which could result in a significant loss to us and a material adverse effect on our results of operations.
Our commercial mortgage loan, which is secured by an industrial development site, is subject to risks of delinquency and foreclosure. A number of factors impact a borrower’s ability to repay the loan including, among other things, the operating income of the borrower, the availability of credit to refinance the loan, and changes in real estate values.
In the event of any default and foreclosure, we bear a risk of loss if the value of the collateral is less than the outstanding loan balance and unpaid interest, as well as the cost to enforce our rights under such loan. This could result in a significantly lower return on investment and a material adverse effect on our cash flows and results of operations. Foreclosure of a secured commercial loan can be an expensive and lengthy process. In addition, in the event of foreclosure and subsequent ownership of the property, we could become subject to liabilities associated with such property, including liabilities related to taxes and environmental matters.
An allowance for credit losses is required to be established through a provision for loan losses charged to expense, that represents our best estimate of expected losses on the commercial loan. The determination of the appropriate level of the allowance for credit losses inherently involves a high degree of subjectivity and requires us to make significant estimates of current credit risks, forecast economic conditions and future trends, all of which may undergo material changes in the future. Changes in economic conditions affecting the borrower, new information regarding the existing loan and other factors, both within and outside our control, may require an increase in the allowance for credit losses. The potential increase in the allowance for credit losses would result in a decrease in net income and may have a material adverse effect on our financial condition and results of operations.
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Risks Related to Our Organizational Structure
Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of common units, which may impede business decisions that could benefit our stockholders.
Conflicts of interest may exist or could arise in the future as a result of the relationships between us and our affiliates, on the one hand, and our Operating Partnership or any partner thereof, on the other. Our directors and officers have duties to our company under Maryland law in connection with their management of our company. At the same time, we, as the general partner of our Operating Partnership, have fiduciary duties and obligations to our Operating Partnership and its limited partners under Maryland law and the partnership agreement of our Operating Partnership in connection with the management of our Operating Partnership. Our fiduciary duties and obligations as the general partner of our Operating Partnership may come into conflict with the duties of our directors and officers to our company.
Under Maryland law, a general partner of a Maryland limited partnership has fiduciary duties of loyalty and care to the partnership and its partners and must discharge its duties and exercise its rights as general partner under the partnership agreement or Maryland law consistent with the obligation of good faith and fair dealing. The partnership agreement provides that, in the event of a conflict between the interests of our Operating Partnership or any partner, on the one hand, and the separate interests of our company or our stockholders, on the other hand, we, in our capacity as the general partner of our Operating Partnership, may give priority to the separate interests of our company or our stockholders (including with respect to tax consequences to limited partners, assignees or our stockholders), and, in the event of such a conflict, any action or failure to act on our part or on the part of our directors that gives priority to the separate interests of our company or our stockholders that does not result in a violation of the contract rights of the limited partners of our Operating Partnership under its partnership agreement does not violate the duty of loyalty or any other duty that we, in our capacity as the general partner of our Operating Partnership, owe to our Operating Partnership and its partners or violate the obligation of good faith and fair dealing.
Additionally, the partnership agreement provides that we generally will not be liable to our Operating Partnership or any partner for any action or omission taken in our capacity as general partner, for the debts or liabilities of our Operating Partnership or for the obligations of the Operating Partnership under the partnership agreement, except for liability for our fraud, willful misconduct or gross negligence, pursuant to any express indemnity we may give to our Operating Partnership or in connection with a redemption. Our Operating Partnership must indemnify us, our directors and officers, officers of our Operating Partnership and our designees from and against any and all claims that relate to the operations of our Operating Partnership, unless (1) an act or omission of the person was material to the matter giving rise to the action and either was committed in bad faith or was the result of active and deliberate dishonesty, (2) the person actually received an improper personal benefit in violation or breach of the partnership agreement or (3) in the case of a criminal proceeding, the indemnified person had reasonable cause to believe that the act or omission was unlawful. Our Operating Partnership must also pay or reimburse the reasonable expenses of any such person in advance of a final disposition of the proceeding upon its receipt of a written affirmation of the person’s good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to repay any amounts paid or advanced if it is ultimately determined that the person did not meet the standard of conduct for indemnification. Our Operating Partnership is not required to indemnify or advance funds to any person with respect to any action initiated by the person seeking indemnification without our approval (except for any proceeding brought to enforce such person’s right to indemnification under the partnership agreement) or if the person is found to be liable to our Operating Partnership on any portion of any claim in the action. No reported decision of a Maryland appellate court has interpreted provisions similar to the provisions of the partnership agreement of our Operating Partnership that modify and reduce our fiduciary duties or obligations as the general partner or reduce or eliminate our liability to our Operating Partnership and its partners, and we have not obtained an opinion of counsel as to the enforceability of the provisions set forth in the partnership agreement that purport to modify or reduce the fiduciary duties and obligations that would be in effect were it not for the partnership agreement.
Some of our directors and executive officers have outside business interests, including interests in real estate-related businesses, and, therefore, may have conflicts of interest with us.
Certain of our executive officers and directors have outside business interests, including interests in real estate-related businesses, and may own equity securities of public and private real estate companies. Our executive officers’ and directors’ interests in these entities could create a conflict of interest, especially when making determinations regarding our renewal of leases with tenants subject to these leases. Our executive officers’ involvement in other businesses and real estate-related activities could divert their attention from our day-to-day operations, and state law may limit our ability to enforce any non-compete agreements.
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We could increase the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval.
Our board of directors, without stockholder approval, has the power under our charter to amend our charter to increase the aggregate number of shares of stock or the number of shares of stock of any class or series that we are authorized to issue, to authorize us to issue authorized but unissued shares of our common stock or preferred stock and to classify or reclassify any unissued shares of our common stock or preferred stock into one or more classes or series of stock and set the terms of such newly classified or reclassified shares. As a result, we may issue classes or series of common stock or preferred stock with preferences, powers and rights, voting or otherwise, that are senior to, or otherwise conflict with, the rights of holders of our common stock. Although our board of directors has no such intention at the present time, it could establish a class or series of preferred stock that could, depending on the terms of such series, delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
Certain provisions of the Maryland General Corporation Law (“MGCL”), may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including:
•“Business combination” provisions that, subject to certain exceptions, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price or supermajority stockholder voting requirements on these combinations; and
•“Control share” provisions that provide that holders of “control shares” of our company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise voting power in the election of directors within one of three increasing ranges) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of the voting power of issued and outstanding “control shares,” subject to certain exceptions) have no voting rights with respect to their control shares, except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
As permitted by the MGCL, our bylaws provide that we will not be subject to the control share provisions of the MGCL and our board of directors has, by resolution, exempted us from the business combination between us and any other person. However, we cannot assure you that our board of directors will not revise the bylaws or such resolution in order to be subject to such business combination and control share provisions in the future. Notwithstanding the foregoing, an alteration or repeal of the board resolution exempting such business combinations will not have any effect on any business combinations that have been consummated or upon any agreements existing at the time of such modification or repeal.
Certain provisions of the MGCL permit the board of directors of a Maryland corporation with at least three independent directors and a class of stock registered under the Exchange Act without stockholder approval and regardless of what is currently provided in its charter or bylaws, to implement certain corporate governance provisions, some of which (for example, a classified board) are not currently applicable to us. These provisions may have the effect of limiting or precluding a third party from making an unsolicited acquisition proposal for our company or of delaying, deferring or preventing a change in control under circumstances that otherwise could provide the holders of shares of our stock with the opportunity to realize a premium over the then current market price. Our charter contains a provision whereby it elects to be subject to the provisions of Title 3, Subtitle 8 of the MGCL relating to the filling of vacancies on the board of directors.
Certain provisions in the partnership agreement of our Operating Partnership may delay or prevent unsolicited acquisition of us.
Provisions of the partnership agreement of our Operating Partnership may delay or make more difficult unsolicited acquisitions of us or changes of our control. These provisions could discourage third parties from making proposals involving an unsolicited acquisition of us or change of our control, although some stockholders or limited partners might consider such proposals, if made, desirable. These provisions include, among others:
•redemption rights of qualifying parties;
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•a requirement that we may not be removed as the general partner of our Operating Partnership without our consent;
•transfer restrictions on common units;
•our ability, as general partner, in some cases, to amend the partnership agreement and to cause our Operating Partnership to issue additional partnership interests with terms that could delay, defer or prevent a merger or other change of control of us or our Operating Partnership without the consent of our stockholders or the limited partners; and
•the right of the limited partners to consent to certain transfers of our general partnership interest (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise).
Our charter and bylaws, the partnership agreement of our Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
Tax Matters Agreements limit our ability to sell or otherwise dispose of certain properties, even though a sale or disposition may otherwise be in our stockholders’ best interest.
In connection with certain tax-deferred property contribution transactions in exchange for partnership interests in our Operating Partnership and also in connection with our formation transactions, we entered into tax matters agreements (the “Tax Matters Agreements”) with certain limited partners of our Operating Partnership that provide that if we dispose of any interest with respect to certain properties in our portfolio in a taxable transaction during a certain period after the applicable transaction, our Operating Partnership will indemnify such limited partners for their tax liabilities attributable to their share of the built-in gain that existed with respect to such property interest as of the time of the applicable transaction and, in certain cases, tax liabilities incurred as a result of the indemnification payment. These Tax Matters Agreements generally provide that, subject to certain exceptions and limitations, the indemnification rights under the agreement will terminate for any such protected partner that sells, exchanges or otherwise disposes of more than 50% of his or her common units or other applicable units. We have no present intention to sell or otherwise dispose of these properties or interest therein in taxable transactions during the restriction period. If we were to trigger the tax protection provisions under any such agreement, our Operating Partnership would be required to pay damages in the amount of the taxes owed by these limited partners (plus, in some cases, additional damages in the amount of the taxes incurred as a result of such payment). As a result, although it may otherwise be in our stockholders’ best interest that we sell one of these properties, it may be economically prohibitive for us to do so because of these obligations.
Tax Matters Agreements may require our Operating Partnership to maintain certain debt levels that otherwise would not be required to operate our business.
Certain Tax Matters Agreements provide that, during a certain period after the applicable transaction (in the case of the IPO, the period beginning from the date of the completion of our IPO (July 24, 2013) through the period ending on the twelfth anniversary of our IPO (July 24, 2025)), our Operating Partnership will maintain a certain level of debt or offer certain limited partners the opportunity to guarantee its debt, and following such period, our Operating Partnership will use commercially reasonable efforts to provide such limited partners who continue to own at least 50% of the common units or other applicable units they originally received in the applicable transactions with debt guarantee opportunities. Our Operating Partnership will be required to indemnify such limited partners for their tax liabilities resulting from our failure to make such opportunities available to them (plus, in some cases, an additional amount equal to the taxes incurred as a result of such indemnity payment). Among other things, this opportunity to guarantee debt is intended to allow the participating limited partners to defer the recognition of gain in connection with the applicable transactions. These obligations may require us to maintain more or different indebtedness than we would otherwise require for our business.
Our board of directors may change our investment and financing policies without stockholder approval and we may become more highly leveraged, which may increase our risk of default under our debt obligations.
Our investment and financing policies are exclusively determined by our board of directors. Accordingly, our stockholders do not control these policies. Further, our charter and bylaws do not limit the amount or percentage of indebtedness, funded or otherwise, that we may incur. Our board of directors may alter or eliminate our current policy on borrowing at any time without stockholder approval. If this policy changed, we could become more highly leveraged which could result in an increase in our debt service. Higher leverage also increases the risk of default on our obligations. In addition, a change in our investment policies, including the manner in which we allocate our resources across our portfolio or the types of assets in which we seek to invest, may increase our exposure to interest rate risk, real estate market fluctuations and liquidity risk.
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Our rights and the rights of our stockholders to take action against our directors and officers are limited.
As permitted by Maryland law, our charter eliminates the liability of our directors and officers to us and our stockholders for money damages, except for liability resulting from:     
•actual receipt of an improper benefit or profit in money, property or services; or
•active and deliberate dishonesty by the director or officer that was established by a final judgment and was material to the cause of action adjudicated.
In addition, our charter authorizes us to obligate our company, and our bylaws require us, to indemnify our directors and officers for actions taken by them in those and certain other capacities to the maximum extent permitted by Maryland law in effect from time to time. Generally, Maryland law permits a Maryland corporation to indemnify its present and former directors and officers except in instances where the person seeking indemnification acted in bad faith or with active and deliberate dishonesty, actually received an improper personal benefit in money, property or services or, in the case of a criminal proceeding, had reasonable cause to believe that his or her actions were unlawful. Under Maryland law, a Maryland corporation also may not indemnify a director or officer in a suit by or on behalf of the corporation in which the director or officer was adjudged liable to the corporation or for a judgment of liability on the basis that a personal benefit was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct; however, indemnification for an adverse judgment in a suit by us or on our behalf, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses. As a result, we and our stockholders may have more limited rights against our directors and officers than might otherwise exist. Accordingly, in the event that actions taken in good faith by any of our directors or officers impede the performance of our company, our stockholders’ ability to recover damages from such director or officer will be limited.
We are a holding company with no direct operations and, as such, we will rely on funds received from our Operating Partnership to pay liabilities, and the interests of our stockholders will be structurally subordinated to all liabilities and obligations of our Operating Partnership and its subsidiaries.
We are a holding company and conduct substantially all of our operations through our Operating Partnership. We do not have, apart from an interest in our Operating Partnership, any independent operations. As a result, we rely on distributions from our Operating Partnership to continue to pay any dividends we might declare on shares of our common stock. We also rely on distributions from our Operating Partnership to meet any of our obligations, including any tax liability on taxable income allocated to us from our Operating Partnership. In addition, because we are a holding company, stockholder claims will be structurally subordinated to all existing and future liabilities and obligations (whether or not for borrowed money) of our Operating Partnership and its subsidiaries. Therefore, in the event of our bankruptcy, liquidation or reorganization, our assets and those of our Operating Partnership and its subsidiaries will be available to satisfy the claims of our stockholders only after all of our and our Operating Partnership’s and its subsidiaries’ liabilities and obligations have been paid in full.
Our Operating Partnership may issue additional common units to third parties without the consent of our stockholders, which would reduce our ownership percentage in our Operating Partnership and would have a dilutive effect on the amount of distributions made to us by our Operating Partnership and, therefore, the amount of distributions we can make to our stockholders.
As of December 31, 2024, we owned 96.4% of the outstanding common units in our Operating Partnership and we may, in connection with future acquisitions of properties or otherwise, cause our Operating Partnership to issue additional common units to third parties. In addition, in connection with our issuances of preferred stock, our Operating Partnership has issued to us preferred units and may issue additional preferred units to us in the future. Furthermore, the Operating Partnership has issued and in the future may issue additional common units and/or preferred units to third parties in connection with acquisitions or otherwise. Existing preferred units have and any future preferred units may have preferences, powers and rights, voting or otherwise, that are senior to, or otherwise conflict with the common units and are structurally senior to our common stock. Such issuances would reduce our ownership percentage in our Operating Partnership and affect the amount of distributions made to us by our Operating Partnership and, therefore, the amount of distributions we can make to our stockholders.
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Risks Related to Our Status as a REIT
Failure to maintain our qualification as a REIT would have significant adverse consequences to us and the per share trading price of our common stock.
We have elected to be taxed as a REIT for federal income tax purposes commencing with our initial taxable year ended December 31, 2013. We intend to continue to meet the requirements for taxation as a REIT. We have not requested and do not plan to request a ruling from the Internal Revenue Service (“IRS”) that we qualify as a REIT, and the statements in this Form 10-K are not binding on the IRS or any court. Therefore, we cannot guarantee that we will qualify as a REIT, or that we will remain qualified as such in the future. If we were to fail to qualify as a REIT in any taxable year, we will face serious tax consequences that would substantially reduce the funds available for distribution to you for each of the years involved because:
•we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to regular federal corporate income tax;
•we also could be subject to the federal alternative minimum tax for tax years prior to 2018 and possibly increased state and local taxes; and
•unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified.
Any such corporate tax liability could be substantial and would reduce our cash available for, among other things, our operations and distributions to stockholders. In addition, if we fail to qualify as a REIT, we will not be required to make distributions to our stockholders. As a result of all these factors, our failure to qualify as a REIT also could impair our ability to expand our business and raise capital and could materially and adversely affect the value of our common stock.
Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The complexity of these provisions and of the applicable Treasury regulations that have been promulgated under the Code, or the Treasury Regulations, is greater in the case of a REIT that, like us, holds its assets through a partnership. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock, requirements regarding the composition of our assets and requirements regarding the sources of our gross income. Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. In addition, legislation, new regulations, administrative interpretations or court decisions may materially adversely affect our investors, our ability to qualify as a REIT for federal income tax purposes or the desirability of an investment in a REIT relative to other investments.
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.
Even if we qualify as a REIT for federal income tax purposes, we may be subject to some federal, state and local income, property and excise taxes on our income or property and, in certain cases, a 100% penalty tax, in the event we sell property in a prohibited transaction as described below. In addition, our taxable REIT subsidiary may be subject to tax as a regular corporation in the jurisdictions it operates.
If our Operating Partnership failed to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.
We believe that our Operating Partnership will be treated as a partnership for federal income tax purposes. As a partnership, our Operating Partnership will not be subject to federal income tax on its income. Instead, each of its partners, including us, will be allocated, and may be required to pay tax with respect to, its share of our Operating Partnership’s income. We cannot assure you, however, that the IRS will not challenge the status of our Operating Partnership or any other subsidiary partnership in which we own an interest as a partnership for federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating our Operating Partnership or any such other subsidiary partnership as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT. Also, the failure of our Operating Partnership or any subsidiary partnerships to qualify as a partnership could cause it to become subject to federal and state corporate income
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tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners, including us.
Our taxable REIT subsidiaries will be subject to federal income tax, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our taxable REIT subsidiaries are not conducted on arm’s length terms.
We own an interest in one or more taxable REIT subsidiaries, and may acquire securities in additional taxable REIT subsidiaries in the future. A taxable REIT subsidiary is a corporation other than a REIT in which a REIT directly or indirectly holds stock, and that has made a joint election with such REIT to be treated as a taxable REIT subsidiary. If a taxable REIT subsidiary owns more than 35% of the total voting power or value of the outstanding securities of another corporation, such other corporation will also be treated as a taxable REIT subsidiary. Other than some activities relating to lodging and health care facilities, a taxable REIT subsidiary may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT. A taxable REIT subsidiary is subject to federal income tax as a regular C corporation. In addition, a 100% excise tax will be imposed on certain transactions between a taxable REIT subsidiary and its parent REIT that are not conducted on an arm’s length basis.
    Not more than 20% of the value of our total assets may be represented by securities of taxable REIT subsidiaries. We anticipate that the aggregate value of the stock and other securities of any taxable REIT subsidiaries that we own will be less than 20% of the value of our total assets, and we will monitor the value of these investments to ensure compliance with applicable asset test limitations.
To maintain our REIT qualification, we may be forced to borrow funds during unfavorable market conditions.
To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our REIT taxable income each year, determined without regard to the dividends paid deduction and excluding net capital gains, and we will be subject to regular corporate income taxes to the extent that we distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid) each year. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. Accordingly, we may not be able to retain sufficient cash flow from operations to meet our debt service requirements and repay our debt. Therefore, we may need to raise additional capital for these purposes, and we cannot assure you that a sufficient amount of capital will be available to us on favorable terms, or at all, when needed. Further, in order to maintain our REIT qualification and avoid the payment of income and excise taxes, we may need to borrow funds to meet the REIT distribution requirements even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from, among other things, differences in timing between the actual receipt of cash and inclusion of income for federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market’s perception of our growth potential, our current debt levels, the per share trading price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times.
Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
The maximum tax rate applicable to “qualified dividend income” payable to U.S. stockholders that are individuals, trusts and estates is 20%. Dividends payable by REITs, however, generally are not eligible for these reduced rates. Under current law, however, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning before January 1, 2026. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs.  
The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.
A REIT’s net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, such characterization is a factual determination (unless a sale or disposition qualifies under
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certain statutory safe harbors), and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.
Complying with REIT requirements may affect our profitability and may force us to liquidate or forgo otherwise attractive investments.
To qualify as a REIT, we must continually satisfy tests concerning, among other things, the nature and diversification of our assets, the sources of our income and the amounts we distribute to our stockholders. We may be required to liquidate or forgo otherwise attractive investments in order to satisfy the asset and income tests or to qualify under certain statutory relief provisions. We also may be required to make distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution. As a result, having to comply with the distribution requirement could cause us to: (1) sell assets in adverse market conditions; (2) borrow on unfavorable terms; or (3) distribute amounts that would otherwise be invested in future acquisitions, capital expenditures or repayment of debt. Accordingly, satisfying the REIT requirements could have an adverse effect on our business results, profitability and ability to execute our business plan. Moreover, if we are compelled to liquidate our investments to meet any of these asset, income or distribution tests, or to repay obligations to our lenders, we may be unable to comply with one or more of the requirements applicable to REITs or may be subject to a 100% tax on any resulting gain if such sales constitute prohibited transactions.
Legislative or other actions affecting REITs could have a negative effect on us.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, could adversely affect our investors or us. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, Treasury Regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.
Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
Cybersecurity Risk Management and Strategy.
We have developed and implemented a cybersecurity and information security risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.
We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity and information security risk management program: (a) is developed by, and in conjunction with, a third-party managed security service provider (MSSP), who helps audit, assess, administer and monitor implementation; (b) once developed, is then integrated into our overall enterprise risk management program, and shares common: methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas; and (c) consists of leveraging a third-party vendor to routinely and periodically stress test our program for system vulnerabilities (including cyber penetration, vulnerability assessment, NIST framework score and compliance) across our cybersecurity and information security risk management program environment.
Key elements of our cybersecurity risk management program include:
•Risk assessments designed to help identify significant cybersecurity risks to our critical systems and information;
•A security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•The use of external service providers to assess, test or otherwise assist with aspects of our security controls;
•Cybersecurity awareness training of our employees and senior management, including specific training on emerging AI-driven threats;
•A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents;
31

•A third-party information security risk management process for certain critical service providers, suppliers and vendors based on our assessment of their criticality to our business and risk profile; and
•Quarterly third-party internal and external vulnerability assessments from our cybersecurity firm leveraging the Common Vulnerability Scoring System (CVSS). Bi-annual third-party social engineering and cyber penetration testing with third-party information security company that specializes in conducting such tests.
There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information. As AI technology advances, attackers are leveraging AI to automate and enhance cyberattacks, creating more sophisticated and evasive threats. Our cybersecurity program is designed to adapt to these evolving risks by integrating AI-powered security analytics and threat intelligence.
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors – We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our IT networks and related systems.”
Cybersecurity Governance.
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (Committee) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program.
The Board regularly receives information security and cybersecurity updates, and the Committee receives quarterly reports from management, including the Vice President & Head of Technology and the Director of Cybersecurity and Technology Operations, on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding significant cybersecurity incidents.
The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Director of Cybersecurity and Technology Operations (who reports directly to the Vice President & Head of Technology), internal security staff or third-party experts as part of the Board’s continuing education on topics that impact public companies.
Our management team, including, among others, our Chief Financial Officer, General Counsel and Vice President of Risk Management, has overall responsibility for assessing and managing our material risks from cybersecurity threats and plays an integral role participating in direct oversight of information and cybersecurity risks. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained third-party cybersecurity consultants. The management team works closely with our Vice President & Head of Technology, as well as the Director of Cybersecurity and Technology Operations who has over eight years of experience in IT security, industry certifications, specialized training, and over fifteen years of experience in commercial real estate technology.
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include:
•Briefings from internal security personnel;
•Threat intelligence and other information obtained from governmental, public or private sources, including third-party consultants engaged by us; and
•Alerts and reports produced by security tools deployed in the IT environment.

32

Item 2. Properties
As of December 31, 2024, our consolidated portfolio consisted of 425 wholly-owned properties located in Southern California infill markets totaling approximately 50.8 million rentable square feet.
The table below sets forth relevant information with respect to the operating properties in our consolidated portfolio as of December 31, 2024.
Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
Los Angeles – Greater San Fernando Valley           
10635 Vanowen St.Burbank1Warehouse / Light Manufacturing197731,037 0.1 %4 100.0 %$632,938 0.1 %$20.39 
2980 & 2990 N San Fernando RoadBurbank2Warehouse / Light Manufacturing1950 / 2004130,800 0.3 %1 100.0 %$2,087,568 0.3 %$15.96 
901 W. Alameda Ave.Burbank1Light Industrial / Office1969 / 200945,690 0.1 %1 24.0 %$458,548 0.1 %$41.87 
9120 Mason Ave.Chatsworth1Warehouse / Distribution1967 / 1999319,348 0.6 %2 100.0 %$3,224,772 0.4 %$10.10 
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne StreetChatsworth7Warehouse / Distribution1979 / 1980153,368 0.3 %8 68.3 %$1,605,947 0.2 %$15.33 
9171 Oso AvenueChatsworth1Warehouse / Light Manufacturing198065,560 0.1 %1 100.0 %$751,168 0.1 %$11.46 
9200 Mason AvenueChatsworth1Warehouse / Light Manufacturing196880,410 0.2 %1 100.0 %$868,428 0.1 %$10.80 
9230 Mason AvenueChatsworth1Warehouse / Distribution197454,000 0.1 %1 100.0 %$460,080 0.1 %$8.52 
9250 Mason AvenueChatsworth1Warehouse / Light Manufacturing197756,292 0.1 %1 100.0 %$457,646 0.1 %$8.13 
21415-21605 Plummer StreetChatsworth2Light Industrial / Office1986196,535 0.4 %2 83.7 %$4,876,178 0.6 %$29.64 
19900 Plummer Street(6)
Chatsworth—Redevelopment1983— — %— — %$— — %$— 
9140 Lurline AvenueChatsworth1Warehouse / Light Manufacturing1974146,516 0.3 %1 100.0 %$1,670,280 0.2 %$11.40 
900-920 Allen AvenueGlendale2Warehouse / Light Manufacturing1942 - 199568,630 0.1 %2 100.0 %$1,195,752 0.1 %$17.42 
3550 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.Los Angeles8Warehouse / Distribution1966, 1992, 1993, 1994474,475 0.9 %25 96.4 %$8,291,660 1.1 %$18.12 
3116 W. Avenue 32Los Angeles1Warehouse / Distribution1974100,500 0.2 %1 100.0 %$1,186,582 0.1 %$11.81 
7900 Nelson Rd.Los Angeles1Warehouse / Distribution1998 / 2015202,905 0.4 %3 100.0 %$3,491,801 0.4 %$17.21 
3340 San Fernando RoadLos Angeles—Warehouse / Excess Landn/a— — %— — %$— — %$— 
2800 Casitas AvenueLos Angeles1Warehouse / Light Manufacturing1999 / 2023116,158 0.2 %1 100.0 %$2,857,487 0.4 %$24.60 
12154 Montague StreetPacoima1Warehouse / Light Manufacturing1974123,974 0.2 %2 100.0 %$1,757,058 0.2 %$14.17 
14200-14220 Arminta StreetPanorama1Warehouse / Light Manufacturing2006200,003 0.4 %1 100.0 %$2,852,103 0.4 %$14.26 
7815 Van Nuys BlvdPanorama City1Warehouse / Excess Land196043,101 0.1 %2 56.3 %$525,050 0.1 %$21.62 
14350 Arminta StreetPanorama City1Warehouse / Light Manufacturing200618,147 — %1 100.0 %$330,760 — %$18.23 
121-125 N. Vinedo Ave.(6)
Pasadena1Warehouse / Light Manufacturing1953, 1993 / 202448,520 0.1 %— — %$— — %$— 
33

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
1050 Arroyo Ave.San Fernando1Warehouse / Light Manufacturing1969 / 201276,993 0.2 %2 100.0 %$801,020 0.1 %$10.40 
605 8th StreetSan Fernando1Warehouse / Distribution1991 / 2015, 202055,715 0.1 %1 100.0 %$1,270,302 0.2 %$22.80 
525 Park AvenueSan Fernando1Warehouse / Distribution200363,403 0.1 %2 100.0 %$1,434,474 0.2 %$22.62 
1145 Arroyo AvenueSan Fernando1Warehouse / Light Manufacturing1989147,019 0.3 %2 100.0 %$2,195,156 0.3 %$14.93 
1150 Aviation PlaceSan Fernando1Warehouse / Light Manufacturing1989147,000 0.3 %1 100.0 %$3,616,200 0.5 %$24.60 
1175 Aviation PlaceSan Fernando1Warehouse / Distribution198992,455 0.2 %1 100.0 %$2,107,974 0.3 %$22.80 
1245 Aviation PlaceSan Fernando1Warehouse / Distribution1989132,936 0.3 %1 100.0 %$2,986,274 0.4 %$22.46 
635 8th StreetSan Fernando1Warehouse / Distribution198972,250 0.1 %2 100.0 %$1,215,122 0.2 %$16.82 
24935 & 24955 Avenue KearnySanta Clarita2Warehouse / Distribution1988138,980 0.3 %2 100.0 %$1,948,829 0.2 %$14.02 
25413 Rye Canyon RoadSanta Clarita1Warehouse / Light Manufacturing198148,158 0.1 %1 39.8 %$329,646 — %$17.18 
24903 Avenue KearnySanta Clarita1Warehouse / Distribution1988214,436 0.4 %1 100.0 %$2,193,235 0.3 %$10.23 
27712 & 27756 Avenue MentrySanta Clarita2Warehouse / Light Manufacturing1988220,752 0.4 %2 100.0 %$2,246,820 0.3 %$10.18 
12838 Saticoy StreetNorth Hollywood1Warehouse / Excess Land1954100,390 0.2 %1 100.0 %$1,316,386 0.2 %$13.11 
11128 Gault StreetNorth Hollywood1Warehouse / Light Manufacturing197030,488 0.1 %2 100.0 %$756,403 0.1 %$24.81 
11150 Gault StreetNorth Hollywood1Warehouse / Light Manufacturing197019,968 — %3 100.0 %$434,641 0.1 %$21.77 
11166 Gault StreetNorth Hollywood1Warehouse / Light Manufacturing197020,592 — %1 — %$3,555 — %$— 
7100 Case AvenueNorth Hollywood1Warehouse / Distribution197034,286 0.1 %1 100.0 %$460,724 0.1 %$13.44 
7100 Fair AvenueNorth Hollywood1Warehouse / Distribution196917,010 — %2 100.0 %$432,721 — %$25.44 
7101 Case AvenueNorth Hollywood1Warehouse / Distribution196917,010 — %— — %$— — %$— 
7101 Fair AvenueNorth Hollywood1Warehouse / Light Manufacturing196932,741 0.1 %2 100.0 %$707,206 0.1 %$21.60 
7103 Fair AvenueNorth Hollywood1Warehouse / Distribution196917,010 — %1 100.0 %$249,240 — %$14.65 
7118 Fair AvenueNorth Hollywood1Warehouse / Light Manufacturing196920,273 — %1 100.0 %$468,063 0.1 %$23.09 
7119 Fair AvenueNorth Hollywood1Warehouse / Light Manufacturing196920,273 — %2 100.0 %$428,834 — %$21.15 
7121 Case AvenueNorth Hollywood1Warehouse / Distribution196920,273 — %1 100.0 %$450,061 0.1 %$22.20 
7149 Fair AvenueNorth Hollywood1Warehouse / Distribution196932,311 0.1 %2 100.0 %$422,146 — %$13.07 
9750-9770 San Fernando RoadSun Valley1Industrial Outdoor Storage195235,624 0.1 %1 100.0 %$984,278 0.1 %$27.63 
11076-11078 Fleetwood StreetSun Valley1Warehouse / Light Manufacturing197425,878 0.1 %1 100.0 %$584,845 0.1 %$22.60 
11308-11350 Penrose Street(6)
Sun Valley1Warehouse / Distribution1974 / 2024151,011 0.3 %3 52.6 %$1,502,652 0.2 %$18.91 
11120 Sherman WaySun Valley1Warehouse / Distribution197028,094 0.1 %1 100.0 %$655,647 0.1 %$23.34 
11130 Sherman WaySun Valley1Warehouse / Light Manufacturing196922,148 — %1 100.0 %$511,353 0.1 %$23.09 
34

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
11156 Sherman WaySun Valley1Warehouse / Distribution196925,929 0.1 %1 100.0 %$326,400 — %$12.59 
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.Sylmar2Warehouse / Distribution1969, 2008 / 2016134,030 0.3 %8 94.2 %$1,870,682 0.2 %$14.82 
12772 San Fernando Road(6)
Sylmar—Redevelopment1964 / 2013— — %— — %$— — %$— 
13943-13955 Balboa BlvdSylmar1Warehouse / Distribution2000208,749 0.4 %3 100.0 %$4,169,969 0.5 %$19.98 
18310-18330 Oxnard St.Tarzana2Warehouse / Light Manufacturing197375,938 0.2 %22 94.6 %$1,559,687 0.2 %$21.72 
28340 - 28400 Avenue CrockerValencia1Warehouse / Distribution1987 / 2006 / 201590,722 0.2 %2 100.0 %$984,833 0.1 %$10.86 
28901-28903 Avenue PaineValencia1Warehouse / Distribution1999 / 2018, 2022223,195 0.4 %2 100.0 %$2,387,899 0.3 %$10.70 
29003 Avenue ShermanValencia1Warehouse / Distribution2000 / 201968,123 0.1 %1 100.0 %$653,254 0.1 %$9.59 
28454 Livingston AvenueValencia1Warehouse / Light Manufacturing2007134,287 0.3 %1 100.0 %$2,862,730 0.4 %$21.32 
28510 Industry DriveValencia1Warehouse / Distribution201746,778 0.1 %1 100.0 %$480,159 0.1 %$10.26 
29010 Avenue PaineValencia1Light Industrial / Office2000100,157 0.2 %1 100.0 %$1,052,715 0.1 %$10.51 
29010 Commerce Center DriveValencia1Light Industrial / Office2002117,151 0.2 %1 100.0 %$1,259,658 0.2 %$10.75 
29120 Commerce Center DriveValencia1Warehouse / Light Manufacturing2002135,258 0.3 %1 100.0 %$2,596,954 0.3 %$19.20 
29125 Avenue PaineValencia1Warehouse / Distribution2006175,897 0.3 %1 100.0 %$2,475,512 0.3 %$14.07 
15041 Calvert St.Van Nuys1Warehouse / Light Manufacturing197181,282 0.2 %1 100.0 %$905,954 0.1 %$11.15 
6701 & 6711 Odessa Ave.Van Nuys2Warehouse / Light Manufacturing1970-1972 / 201229,882 0.1 %2 100.0 %$595,185 0.1 %$19.92 
Van Nuys Airport Industrial CenterVan Nuys18Warehouse / Distribution1961 - 2007464,456 0.9 %22 80.4 %$8,867,340 1.1 %$23.75 
15385 Oxnard StreetVan Nuys6Warehouse / Distribution198871,467 0.1 %2 100.0 %$923,271 0.1 %$12.92 
8210-8240 Haskell AvenueVan Nuys3Warehouse / Light Manufacturing1962 - 1964 / 202326,705 0.1 %2 100.0 %$510,444 0.1 %$19.11 
14243 Bessemer StreetVan Nuys1Warehouse / Distribution198714,299 — %1 100.0 %$276,958 — %$19.37 
7817 Haskell AvenueVan Nuys1Industrial Outdoor Storage19607,327 — %1 100.0 %$645,840 0.1 %$88.15 
Los Angeles – Greater San Fernando Valley Total1166,963,078 13.7 %181 93.7 %$107,701,057 13.9 %$16.51 
Los Angeles – San Gabriel Valley
415-435 Motor AvenueAzusa1Warehouse / Distribution1956 / 202294,321 0.2 %1 100.0 %$1,545,142 0.2 %$16.38 
720-750 Vernon AvenueAzusa3Warehouse / Light Manufacturing195071,692 0.1 %1 100.0 %$939,912 0.1 %$13.11 
425 S. Hacienda Blvd.City of Industry1Warehouse / Light Manufacturing199751,823 0.1 %1 100.0 %$506,556 0.1 %$9.77 
14955-14971 E Salt Lake Ave(6)
City of Industry1Warehouse / Distribution1979126,036 0.2 %4 63.6 %$1,297,880 0.2 %$16.20 
15241 - 15277, 15317 - 15339 Don Julian Rd.City of Industry2Warehouse / Distribution1965, 2005 / 2003241,248 0.5 %12 93.9 %$4,977,197 0.6 %$21.98 
14421-14441 Bonelli StreetCity of Industry2Warehouse / Distribution1971148,740 0.3 %1 100.0 %$1,787,807 0.2 %$12.02 
16425 Gale AvenueCity of Industry1Warehouse / Distribution1976325,800 0.6 %2 100.0 %$2,608,213 0.3 %$8.01 
35

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
14748-14750 Nelson AvenueCity of Industry2Warehouse / Distribution1969 / 2018201,990 0.4 %14 100.0 %$4,767,448 0.6 %$23.60 
13890 Nelson AvenueCity of Industry1Warehouse / Distribution1982256,993 0.5 %1 100.0 %$2,290,843 0.3 %$8.91 
218 Turnbull CanyonCity of Industry1Warehouse / Distribution1999190,900 0.4 %1 100.0 %$1,295,915 0.2 %$6.79 
15010 Don Julian Road(6)
City of Industry—Redevelopment1963— — %— — %$— — %$— 
334 El Encanto RoadCity of Industry1Warehouse / Light Manufacturing196064,368 0.1 %1 100.0 %$1,094,433 0.1 %$17.00 
17031-17037 Green DriveCity of Industry1Warehouse / Distribution
1968 / 2024
51,000 0.1 %2 100.0 %$663,240 0.1 %$13.00 
14940 Proctor Road(6)
City of Industry—Redevelopment1962— — %— — %$— — %$— 
1020 Bixby Drive(6)
City of Industry1Warehouse / Distribution1977 / 202457,600 0.1 %— — %$— — %$— 
15650 Don Julian RoadCity of Industry1Warehouse / Distribution200343,392 0.1 %1 100.0 %$661,294 0.1 %$15.24 
15700 Don Julian RoadCity of Industry1Warehouse / Distribution200140,453 0.1 %1 100.0 %$592,232 0.1 %$14.64 
17000 Gale AvenueCity of Industry1Warehouse / Distribution200829,888 0.1 %— — %$— — %$— 
20851 Currier RoadCity of Industry1Warehouse / Distribution1999 / 202359,412 0.1 %1 100.0 %$1,133,581 0.1 %$19.08 
17705-17709 Valley BlvdCity Of Industry1Warehouse / Distribution198532,000 0.1 %3 100.0 %$617,661 0.1 %$19.30 
17745-17749 Valley BlvdCity Of Industry1Warehouse / Distribution198540,095 0.1 %— — %$— — %$— 
17755 Valley BlvdCity Of Industry1Warehouse / Distribution198530,000 0.1 %1 — %$— — %$— 
620-628 Hambledon AvenueCity Of Industry1Warehouse / Distribution198540,000 0.1 %3 100.0 %$727,518 0.1 %$18.19 
630-634 Hambledon AvenueCity Of Industry1Warehouse / Distribution198540,000 0.1 %3 100.0 %$815,124 0.1 %$20.38 
10750-10826 Lower Azusa RoadEl Monte4Warehouse / Light Manufacturing197579,050 0.2 %16 83.0 %$1,213,484 0.2 %$18.49 
15715 Arrow HighwayIrwindale1Light Manufacturing / Flex198976,000 0.1 %1 100.0 %$1,824,000 0.2 %$24.00 
15705, 15709 Arrow Highway & 5220 Fourth St.Irwindale3Warehouse / Light Manufacturing198769,592 0.1 %36 95.4 %$1,323,988 0.2 %$19.94 
16321 Arrow Hwy.Irwindale3Warehouse / Light Manufacturing1955 / 200164,296 0.1 %1 100.0 %$742,793 0.1 %$11.55 
4832-4850 Azusa Canyon RoadIrwindale1Warehouse / Distribution201687,421 0.2 %2 47.3 %$718,495 0.1 %$17.38 
4416 Azusa Canyon Road(6)
Irwindale—Redevelopment1956— — %— — %$— — %$— 
2391-2393 Bateman AvenueIrwindale1Warehouse / Light Manufacturing200565,605 0.1 %1 100.0 %$977,189 0.1 %$14.90 
14005 Live Oak AvenueIrwindale1Light Industrial / Office199256,510 0.1 %1 100.0 %$847,650 0.1 %$15.00 
4500 Azusa Canyon RoadIrwindale1Warehouse / Excess Land195077,266 0.1 %1 100.0 %$2,243,340 0.3 %$29.03 
2395-2399 Bateman AvenueIrwindale3Light Industrial / Office2022134,063 0.3 %3 100.0 %$2,563,524 0.3 %$19.12 
15801 West 1st StreetIrwindale1Light Manufacturing / Flex1977/1980993,142 1.9 %1 100.0 %$7,058,907 0.9 %$7.11 
16203-16233 Arrow HighwayIrwindale4Warehouse / Light Manufacturing2022134,542 0.3 %4 100.0 %$3,111,335 0.4 %$23.13 
5000 & 5010 Azusa Canyon RdIrwindale2Warehouse / Distribution2022233,984 0.5 %2 100.0 %$4,594,550 0.6 %$19.64 
14250-14278 Valley Blvd.La Puente8Warehouse / Light Manufacturing1974 / 2007100,346 0.2 %27 94.8 %$1,721,486 0.2 %$18.09 
421 Baldwin Park BlvdLa Puente1Warehouse / Distribution197745,000 0.1 %1 100.0 %$474,064 0.1 %$10.53 
36

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
433 Baldwin Park BlvdLa Puente1Warehouse / Distribution1977102,654 0.2 %1 100.0 %$2,390,278 0.3 %$23.28 
437 Baldwin Park BlvdLa Puente1Warehouse / Distribution197770,000 0.1 %1 100.0 %$756,342 0.1 %$10.80 
1400 South ShamrockMonrovia1Light Manufacturing / Flex1957, 1962 / 200467,838 0.1 %1 100.0 %$1,650,906 0.2 %$24.34 
280 West Bonita AvenuePomona1Warehouse / Distribution1983119,898 0.2 %1 100.0 %$1,211,617 0.2 %$10.11 
2743 Thompson Creek RoadPomona1Warehouse / Distribution1983245,961 0.5 %1 100.0 %$1,824,047 0.2 %$7.42 
3880 West Valley Blvd.Pomona1Warehouse / Distribution1980 / 2017108,550 0.2 %1 100.0 %$2,279,550 0.3 %$21.00 
1601 Mission BlvdPomona1Warehouse / Distribution1952751,528 1.5 %1 32.9 %$2,300,249 0.3 %$9.29 
11234 Rush Street(6)
South El Monte—Redevelopment1960— — %— — %$— — %$— 
Los Angeles – San Gabriel Valley Total685,920,997 11.6 %158 86.7 %$70,149,790 9.0 %$13.67 
Los Angeles – Central
6020 Sheila St.Commerce1Cold Storage / Distribution200070,877 0.1 %1 100.0 %$1,276,202 0.2 %$18.01 
5300 Sheila StreetCommerce1Warehouse / Distribution1975695,120 1.4 %1 100.0 %$5,685,820 0.7 %$8.18 
6100 Sheila StreetCommerce1Cold Storage / Distribution196080,091 0.2 %7 100.0 %$2,163,780 0.3 %$27.02 
6277-6289 Slauson AvenueCommerce3Warehouse / Distribution1962 - 1977315,719 0.6 %3 100.0 %$2,619,652 0.3 %$8.30 
6687 Flotilla StreetCommerce1Warehouse / Light Manufacturing1956120,000 0.2 %1 100.0 %$2,376,000 0.3 %$19.80 
6655 East 26th StreetCommerce1Warehouse / Light Manufacturing196547,500 0.1 %1 100.0 %$783,750 0.1 %$16.50 
6027 Eastern Avenue(6)
Commerce—Redevelopment194647,088 0.1 %— — %$— — %$— 
6996-7044 Bandini BlvdCommerce2Warehouse / Light Manufacturing1968112,944 0.2 %2 100.0 %$2,405,888 0.3 %$21.30 
6000-6052 & 6027-6029 Bandini BlvdCommerce2Warehouse / Distribution2016182,782 0.4 %2 67.9 %$1,635,660 0.2 %$13.18 
6700 S Alameda St.Huntington Park1Cold Storage / Distribution1990 / 200878,280 0.2 %1 100.0 %$1,409,499 0.2 %$18.01 
679-691 S Anderson St.Los Angeles1Warehouse / Light Manufacturing1992 / 201747,491 0.1 %4 100.0 %$726,628 0.1 %$15.30 
1825-1845 S Soto StreetLos Angeles2Warehouse / Light Manufacturing199325,040 — %1 100.0 %$392,304 0.1 %$15.67 
1515 15th StreetLos Angeles1Warehouse / Light Manufacturing1977246,588 0.5 %1 100.0 %$2,782,258 0.4 %$11.28 
2750 Alameda StreetLos Angeles2Warehouse / Light Manufacturing1961 - 1980164,026 0.3 %5 100.0 %$1,938,323 0.2 %$11.82 
East 27th Street(6)
Los Angeles4Light Industrial / Office1961 - 2004 / 2024300,389 0.6 %3 57.9 %$2,916,380 0.4 %$16.78 
2425-2535 East 12th StreetLos Angeles4Warehouse / Light Manufacturing1988254,281 0.5 %6 62.1 %$3,007,103 0.4 %$19.04 
1501-1545 Rio Vista AvenueLos Angeles2Warehouse / Distribution200354,777 0.1 %5 100.0 %$1,078,431 0.1 %$19.69 
8542 Slauson AvenuePico Rivera1Industrial Outdoor Storage196424,679 — %1 100.0 %$848,528 0.1 %$34.38 
8315 Hanan WayPico Rivera1Warehouse / Distribution1976100,692 0.2 %1 100.0 %$894,522 0.1 %$8.88 
1938-1946 E. 46th St.Vernon3Warehouse / Light Manufacturing1961, 1983 / 2008-2010190,663 0.4 %2 58.6 %$1,594,351 0.2 %$14.27 
37

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
2970 East 50th StreetVernon1Warehouse / Distribution194948,876 0.1 %1 100.0 %$807,197 0.1 %$16.52 
Los Angeles – Central Total353,207,903 6.3 %49 87.3 %$37,342,276 4.8 %$13.34 
Los Angeles –- Mid-Counties
6635 Caballero BlvdBuena Park1Light Industrial / Office200392,395 0.2 %1 100.0 %$1,029,818 0.1 %$11.15 
16221 Arthur St.Cerritos1Warehouse / Distribution1979 / 202161,372 0.1 %1 100.0 %$708,184 0.1 %$11.54 
16010 Shoemaker AvenueCerritos1Warehouse / Distribution1985115,600 0.2 %1 100.0 %$1,170,979 0.2 %$10.13 
16121 Carmenita RoadCerritos1Warehouse / Distribution1969/1983, 2020105,477 0.2 %2 100.0 %$1,149,294 0.2 %$10.90 
14100 Vine PlaceCerritos1Warehouse / Distribution1979 / 2022122,514 0.2 %1 100.0 %$2,446,360 0.3 %$19.97 
12900 Alondra BlvdCerritos1Warehouse / Distribution197782,660 0.2 %1 100.0 %$877,956 0.1 %$10.62 
12932-12958 Midway PlaceCerritos1Warehouse / Distribution1980161,517 0.3 %2 100.0 %$1,203,077 0.2 %$7.45 
9220-9268 Hall Rd.Downey1Warehouse / Light Manufacturing2008176,405 0.3 %41 95.4 %$3,033,307 0.4 %$18.02 
12200 Bellflower BlvdDowney1Warehouse / Excess Land195554,161 0.1 %1 100.0 %$1,306,765 0.2 %$24.13 
9607-9623 Imperial HighwayDowney1Industrial Outdoor Storage19747,466 — %1 100.0 %$883,940 0.1 %$118.40 
14407 Alondra BlvdLa Mirada1Warehouse / Distribution1976221,415 0.4 %3 100.0 %$2,682,899 0.3 %$12.12 
14647-14667 Northam StreetLa Mirada1Warehouse / Distribution1978140,000 0.3 %1 100.0 %$2,987,712 0.4 %$21.34 
14680-14700 Alondra BlvdLa Mirada1Warehouse / Light Manufacturing197796,000 0.2 %1 100.0 %$2,253,601 0.3 %$23.48 
14710 Northam StreetLa Mirada1Warehouse / Distribution197945,000 0.1 %1 100.0 %$1,100,385 0.1 %$24.45 
14720-14750 Alondra BlvdLa Mirada1Warehouse / Distribution1977100,000 0.2 %2 100.0 %$1,080,488 0.1 %$10.80 
14725 Northam StreetLa Mirada1Warehouse / Distribution197880,000 0.2 %1 100.0 %$1,871,496 0.2 %$23.39 
14730-14750 Northam StreetLa Mirada1Warehouse / Distribution197767,468 0.1 %2 100.0 %$1,447,322 0.2 %$21.45 
14820-14830 Carmenita RoadNorwalk3Warehouse / Distribution1970, 2000198,845 0.4 %3 100.0 %$2,623,001 0.3 %$13.19 
9615 Norwalk Blvd.(6)
Santa Fe Springs—Redevelopment1975— — %— — %$— — %$— 
9641 - 9657 Santa Fe Springs Rd.Santa Fe Springs4Warehouse / Distribution1982 / 2009107,891 0.2 %4 100.0 %$2,520,118 0.3 %$23.36 
10701-10719 Norwalk Blvd.Santa Fe Springs2Warehouse / Distribution200458,056 0.1 %5 100.0 %$931,391 0.1 %$16.04 
10950 Norwalk Blvd & 12241 Lakeland Rd.Santa Fe Springs1Warehouse / Excess Land198218,995 — %1 100.0 %$541,472 0.1 %$28.51 
12247 Lakeland Rd.Santa Fe Springs1Warehouse / Excess Land1971 / 201624,875 0.1 %1 100.0 %$404,600 0.1 %$16.27 
12907 Imperial HighwaySanta Fe Springs1Warehouse / Distribution1997 / 2024101,080 0.2 %1 100.0 %$2,231,846 0.3 %$22.08 
14944, 14946, 14948 Shoemaker Ave.Santa Fe Springs3Warehouse / Light Manufacturing1978 / 201285,975 0.2 %19 72.0 %$1,179,880 0.2 %$19.07 
10747 Norwalk BlvdSanta Fe Springs1Warehouse / Distribution199952,691 0.1 %— — %$— — %$— 
11600 Los Nietos RoadSanta Fe Springs1Warehouse / Distribution1976 / 2022106,251 0.2 %1 100.0 %$2,424,959 0.3 %$22.82 
12133 Greenstone AvenueSanta Fe Springs—Industrial Outdoor Storage1967 / 2023— — %1 100.0 %$1,239,813 0.2 %$— 
12211 Greenstone AvenueSanta Fe Springs—Industrial Outdoor StorageN/A— — %1 100.0 %$909,773 0.1 %$— 
38

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
9920-10020 Pioneer Blvd(6)
Santa Fe Springs3Light Industrial / Office1973 - 1978 / 2024163,435 0.3 %— — %$— — %$— 
12118 Bloomfield Avenue(6)
Santa Fe Springs—Redevelopment1955— — %— — %$— — %$— 
12017 Greenstone AvenueSanta Fe Springs—Industrial Outdoor Storagen/a— — %1 100.0 %$1,399,669 0.2 %$— 
12027 Greenstone AvenueSanta Fe Springs1Industrial Outdoor Storage19757,780 — %1 100.0 %$120,000 — %$15.42 
13711 Freeway DriveSanta Fe Springs1Warehouse / Distribution196382,092 0.2 %2 100.0 %$725,070 0.1 %$8.83 
13535 Larwin CircleSanta Fe Springs1Warehouse / Distribution198756,011 0.1 %1 100.0 %$493,611 0.1 %$8.81 
9400-9500 Santa Fe Springs RoadSanta Fe Springs2Warehouse / Distribution1980/1990595,304 1.2 %2 100.0 %$11,007,939 1.4 %$18.49 
10712-10748 Bloomfield AvenueSanta Fe Springs1Warehouse / Distribution199075,960 0.2 %2 59.6 %$796,529 0.1 %$17.61 
9028 Dice RoadSanta Fe Springs1Warehouse / Light Manufacturing197896,000 0.2 %1 100.0 %$1,864,361 0.2 %$19.42 
Gateway PointeWhittier4Warehouse / Distribution2005 - 2006989,195 2.0 %4 100.0 %$11,596,343 1.5 %$11.72 
Los Angeles – Mid-Counties Total484,549,886 9.0 %114 93.9 %$70,243,958 9.1 %$16.45 
Los Angeles – South Bay
750 Manville Street    Compton1Warehouse / Distribution197759,996 0.1 %1 100.0 %$667,697 0.1 %$11.13 
1065 E. Walnut Ave.Carson1Cold Storage / Distribution1974172,420 0.3 %2 100.0 %$2,842,117 0.4 %$16.48 
18118-18120 S. BroadwayCarson3Warehouse / Distribution1957 / 1989, 201778,183 0.2 %5 100.0 %$1,322,227 0.2 %$16.91 
17000 Kingsview Ave/800 Sandhill Ave(6)
Carson1Warehouse / Distribution1984100,121 0.2 %1 76.6 %$673,001 0.1 %$8.77 
263-321 Gardena BlvdCarson2Industrial Outdoor Storage1977 - 1982 / 202455,238 0.1 %2 100.0 %$1,978,738 0.3 %$35.82 
18115 Main StreetCarson1Warehouse / Excess Land198842,270 0.1 %1 100.0 %$418,689 — %$9.91 
1055 Sandhill Avenue(6)
Carson1Light Manufacturing / Flex1973 / 2024127,775 0.3 %— — %$— — %$— 
701-751 Kingshill PlaceCarson6Warehouse / Light Manufacturing1979 / 2020171,056 0.3 %7 100.0 %$2,579,073 0.3 %$15.08 
256 Alondra BlvdCarson1Industrial Outdoor Storage19542,456 — %1 100.0 %$675,305 0.1 %$274.96 
17011-17027 Central AvenueCarson3Warehouse / Distribution197952,561 0.1 %1 100.0 %$1,014,571 0.1 %$19.30 
21022 & 21034 Figueroa StreetCarson1Warehouse / Distribution200251,185 0.1 %1 100.0 %$1,085,941 0.1 %$21.22 
2130-2140 Del Amo BlvdCarson2Warehouse / Distribution198099,064 0.2 %2 100.0 %$2,067,192 0.3 %$20.87 
20455 Reeves AvenueCarson1Warehouse / Distribution1982110,075 0.2 %1 100.0 %$2,785,937 0.4 %$25.31 
1420 Mckinley AvenueCompton1Warehouse / Distribution2017136,685 0.3 %1 100.0 %$3,923,406 0.5 %$28.70 
2020 Central AvenueCompton1Light Industrial / Office197230,233 0.1 %1 100.0 %$420,732 — %$13.92 
17909 & 17929 Susana Road(6)
Compton—Warehouse / Light Manufacturing1970 - 1973— — %— — %$— — %$— 
3131 Harcourt Street & 18031 Susana Road(6)
Compton2Warehouse / Excess Land197034,000 0.1 %— — %$— — %$— 
2501 Rosecrans AvenueCompton1Warehouse / Light Manufacturing1987300,217 0.6 %1 100.0 %$6,664,817 0.9 %$22.20 
39

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
13225 Western AvenueGardena1Warehouse / Light Manufacturing195521,010 — %1 100.0 %$367,087 — %$17.47 
400 Rosecrans AvenueGardena—Warehouse / Distribution1967— — %— — %$— — %$— 
422 Rosecrans AvenueGardena—Warehouse / Distribution1968— — %— — %$— — %$— 
1715 West 132nd StreetGardena1Warehouse / Distribution197120,168 — %— — %$— — %$— 
11832-11954 La Cienega BlvdHawthorne4Light Industrial / Office199963,462 0.1 %9 100.0 %$1,406,596 0.2 %$22.16 
2205 126th StreetHawthorne1Warehouse / Distribution199863,532 0.1 %4 100.0 %$1,209,861 0.2 %$19.04 
240 W Ivy AvenueInglewood1Warehouse / Distribution198146,974 0.1 %3 100.0 %$1,018,903 0.1 %$21.69 
687 Eucalyptus AvenueInglewood1Warehouse / Distribution2017143,436 0.3 %1 100.0 %$2,575,749 0.3 %$17.96 
4175 Conant StreetLong Beach1Warehouse / Light Manufacturing2015142,593 0.3 %1 100.0 %$2,330,639 0.3 %$16.34 
1580 Carson StreetLong Beach1Warehouse / Distribution1982 / 201843,787 0.1 %1 100.0 %$670,047 0.1 %$15.30 
Long Beach Business ParkLong Beach4Warehouse / Light Manufacturing1973 - 1976123,532 0.2 %32 88.0 %$1,829,512 0.2 %$16.84 
3901 Via Oro AvenueLong Beach1Light Industrial / Office198353,817 0.1 %1 100.0 %$1,432,507 0.2 %$26.62 
2500 Thompson StreetLong Beach1Warehouse / Light Manufacturing1970174,691 0.3 %1 100.0 %$1,242,600 0.2 %$7.11 
1661 240th St.Los Angeles1Warehouse / Distribution1975 / 199596,616 0.2 %2 100.0 %$1,089,681 0.1 %$11.28 
11120, 11160, 11200 Hindry AveLos Angeles3Warehouse / Distribution1992 / 199463,654 0.1 %14 84.8 %$1,337,751 0.2 %$24.78 
15601 Avalon BlvdLos Angeles1Warehouse / Excess Land1984 / 202386,879 0.2 %1 100.0 %$2,027,547 0.3 %$23.34 
15650-15700 Avalon BlvdLos Angeles2Warehouse / Distribution1962 - 1978 / 202298,259 0.2 %1 100.0 %$3,069,363 0.4 %$31.24 
514 East C StreetLos Angeles1Industrial Outdoor Storage20193,436 — %1 100.0 %$564,503 0.1 %$164.29 
17907-18001 Figueroa Street(6)
Los Angeles—Redevelopment1954 - 1960— — %— — %$— — %$— 
8911 Aviation BlvdLos Angeles1Light Manufacturing / Flex1971100,000 0.2 %1 100.0 %$1,612,700 0.2 %$16.13 
2500 Victoria StreetLos Angeles—Industrial Outdoor Storagen/a— — %1 100.0 %$11,675,266 1.5 %$— 
18455 Figueroa StreetLos Angeles2Light Industrial / Office1978146,765 0.3 %1 100.0 %$2,802,654 0.4 %$19.10 
620 Anaheim StreetLos Angeles1Warehouse / Excess Land198434,555 0.1 %2 100.0 %$1,063,233 0.1 %$30.77 
14434-14527 San Pedro Street(6)
Los Angeles1Warehouse / Excess Land197158,094 0.1 %— — %$— — %$— 
13301 Main StreetLos Angeles1Warehouse / Light Manufacturing1989106,969 0.2 %1 100.0 %$2,404,972 0.3 %$22.48 
14400 Figueroa StreetLos Angeles4Warehouse / Distribution1967121,062 0.2 %— — %$— — %$— 
9000 Airport BlvdLos Angeles1Industrial Outdoor Storage198138,680 0.1 %1 100.0 %$8,249,280 1.1 %$213.27 
950 West 190th StreetLos Angeles1Light Industrial / Office1980188,545 0.4 %1 100.0 %$3,120,000 0.4 %$16.55 
2588 & 2605 Industry WayLynwood2Warehouse / Light Manufacturing1969 / 1971164,662 0.3 %1 100.0 %$1,709,808 0.2 %$10.38 
7110 Rosecrans Ave.Paramount1Warehouse / Distribution1972 / 2015, 201974,856 0.1 %2 100.0 %$1,110,866 0.1 %$14.84 
40

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E Pacifica Place; 20001-20021 Rancho WayRancho Dominguez6Warehouse / Distribution1989 / 20211,099,374 2.2 %11 76.7 %$11,319,880 1.5 %$13.43 
19402 Susana RoadRancho Dominguez1Warehouse / Excess Land195715,433 — %1 100.0 %$318,537 — %$20.64 
19100 Susana RoadRancho Dominguez1Warehouse / Excess Land195652,714 0.1 %1 100.0 %$1,326,276 0.2 %$25.16 
2757 Del Amo BlvdRancho Dominguez1Warehouse / Excess Land196757,300 0.1 %1 100.0 %$1,179,922 0.1 %$20.59 
3150 Ana StreetRancho Dominguez1Warehouse / Light Manufacturing1957105,970 0.2 %1 100.0 %$2,663,768 0.3 %$25.14 
19007 Reyes AvenueRancho Dominguez—Industrial Outdoor Storage1969 / 2021— — %1 100.0 %$1,372,401 0.2 %$— 
19431 Santa Fe AvenueRancho Dominguez3Industrial Outdoor Storage1963 / 20231,855 — %1 100.0 %$2,040,574 0.3 %$1,100.04 
20304 Alameda StreetRancho Dominguez2Warehouse / Light Manufacturing197477,758 0.2 %2 100.0 %$735,144 0.1 %$9.45 
2880 Ana StreetRancho Dominguez—Industrial Outdoor Storage1970 / 2024— — %1 100.0 %$1,751,544 0.2 %$— 
19301 Santa Fe Avenue(6)
Rancho Dominguez3Light Industrial / Office1954/19897,065 — %— — %$— — %$— 
2910 Pacific Commerce Drive EastRancho Dominguez1Warehouse / Distribution1985150,000 0.3 %1 100.0 %$2,733,420 0.3 %$18.22 
2410-2420 Santa Fe AvenueRedondo Beach1Light Industrial / Office1977112,000 0.2 %1 100.0 %$1,723,157 0.2 %$15.39 
2601-2641 Manhattan Beach BlvdRedondo Beach6Light Industrial / Office1978126,726 0.3 %30 97.3 %$2,801,423 0.4 %$22.72 
2400 Marine AvenueRedondo Beach2Light Industrial / Office196450,000 0.1 %2 40.0 %$560,902 0.1 %$28.05 
20920-20950 Normandie Ave.Torrance2Warehouse / Light Manufacturing198949,519 0.1 %28 97.6 %$1,037,413 0.1 %$21.47 
24105 Frampton AvenueTorrance1Warehouse / Distribution1974 / 201649,841 0.1 %1 100.0 %$515,199 0.1 %$10.34 
1500-1510 W. 228th St.Torrance8Warehouse / Light Manufacturing1963 / 1968, 201787,890 0.2 %10 83.8 %$1,216,962 0.2 %$16.53 
3100 Fujita StreetTorrance1Warehouse / Light Manufacturing197091,516 0.2 %1 100.0 %$1,619,026 0.2 %$17.69 
960-970 Knox StreetTorrance1Light Industrial / Office197639,400 0.1 %4 100.0 %$902,819 0.1 %$22.91 
1300, 1301, 1315, 1320-13330, 1347 Storm Parkway; 1338 W. 288th St.; 23021-23023 Normandie Ave.; 22815 & 23023 Normandie Ave.; 22815 & 22831 Frampton Ave.Torrance8Warehouse / Distribution1982 - 2008 / 2024267,503 0.5 %11 74.6 %$3,530,566 0.5 %$17.69 
19951 Mariner AvenueTorrance1Light Industrial / Office198689,272 0.2 %1 100.0 %$1,663,260 0.2 %$18.63 
3100 Lomita BlvdTorrance5Light Industrial / Office1967 - 1998525,076 1.0 %7 99.8 %$12,230,339 1.6 %$23.34 
21515 Western Avenue(6)
Torrance—Redevelopment1991— — %— — %$— — %$— 
4240 190th StreetTorrance1Warehouse / Distribution1966307,487 0.6 %3 100.0 %$3,491,736 0.4 %$11.36 
19475 Gramercy PlaceTorrance1Light Industrial / Office1982 / 202247,712 0.1 %1 100.0 %$1,136,214 0.1 %$23.81 
20900 Normandie AvenueTorrance1Warehouse / Distribution200174,038 0.1 %2 50.2 %$600,199 0.1 %$16.14 
3547-3555 Voyager StreetTorrance3Light Industrial / Office198660,248 0.1 %13 41.9 %$459,573 0.1 %$18.21 
41

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
19145 Gramercy PlaceTorrance1Warehouse / Distribution1977102,143 0.2 %1 100.0 %$1,861,728 0.2 %$18.23 
3520 Challenger StreetTorrance1Light Industrial / Office199049,336 0.1 %1 100.0 %$954,338 0.1 %$19.34 
301-445 Figueroa StreetWilmington1Warehouse / Distribution1972 / 2018133,650 0.3 %10 81.3 %$2,051,776 0.3 %$18.88 
444 Quay Avenue & 508 East E Street
Wilmington1Warehouse / Excess Land1992 / 202429,760 0.1 %1 100.0 %$3,250,848 0.4 %$109.24 
1800 Lomita BlvdWilmington—Industrial Outdoor Storagen/a— — %4 100.0 %$4,442,542 0.6 %$— 
920 Pacific Coast HighwayWilmington1Warehouse / Distribution1954148,186 0.3 %1 100.0 %$4,484,314 0.6 %$30.26 
Los Angeles – South Bay Total1357,912,341 15.6 %266 88.8 %$161,016,368 20.8 %$22.92 
Orange County – North
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.Anaheim6Warehouse / Light Manufacturing1972 / 1990 / 2013121,669 0.2 %21 100.0 %$2,229,747 0.3 %$18.33 
5235 East Hunter Ave.Anaheim1Warehouse / Light Manufacturing1987120,127 0.2 %3 100.0 %$1,922,830 0.2 %$16.01 
1210 N Red Gum StAnaheim1Warehouse / Distribution1985 / 202064,570 0.1 %1 100.0 %$732,555 0.1 %$11.35 
1190 Stanford CourtAnaheim1Warehouse / Distribution197934,494 0.1 %1 100.0 %$489,174 0.1 %$14.18 
900 East Ball RoadAnaheim1Warehouse / Excess Land1956 / 202262,607 0.1 %1 100.0 %$1,473,622 0.2 %$23.54 
3071 Coronado Street(6)
Anaheim1Warehouse / Distribution1973 / 2024105,173 0.2 %— — %$— — %$— 
600-708 Vermont AvenueAnaheim4Light Manufacturing / Flex1960133,836 0.3 %1 100.0 %$3,565,200 0.5 %$26.64 
1212 Howell AvenueAnaheim1Warehouse / Distribution199225,962 0.1 %1 100.0 %$384,141 — %$14.80 
1222 Howell AvenueAnaheim1Warehouse / Distribution196881,325 0.2 %2 100.0 %$1,320,784 0.2 %$16.24 
404-430 Berry WayBrea3Warehouse / Excess Land1964 - 1967120,250 0.2 %2 15.7 %$1,043,208 0.1 %$55.28 
2300-2386 East Walnut Ave.Fullerton3Warehouse / Distribution1985-1986 / 2005163,898 0.3 %14 89.8 %$2,758,026 0.4 %$18.73 
1600 Orangethorpe & 1335-1375 AcaciaFullerton5Warehouse / Distribution1968 / 1985346,445 0.7 %10 100.0 %$5,141,232 0.7 %$14.84 
1901 Via Burton(6)
Fullerton1Warehouse / Light Manufacturing1960 / 2024139,449 0.3 %— — %$— — %$— 
1500 Raymond Avenue(6)
Fullerton—Redevelopmentn/a— — %— — %$— — %$— 
1500 Walnut AvenueFullerton1Warehouse / Distribution2022121,615 0.2 %2 100.0 %$3,118,878 0.4 %$25.65 
1901 Rosslynn AvenueFullerton1Warehouse / Light Manufacturing1989278,572 0.5 %1 100.0 %$5,570,448 0.7 %$20.00 
4141 Palm StreetFullerton1Warehouse / Light Manufacturing1981100,000 0.2 %1 100.0 %$1,665,316 0.2 %$16.65 
5593-5595 Fresca DriveLa Palma1Warehouse / Light Manufacturing1973115,200 0.2 %2 100.0 %$1,490,182 0.2 %$12.94 
1581 Main StreetOrange1Warehouse / Distribution199440,637 0.1 %1 100.0 %$380,746 — %$9.37 
445-449 Freedom AvenueOrange1Warehouse / Distribution198092,647 0.2 %2 100.0 %$1,573,260 0.2 %$16.98 
560 Main StreetOrange1Warehouse / Light Manufacturing197317,000 — %1 100.0 %$134,930 — %$7.94 
2401-2421 Glassell StreetOrange4Light Industrial / Office1987191,127 0.4 %5 100.0 %$3,674,891 0.5 %$19.23 
2390-2444 American Way(6)
Orange1Warehouse / Light Manufacturing2024100,483 0.2 %— — %$— — %$— 
42

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
200 Boysenberry LanePlacentia1Warehouse / Light Manufacturing1985198,275 0.4 %1 100.0 %$4,163,775 0.5 %$21.00 
22895 Eastpark DriveYorba Linda1Light Industrial / Office198634,950 0.1 %1 100.0 %$418,396 0.1 %$11.97 
Orange County – North Total432,810,311 5.5 %74 83.5 %$43,251,341 5.6 %$18.43 
Orange County – West
5630 Cerritos AvenueCypress1Light Industrial / Office198976,032 0.2 %1 100.0 %$1,448,963 0.2 %$19.06 
12131 Western AvenueGarden Grove1Warehouse / Distribution1987 / 2007, 2017207,953 0.4 %1 100.0 %$2,234,761 0.3 %$10.75 
12622-12632 Monarch StreetGarden Grove2Warehouse / Distribution1967121,225 0.2 %3 100.0 %$1,928,015 0.2 %$15.90 
12752-12822 Monarch StreetGarden Grove1Warehouse / Distribution1971 / 2023272,898 0.5 %3 84.2 %$4,366,267 0.6 %$19.00 
12821 Knott StreetGarden Grove1Warehouse / Distribution1971 / 2023165,171 0.3 %1 100.0 %$3,822,635 0.5 %$23.14 
17311 Nichols Ln.Huntington Beach1Warehouse / Light Manufacturing1993 / 2014, 2024104,182 0.2 %1 100.0 %$1,787,763 0.2 %$17.16 
5421 Argosy AvenueHuntington Beach1Warehouse / Light Manufacturing197635,321 0.1 %1 100.0 %$426,102 0.1 %$12.06 
7612-7642 Woodwind DriveHuntington Beach3Warehouse / Light Manufacturing200162,377 0.1 %3 100.0 %$955,800 0.1 %$15.32 
1700 Saturn WaySeal Beach1Warehouse / Light Manufacturing2006184,000 0.4 %1 100.0 %$2,485,123 0.3 %$13.51 
14650 Hoover StreetWestminster1Warehouse / Distribution200159,679 0.1 %— — %$— — %$— 
Orange County – West Total131,288,838 2.5 %15 92.0 %$19,455,429 2.5 %$16.40 
Orange County – South
9 HollandIrvine1Warehouse / Distribution1980 / 2013180,981 0.4 %2 100.0 %$2,882,139 0.4 %$15.93 
20531 Crescent Bay Dr.Lake Forest1Warehouse / Distribution199848,873 0.1 %1 100.0 %$837,319 0.1 %$17.13 
20 IconLake Forest1Warehouse / Distribution1999 / 2015102,299 0.2 %1 100.0 %$1,731,651 0.2 %$16.93 
25781 Atlantic Ocean DriveLake Forest1Light Industrial / Office199628,254 — %1 100.0 %$561,073 0.1 %$19.86 
20481 Crescent Bay DriveLake Forest1Warehouse / Light Manufacturing199688,355 0.2 %1 100.0 %$960,638 0.1 %$10.87 
20472 Crescent BayLake Forest1Warehouse / Distribution199831,020 0.1 %5 100.0 %$609,260 0.1 %$19.64 
20492 Crescent BayLake Forest1Warehouse / Distribution199846,642 0.1 %3 100.0 %$792,691 0.1 %$17.00 
20512 Crescent BayLake Forest1Warehouse / Distribution199829,285 0.1 %5 100.0 %$566,490 0.1 %$19.34 
20532 Crescent BayLake Forest1Warehouse / Distribution199824,127 — %3 100.0 %$486,698 0.1 %$20.17 
25172 Arctic Ocean DriveLake Forest1Warehouse / Distribution199852,024 0.1 %5 100.0 %$1,142,297 0.1 %$21.96 
Orange County – South Total10631,860 1.3 %27 100.0 %$10,570,256 1.4 %$16.73 
Orange County – Airport
18250 Euclid StreetFountain Valley1Warehouse / Light Manufacturing197462,838 0.1 %1 100.0 %$831,723 0.1 %$13.24 
1601 Alton Pkwy.Irvine1Light Manufacturing / Flex1974 / 2018124,741 0.3 %4 100.0 %$2,811,016 0.4 %$22.53 
16752 Armstrong AvenueIrvine1Warehouse / Excess Land1970/201281,600 0.2 %2 100.0 %$2,311,885 0.3 %$28.33 
3441 West MacArthur Blvd.Santa Ana1Warehouse / Distribution1973 / 2022124,102 0.2 %1 100.0 %$1,965,108 0.2 %$15.83 
43

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
600-650 South Grand Ave.Santa Ana6Warehouse / Light Manufacturing1988101,389 0.2 %52 89.3 %$1,750,306 0.2 %$19.34 
2610 & 2701 S. Birch StreetSanta Ana1Warehouse / Distribution1965 / 201698,379 0.2 %3 100.0 %$1,441,893 0.2 %$14.66 
1801 St Andrew PlaceSanta Ana1Light Industrial / Office1987370,374 0.7 %2 100.0 %$6,271,921 0.8 %$16.93 
1217 Saint Gertrude PlaceSanta Ana1Warehouse / Light Manufacturing1961106,604 0.2 %2 100.0 %$1,272,196 0.2 %$11.93 
15777 Gateway CircleTustin1Warehouse / Light Manufacturing200537,592 0.1 %1 100.0 %$795,747 0.1 %$21.17 
15771 Red Hill AvenueTustin1Light Industrial / Office1979 / 201698,970 0.2 %3 100.0 %$3,372,576 0.4 %$34.08 
Orange County – Airport Total151,206,589 2.4 %71 99.1 %$22,824,371 2.9 %$19.09 
Riverside / San Bernardino - Inland Empire West
13971 Norton AvenueChino1Warehouse / Distribution1990103,297 0.2 %1 100.0 %$1,611,433 0.2 %$15.60 
5002-5018 Lindsay CourtChino1Warehouse / Distribution198664,960 0.1 %1 50.7 %$525,426 0.1 %$15.97 
13925 Benson AvenueChino1Light Industrial / Office198938,143 0.1 %1 100.0 %$1,497,600 0.2 %$39.26 
4115 Schaefer AvenueChino1Warehouse / Distribution200133,500 0.1 %1 100.0 %$753,449 0.1 %$22.49 
340-344 Bonnie CircleCorona1Warehouse / Distribution199498,000 0.2 %1 100.0 %$1,822,800 0.2 %$18.60 
1168 Sherborn StreetCorona1Warehouse / Distribution200479,515 0.2 %1 100.0 %$883,293 0.1 %$11.11 
755 Trademark CircleCorona1Warehouse / Distribution200134,427 0.1 %1 100.0 %$600,288 0.1 %$17.44 
The MergeEastvale6Warehouse / Distribution2020333,544 0.7 %5 74.1 %$3,145,338 0.4 %$12.72 
6245 Providence WayEastvale1Warehouse / Distribution201827,636 — %1 100.0 %$378,060 — %$13.68 
Merge-WestEastvale6Warehouse / Distribution20221,057,419 2.1 %6 100.0 %$17,864,516 2.3 %$16.89 
13231 Slover AvenueFontana1Warehouse / Distribution1990109,463 0.2 %1 100.0 %$2,606,752 0.3 %$23.81 
10509 Business DriveFontana1Warehouse / Distribution1989130,788 0.3 %2 100.0 %$2,613,748 0.3 %$19.98 
15996 Jurupa AvenueFontana1Warehouse / Distribution2015212,660 0.4 %1 100.0 %$2,147,185 0.3 %$10.10 
11127 Catawba AvenueFontana1Warehouse / Distribution2015145,750 0.3 %1 100.0 %$1,337,826 0.2 %$9.18 
10156 Live Oak AvenueFontana1Warehouse / Distribution2020236,912 0.5 %1 100.0 %$2,174,593 0.3 %$9.18 
10694 Tamarind AvenueFontana1Warehouse / Distribution202099,999 0.2 %1 100.0 %$972,430 0.1 %$9.72 
13369 Valley BlvdFontana1Light Industrial / Office2005105,041 0.2 %1 100.0 %$2,294,095 0.3 %$21.84 
15850 Slover AvenueFontana1Warehouse / Distribution202060,127 0.1 %1 100.0 %$662,280 0.1 %$11.01 
13512 Marlay AvenueFontana1Warehouse / Distribution1960199,363 0.4 %1 100.0 %$1,723,275 0.2 %$8.64 
13700-13738 Slover AvenueFontana1Warehouse / Excess Land198217,862 — %1 100.0 %$180,000 — %$10.08 
10131 Banana AvenueFontana—Industrial Outdoor Storagen/a— — %2 100.0 %$1,014,642 0.1 %$— 
14874 Jurupa AvenueFontana1Warehouse / Distribution2019158,119 0.3 %1 100.0 %$2,751,271 0.4 %$17.40 
10660 Mulberry AvenueFontana1Warehouse / Distribution199049,530 0.1 %1 100.0 %$401,826 0.1 %$8.11 
10545 Production AvenueFontana1Warehouse / Distribution20061,101,840 2.2 %1 100.0 %$19,251,348 2.5 %$17.47 
13201 Dahlia StreetFontana1Warehouse / Light Manufacturing1989278,650 0.5 %1 100.0 %$3,845,370 0.5 %$13.80 
44

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
4225 Etiwanda AvenueJurupa Valley1Warehouse / Distribution1998134,500 0.3 %3 100.0 %$1,217,400 0.2 %$9.05 
4325 Etiwanda AvenueJurupa Valley1Warehouse / Distribution1998124,258 0.2 %— — %$— — %$— 
4039 State StreetMontclair1Warehouse / Distribution2020139,000 0.3 %1 100.0 %$1,276,520 0.2 %$9.18 
5160 Richton StreetMontclair1Light Industrial / Office200494,976 0.2 %5 100.0 %$1,403,357 0.2 %$14.78 
1400 S. Campus Ave.Ontario2Warehouse / Light Manufacturing1964-1966, 1973, 1987107,861 0.2 %1 100.0 %$1,112,257 0.1 %$10.31 
601-605 S. Milliken Ave.Ontario3Light Industrial / Office1987 / 1988128,313 0.2 %24 98.5 %$2,389,406 0.3 %$18.90 
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.Ontario5Light Industrial / Office1985113,812 0.2 %19 73.2 %$1,405,150 0.2 %$16.86 
710 South Dupont Avenue & 4051 Santa Ana StreetOntario2Warehouse / Distribution2001111,890 0.2 %4 66.5 %$1,601,844 0.2 %$21.53 
Safari Business Center(7)
Ontario16Warehouse / Distribution19891,142,042 2.2 %82 94.2 %$18,960,568 2.4 %$17.62 
3002-3008, 3022-3030, 3042-3050 & 3062-3072 Inland Empire BoulevardOntario4Warehouse / Distribution1981218,407 0.4 %11 100.0 %$3,640,139 0.5 %$16.67 
302 Rockefeller AvenueOntario1Warehouse / Distribution200099,282 0.2 %1 100.0 %$1,382,005 0.2 %$13.92 
4355 Brickell StreetOntario1Warehouse / Distribution200495,644 0.2 %1 100.0 %$1,897,883 0.2 %$19.84 
1900 Proforma AvenueOntario1Warehouse / Distribution1989135,360 0.3 %14 100.0 %$2,536,586 0.3 %$18.74 
4621 Guasti RoadOntario1Warehouse / Distribution198864,512 0.1 %1 100.0 %$844,683 0.1 %$13.09 
1555 Cucamonga AvenueOntario2Warehouse / Light Manufacturing1973107,023 0.2 %2 100.0 %$2,252,817 0.3 %$21.05 
500 Dupont AvenueOntario1Warehouse / Light Manufacturing1987 / 2024274,885 0.5 %1 100.0 %$3,727,441 0.5 %$13.56 
5772 Jurupa StreetOntario1Warehouse / Distribution1992360,000 0.7 %1 100.0 %$2,604,193 0.3 %$7.23 
1010 Belmont StreetOntario1Warehouse / Distribution198761,824 0.1 %1 100.0 %$1,195,923 0.2 %$19.34 
1550-1600 Champagne AvenueOntario2Warehouse / Distribution1989124,243 0.2 %2 100.0 %$1,141,764 0.1 %$9.19 
1154 Holt BlvdOntario1Warehouse / Distribution202135,033 0.1 %1 100.0 %$655,818 0.1 %$18.72 
1172 Holt BlvdOntario1Warehouse / Distribution202144,004 0.1 %1 100.0 %$607,255 0.1 %$13.80 
4422 Airport DriveOntario1Warehouse / Distribution197888,283 0.2 %2 100.0 %$1,675,203 0.2 %$18.98 
9160 - 9220 Cleveland Ave., 10860 6th St.Rancho Cucamonga3Light Manufacturing / Flex1988-1989 / 2006129,309 0.3 %5 100.0 %$2,627,230 0.3 %$20.32 
9805 6th St.Rancho Cucamonga2Warehouse / Distribution198681,377 0.2 %4 100.0 %$1,503,192 0.2 %$18.47 
10700 Jersey Blvd.Rancho Cucamonga7Light Industrial / Office1988-1989107,568 0.2 %59 100.0 %$2,082,473 0.3 %$19.36 
11190 White Birch DriveRancho Cucamonga1Warehouse / Distribution1986201,035 0.4 %2 100.0 %$1,767,375 0.2 %$8.79 
12320 4th StreetRancho Cucamonga2Warehouse / Distribution1997/2003284,676 0.6 %1 100.0 %$1,392,345 0.2 %$4.89 
2520 Baseline RoadRialto1Warehouse / Distribution2020156,586 0.3 %1 100.0 %$1,353,467 0.2 %$8.64 
Riverside / San Bernardino – Inland Empire West Total1009,542,248 18.8 %286 96.0 %$137,313,138 17.7 %$14.99 
San Bernardino – Inland Empire East
45

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
6750 Unit B - 6780 Central Ave.Riverside2Warehouse / Light Manufacturing197833,258 0.1 %1 100.0 %$660,443 0.1 %$19.86 
San Bernardino – Inland Empire East Total233,258 0.1 %1 100.0 %$660,443 0.1 %$19.86 
Ventura County
300 South Lewis Rd.Camarillo1Warehouse / Distribution1960-1963 / 2006215,128 0.4 %11 100.0 %$2,619,826 0.3 %$12.18 
3233 Mission Oaks BlvdCamarillo2Warehouse / Distribution1980-1982 / 2014, 2018, 2019409,217 0.8 %14 86.5 %$4,787,010 0.6 %$13.52 
2328 Teller RoadNewbury Park1Light Manufacturing / Flex1970 / 2018126,317 0.2 %12 100.0 %$2,126,042 0.3 %$16.83 
201 Rice Ave. & 2400-2420 CelsiusOxnard3Warehouse / Light Manufacturing2008137,785 0.3 %21 86.4 %$1,675,976 0.2 %$14.07 
610-760 W Hueneme Rd & 5651-5721 Perkins RdOxnard2Warehouse / Light Manufacturing198587,181 0.2 %18 83.2 %$1,138,645 0.2 %$15.70 
1800 Eastman AveOxnard1Warehouse / Light Manufacturing200933,332 0.1 %1 100.0 %$315,130 — %$9.45 
2220-2260 Camino del SolOxnard1Warehouse / Distribution200569,891 0.1 %2 100.0 %$751,498 0.1 %$10.75 
3000 Paseo Mercado, 3120-3150 Paseo MercadoOxnard5Warehouse / Light Manufacturing1988132,187 0.2 %22 88.9 %$1,501,352 0.2 %$12.77 
701 Del Norte Blvd.Oxnard1Warehouse / Light Manufacturing2000125,514 0.2 %16 84.4 %$1,519,357 0.2 %$14.35 
2950 Madera Rd.Simi Valley1Warehouse / Distribution1988 / 2005136,065 0.3 %1 100.0 %$1,942,580 0.3 %$14.28 
21-29 West Easy St.Simi Valley5Warehouse / Light Manufacturing1991 / 2006102,440 0.2 %18 100.0 %$1,690,605 0.2 %$16.50 
2390 Ward AvenueSimi Valley1Warehouse / Distribution1989138,700 0.3 %2 100.0 %$1,871,537 0.2 %$13.49 
1998 Surveyor AvenueSimi Valley1Warehouse / Distribution201856,306 0.1 %— — %$— — %$— 
2280 Ward AvenueSimi Valley1Warehouse / Distribution1995242,101 0.5 %5 78.6 %$2,183,650 0.3 %$11.47 
Meggitt Simi ValleySimi Valley3Warehouse / Light Manufacturing1984 / 2005285,750 0.6 %1 100.0 %$2,619,235 0.3 %$9.17 
3935-3949 Heritage Oak CourtSimi Valley1Warehouse / Distribution1999186,726 0.4 %2 100.0 %$2,108,492 0.3 %$11.29 
851 Lawrence DriveThousand Oaks1Warehouse / Distribution1968 / 202190,773 0.2 %3 100.0 %$1,373,797 0.2 %$15.13 
2405, 2430, 2455, 2500, 2535, 2570, 2585, 2595,& 2615 Conejo Spectrum St.Thousand Oaks9Warehouse / Distribution2018 / 2020531,378 1.0 %9 92.0 %$6,969,689 0.9 %$14.26 
Ventura County Total403,106,791 6.1 %158 91.2 %$37,194,421 4.8 %$13.13 
San Diego – North County
6200 & 6300 Yarrow Dr.Carlsbad2Warehouse / Light Manufacturing1977-1988 / 2006151,433 0.3 %3 100.0 %$2,006,111 0.3 %$13.25 
2431-2465 Impala Dr.Carlsbad7Light Manufacturing / Flex1983 / 200690,091 0.2 %11 100.0 %$1,827,871 0.2 %$20.29 
6231 & 6241 Yarrow Dr.Carlsbad2Warehouse / Light Manufacturing1977 / 200680,525 0.2 %6 92.6 %$1,200,411 0.2 %$16.09 
6131-6133 Innovation WayCarlsbad2Warehouse / Distribution2017114,786 0.2 %4 100.0 %$1,864,167 0.2 %$16.24 
46

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
2270 Camino Vida RobleCarlsbad1Light Industrial / Office1981106,311 0.2 %17 95.1 %$1,946,043 0.2 %$19.24 
1332-1340 Rocky Point DriveOceanside3Warehouse / Distribution2009 / 201973,748 0.1 %1 30.7 %$426,589 0.1 %$18.82 
4039 Calle Platino(6)
Oceanside1Warehouse / Distribution1991 / 2024143,663 0.3 %5 79.1 %$1,736,640 0.2 %$15.29 
1402 Avenida Del OroOceanside1Warehouse / Excess Land2016311,995 0.6 %1 100.0 %$4,311,948 0.6 %$13.82 
2843 Benet RoadOceanside1Warehouse / Distribution198735,000 0.1 %1 100.0 %$484,227 0.1 %$13.84 
660-664 Twin Oaks Valley RoadSan Marcos2Warehouse / Distribution1978 - 198896,993 0.2 %2 100.0 %$1,087,950 0.1 %$11.22 
980 Rancheros DriveSan Marcos1Warehouse / Distribution198248,878 0.1 %1 100.0 %$611,389 0.1 %$12.51 
929, 935, 939 & 951 Poinsettia Ave.Vista4Warehouse / Light Manufacturing1989 / 2007115,355 0.2 %10 100.0 %$1,737,443 0.2 %$15.06 
2575 Pioneer Ave.Vista1Warehouse / Light Manufacturing1988 / 200668,935 0.1 %8 100.0 %$1,142,077 0.1 %$16.57 
2455 Ash StreetVista1Warehouse / Light Manufacturing199042,508 0.1 %1 100.0 %$612,115 0.1 %$14.40 
San Diego – North County Total291,480,221 2.9 %71 93.8 %$20,994,981 2.7 %$15.13 
San Diego – Central
12720-12860 Danielson Ct.Poway6Warehouse / Light Manufacturing1999111,860 0.2 %16 100.0 %$2,125,361 0.3 %$19.00 
8902-8940 Activity RdSan Diego5Light Industrial / Office1987 / 1997 / 2024112,896 0.2 %34 97.6 %$2,410,547 0.3 %$21.88 
6970-7170 & 7310-7374 Convoy Ct.San Diego13Warehouse / Distribution1971187,893 0.4 %53 100.0 %$4,221,996 0.5 %$22.47 
9340 Cabot DriveSan Diego1Warehouse / Distribution1975 / 197686,564 0.2 %3 100.0 %$1,549,265 0.2 %$17.90 
9404 Cabot DriveSan Diego1Warehouse / Distribution1975 / 197646,846 0.1 %1 100.0 %$591,581 0.1 %$12.63 
9455 Cabot DriveSan Diego1Warehouse / Distribution1975 / 197699,403 0.2 %2 100.0 %$1,307,869 0.2 %$13.16 
9755 Distribution Ave.San Diego1Warehouse / Distribution1974 / 202448,011 0.1 %2 100.0 %$984,021 0.1 %$20.50 
9855 Distribution AveSan Diego1Warehouse / Distribution198361,075 0.1 %2 100.0 %$1,263,834 0.2 %$20.69 
10439-10477 Roselle St.San Diego10Warehouse / Light Manufacturing1970 / 200797,834 0.2 %45 98.0 %$2,294,157 0.3 %$23.94 
8525 Camino Santa FeSan Diego1Warehouse / Distribution198659,399 0.1 %3 76.0 %$1,032,201 0.1 %$22.86 
13550 Stowe DriveSan Diego1Warehouse / Distribution1991112,000 0.2 %1 100.0 %$1,425,850 0.2 %$12.73 
9190 Activity RoadSan Diego1Warehouse / Distribution198683,520 0.2 %1 100.0 %$1,771,960 0.2 %$21.22 
10015 Waples CourtSan Diego1Warehouse / Distribution1988 / 2020106,412 0.2 %1 100.0 %$1,652,794 0.2 %$15.53 
8985 Crestmar Point(6)
San Diego1Warehouse / Light Manufacturing198857,086 0.1 %— — %$— — %$— 
5725 Eastgate DriveSan Diego1Industrial Outdoor Storage199527,267 0.1 %1 100.0 %$626,008 0.1 %$22.96 
8745-8775 Production AvenueSan Diego2Light Industrial / Office1974 / 202146,820 0.1 %4 100.0 %$731,732 0.1 %$15.63 
8888-8992 Balboa Avenue(6)
San Diego1Warehouse / Distribution1967 / 2024123,492 0.2 %— — %$— — %$— 
4181 Ruffin RoadSan Diego1Light Industrial / Office1987150,144 0.3 %6 49.8 %$1,508,450 0.2 %$20.19 
9223 Balboa AvenueSan Diego3Light Industrial / Office2020248,579 0.5 %2 100.0 %$9,217,309 1.2 %$37.08 
47

Property AddressCityNumber of BuildingsAsset Type
Year Built / Renovated(1)
Rentable Square Feet
Percentage of Rentable Square Feet(2)
Number of LeasesOccupancy
Annualized Base Rent(3)
Percentage of Total Annualized Base Rent(4)
Total Annualized Base Rent per Square Foot(5)
9323 Balboa AvenueSan Diego1Light Industrial / Office1978-1980200,155 0.4 %1 100.0 %$— — %$— 
4285 Ponderosa AvenueSan Diego1Light Industrial / Office196966,648 0.1 %1 100.0 %$1,892,231 0.2 %$28.39 
San Diego – Central Total542,133,904 4.2 %179 87.1 %$36,607,166 4.7 %$19.69 
Consolidated Portfolio - Total / Weighted Average
425 Properties
70850,788,225 100.0 %1,650 91.3 %$775,324,995 100.0 %$16.71 
 
(1)Year renovated reflects the most recent year in which a material upgrade, alteration or addition to building systems was completed, resulting in increased marketability of the property.
(2)Calculated as rentable square feet for such property divided by rentable square feet for the total consolidated portfolio as of December 31, 2024.
(3)Calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12. Excludes tenant reimbursements.
(4)Calculated as annualized base rent for such property divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(5)Calculated as annualized base rent for such property divided by occupied square feet for such property as of December 31, 2024.
(6)This property is undergoing repositioning, redevelopment, or lease-up as of December 31, 2024.
(7)Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street.
48

Property Diversification
The following table sets forth information relating to diversification by property type in our portfolio based on total annualized base rent as of December 31, 2024.
Property TypeNumber of Properties
Occupancy(1)
Building Square FeetPercentage of Total Building Square FeetLand Square Feet
Coverage(2)
Annualized Base
Rent(3)
Percentage of Total Annualized Base Rent(4)
Annualized Base Rent per Building Square Foot(5)
Warehouse / Distribution210 91.2 %30,931,283 60.9 %65,500,682 47.2 %$423,154 54.6 %$15.00 
Warehouse / Light Manufacturing105 93.1 %10,788,127 21.2 %24,023,364 44.9 %161,565 20.8 %$16.09 
Light Industrial / Office(6)
43 89.3 %5,115,095 10.1 %12,423,948 41.2 %91,145 11.8 %$19.96 
Industrial Outdoor Storage19 100.0 %211,808 0.4 %7,934,866 2.7 %41,422 5.3 %$5.22 
(7)
Light Manufacturing / Flex10 93.5 %1,969,049 3.9 %5,846,264 33.7 %25,104 3.2 %$13.63 
Warehouse / Excess Land22 84.0 %1,324,107 2.6 %5,654,457 23.4 %25,243 3.3 %$22.70 
Cold Storage / Distribution4 100.0 %401,668 0.8 %798,855 50.3 %7,692 1.0 %$19.15 
Redevelopment(8)
12 — %47,088 0.1 %3,271,604 
(8)
— — %$— 
Total / Weighted Average425 91.3 %50,788,225 100.0 %125,454,040 40.5 %$775,325 100.0 %$16.71 


(1)Calculated as the average occupancy at such properties as of December 31, 2024, based on building square feet.
(2)Calculated as building square feet divided by land square feet.
(3)Calculated for each property as the monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12, and then aggregated by property type. Excludes tenant reimbursements. Amounts in thousands.
(4)Calculated for each property type as annualized base rent for such property type divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(5)Calculated for each property type as annualized base rent for such property type divided by occupied building square feet for such property type as of December 31, 2024, unless otherwise noted.
(6)Includes 901 West Alameda Avenue with 45,690 building square feet that is classified as Creative Office.
(7)Calculated for “Industrial Outdoor Storage” as annualized base rent for such property type divided by land square feet.
(8)Represents current redevelopment properties, as of December 31, 2024, that will have an estimated combined 1.5 million of rentable square feet at completion, or coverage of 46.9%.
49

Uncommenced Leases
Uncommenced leases as of December 31, 2024, reflect signed new and renewal leases that had not yet commenced as of December 31, 2024. Differences between our occupancy rates and leased rates as disclosed throughout this Annual Report on Form 10-K, are attributed to our uncommenced leases. The following table sets forth information relating to our uncommenced leases as of December 31, 2024.
Market
Uncommenced Renewal Leases:
Leased Square Feet(1)
Uncommenced New Leases:
Leased Square Feet(2)
Percent Leased(3)
Annualized Base Rent(4)
Annualized Base Rent: Uncommenced Leases(5)
Annualized Base Rent
(Commenced and Uncommenced Leases)(6)
Annualized Base Rent
(Commenced and Uncommenced Leases)
per Leased Square Foot(7)
Los Angeles County556,284 33,065 90.3 %$446,453 $145 $446,598 $17.32 
Orange County153,197 — 90.3 %96,101 199 96,300 $17.96 
Riverside / San Bernardino County24,582 — 96.0 %137,974 134 138,108 $15.02 
San Diego County139,655 — 89.8 %57,602 745 58,347 $17.97 
Ventura County23,578 — 91.2 %37,195 70 37,265 $13.15 
Total/Weighted Average897,296 33,065 91.4 %$775,325 $1,293 $776,618 $16.73 

(1)Represents the square footage of renewal leases that had been signed but had not yet commenced as of December 31, 2024.
(2)Represents the square footage of new leases that had been signed but had not yet commenced as of December 31, 2024.
(3)Calculated as square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2024, divided by total rentable square feet.
(4)Represents annualized base rent for leases that had commenced as of December 31, 2024, at each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(5)Annualized base rent from uncommenced leases includes: (i) $0.6 million of annualized base rent under uncommenced new leases (calculated by multiplying the first full month of contractual base rents (before rent abatements) to be received under uncommenced new leases, by 12) and (ii) $0.7 million of incremental annualized base rent under uncommenced renewal leases (calculated as the difference between (a) the first full month of contractual base rents (before rent abatements) to be received under uncommenced renewal leases and (b) the monthly contracted base rents under commenced leases (for the same space) as of December 31, 2024, multiplied by 12.). Amounts in thousands.
(6)Calculated by adding annualized base rent for commenced leases (as described in note (4) above) and annualized base rent from uncommenced leases (as described in note (5) above). Amounts in thousands.
(7)Calculated by dividing annualized base rent from commenced leases and uncommenced leases (as described in note (6) above), by leased square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2024.
50

Geographic Diversification
The following table sets forth information relating to geographic diversification by county and submarket in our portfolio based on total annualized base rent as of December 31, 2024.
MarketNumber of Properties
Occupancy(1)
Rentable Square FeetPercentage of Total Rentable Square Feet
Annualized Base
Rent(2)
Percentage of Total Annualized Base Rent(3)
Annualized Base Rent per Square Foot(4)
Los Angeles County       
Central LA21 87.3 %3,207,903 6.3 %$37,342 4.8 %$13.34 
Greater San Fernando Valley74 93.7 %6,963,078 13.7 %107,701 13.9 %$16.51 
Mid-Counties39 93.9 %4,549,886 9.0 %70,244 9.1 %$16.45 
San Gabriel Valley47 86.7 %5,920,997 11.6 %70,150 9.0 %$13.67 
South Bay82 88.8 %7,912,341 15.6 %161,017 20.8 %$22.92 
Subtotal / Weighted Average263 90.2 %28,554,205 56.2 %$446,454 57.6 %$17.34 
Orange County       
North Orange County25 83.5 %2,810,311 5.5 %$43,251 5.6 %$18.43 
OC Airport10 99.1 %1,206,589 2.4 %22,824 2.9 %$19.09 
South Orange County10 100.0 %631,860 1.3 %10,570 1.4 %$16.73 
West Orange County10 92.0 %1,288,838 2.5 %19,455 2.5 %$16.40 
Subtotal / Weighted Average55 90.3 %5,937,598 11.7 %$96,100 12.4 %$17.93 
Riverside / San Bernardino County       
Inland Empire East1 100.0 %33,258 0.1 %$661 0.1 %$19.86 
Inland Empire West53 96.0 %9,542,248 18.8 %137,313 17.7 %$14.99 
Subtotal / Weighted Average54 96.0 %9,575,506 18.9 %$137,974 17.8 %$15.00 
Ventura County       
Ventura18 91.2 %3,106,791 6.1 %$37,195 4.8 %$13.13 
Subtotal / Weighted Average18 91.2 %3,106,791 6.1 %$37,195 4.8 %$13.13 
San Diego County       
Central San Diego21 87.1 %2,133,904 4.2 %$36,607 4.7 %$19.69 
North County San Diego14 93.8 %1,480,221 2.9 %20,995 2.7 %$15.13 
Subtotal / Weighted Average35 89.8 %3,614,125 7.1 %$57,602 7.4 %$17.74 
Consolidated Portfolio - Total / Weighted Average425 91.3 %50,788,225 100.0 %$775,325 100.0 %$16.71 

(1)Calculated as the average occupancy at such properties as of December 31, 2024.
(2)Represents annualized base rent for each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(3)Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(4)Calculated as annualized base rent for such market divided by occupied square feet for such market as of December 31, 2024.
51

Industry Diversification
The following table sets forth information relating to tenant diversification by industry in our portfolio based on total annualized base rent as of December 31, 2024.
Industry
Number
of Leases(1)
Occupied
Square Feet		Percentage of
Total Occupied
Square Feet
Annualized
Base
Rent(2)
Percentage of
Total Annualized
Base Rent(3)
Annualized
Base Rent per
Square
Foot(4)
Manufacturing288 12,167,305 26.2 %$181,926 23.5 %$14.95 
Wholesale Trade386 10,834,388 23.4 %171,380 22.1 %$15.82 
Transportation and Warehousing266 9,322,287 20.1 %157,050 20.3 %$16.85 
Professional, Scientific, and Technical Services134 4,187,942 9.0 %75,516 9.7 %$18.03 
Retail Trade116 2,935,291 6.3 %42,227 5.4 %$14.39 
Real Estate and Rental and Leasing38 772,182 1.7 %23,826 3.1 %$30.86 
Construction119 1,229,413 2.6 %21,551 2.8 %$17.53 
Administrative and Support and Waste Management and Remediation Services71 1,118,263 2.4 %17,097 2.2 %$15.29 
Arts, Entertainment, and Recreation29 931,086 2.0 %15,026 1.9 %$16.14 
Mining, Quarrying, and Oil and Gas Extraction(5)
5 44,295 0.1 %12,368 1.6 %$279.22 
(5)
Health Care and Social Assistance30 639,916 1.4 %11,792 1.5 %$18.43 
Other Services (except Public Administration)42 528,947 1.1 %11,310 1.5 %$21.38 
Public Administration15 362,693 0.8 %9,506 1.2 %$26.21 
Information49 457,755 1.0 %8,821 1.1 %$19.27 
Educational Services12 342,896 0.7 %5,337 0.7 %$15.56 
Finance and Insurance8 210,010 0.5 %3,873 0.5 %$18.44 
Accommodation and Food Services14 165,119 0.4 %3,574 0.5 %$21.64 
Miscellaneous28 137,230 0.3 %3,145 0.4 %$22.92 
Total / Weighted Average
1,650 46,387,018 100.0 %$775,325 100.0 %$16.71 

(1)A single lease may cover space in more than one building.
(2)Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by industry. Excludes tenant reimbursements. Amounts in thousands.
(3)Calculated as annualized base rent for tenants in such industry divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(4)Calculated as annualized base rent for tenants in such industry divided by occupied square feet for tenants in such industry as of December 31, 2024.
(5)Includes a tenant leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.7 million or $3.34 per land square foot. Excluding this tenant, annualized base rent per square foot is $15.64.
Tenants
Our portfolio of properties has a stable and diversified tenant base. As of December 31, 2024, our consolidated properties were 91.4% leased to tenants in a variety of industries, with no single tenant accounting for more than 2.5% of our total annualized in-place base rent. Our average lease size is approximately 29,000 square feet, and approximately 32% of our total leased square feet consists of leases that are less than 50,000 square feet each. Our 10 largest tenants combined accounted for 14.1% of our annualized base rent as of December 31, 2024. We intend to continue to maintain a diversified mix of tenants in order to limit our exposure to any single tenant or industry.
52

The following table sets forth information about the 10 largest tenants in our portfolio based on total annualized base rent as of December 31, 2024. 
TenantSubmarketOccupied Square FeetPercentage of Total Occupied Square Feet
Annualized Base Rent(1)
Percentage of Total Annualized Base
Rent(2)
Annualized Base Rent per Square
Foot(3)
Lease Expirations
TIRECO, Inc.Inland Empire West1,101,840 2.4 %$19,251 2.5 %$17.47 1/31/2027
L3 Technologies, Inc.
Multiple Submarkets (4)
595,267 1.3 %12,825 1.7 %$21.54 
9/30/2031(4)
Zenith Energy West Coast Terminals LLCSouth Bay— — %11,675 1.5 %
See Note (5)
9/29/2041
Cubic Corporation
Multiple Submarkets (6)
515,382 1.1 %11,110 1.4 %$21.56 
3/31/2038(6)
IBY, LLCSan Gabriel Valley1,178,021 2.5 %10,981 1.4 %$9.32 
4/5/2031(7)
Federal Express Corporation
Multiple Submarkets(8)
527,861 1.1 %10,382 1.3 %$19.67 
11/30/2032 (8)
GXO Logistics Supply Chain, Inc.
Mid-Counties
411,034 0.9 %8,730 1.1 %$21.24 11/30/2028
Best Buy Stores, L.P.Inland Empire West501,649 1.1 %8,529 1.1 %$17.00 6/30/2029
The Hertz CorporationSouth Bay38,680 0.1 %8,249 1.1 %
See Note (9)
3/31/2026
Orora Packaging Solutions
Multiple Submarkets(10)
476,065 1.0 %7,845 1.0 %$16.48 
9/30/2028(10)
Top 10 Tenants5,345,799 11.5 %109,577 14.1 % 
All Other Tenants41,041,219 88.5 %665,748 85.9 %
Total Consolidated Portfolio46,387,018 100.0 %$775,325 100.0 %

(1)Calculated for each tenant as the monthly contracted base rent (before rent abatements) per the terms of such tenant’s lease as of December 31, 2024, multiplied by 12. Excludes tenant reimbursements. Amounts in thousands.
(2)Calculated as annualized base rent for such tenant divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(3)Calculated as annualized base rent for such tenant divided by occupied square feet for such tenant as of December 31, 2024.
(4)Includes (i) 133,836 rentable square feet in North Orange County expiring December 31, 2024 and (ii) 461,431 rentable square feet in LA-South Bay expiring September 30, 2031.
(5)The tenant is leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.7 million or $3.34 per land square foot.
(6)Includes (i) 200,155 rentable square feet expiring March 31, 2026 and (ii) 315,227 rentable square feet expiring March 31, 2038.
(7)Includes (i) 184,879 RSF expiring April 30, 2028 and (ii) 993,142 RSF expiring April 5, 2031.
(8)Includes (i) one land lease in LA-Mid-Counties expiring July 31, 2025, (ii) one land lease in North Orange County expiring October 31, 2026, (iii) 30,160 rentable square feet in Ventura expiring September 30, 2027, (iv) one land lease in LA-Mid-Counties expiring June 30, 2029, (v) 42,270 rentable square feet in LA-South Bay expiring October 31, 2030, (vi) 311,995 rentable square feet in North County San Diego expiring February 28, 2031, and (vii) 143,436 rentable square feet in LA-South Bay expiring November 30, 2032.
(9)The tenant is leasing 18.4 acres of land with ABR of $8.2 million or $10.30 per land square foot.
(10)Includes (i) 96,993 rentable square feet in North County San Diego expiring September 30, 2026, (ii) 100,500 rentable square feet in Greater San Fernando Valley expiring September 30, 2027, and (iii) 278,572 RSF in North Orange County expiring September 30, 2028.
53

Leases
Overview
Triple net lease. In our triple net leases, the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term. The landlord may have responsibility under the lease to perform or pay for certain capital repairs or replacements to the roof, structure or certain building systems, such as heating and air conditioning and fire suppression. The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease. As of December 31, 2024, there were 609 triple net leases in our consolidated portfolio, representing approximately 79.2% of our total annualized base rent.
Modified gross lease. In our modified gross leases, the landlord is responsible for some property-related expenses during the lease term, but a significant amount of the expenses is passed through to the tenant for reimbursement to the landlord. Modified gross leases often include base year amounts, and expense increases over these amounts are recoverable. The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease. As of December 31, 2024, there were 862 modified gross leases in our consolidated portfolio, representing approximately 15.9% of our total annualized base rent.
Gross lease. In our gross leases, the landlord is responsible for all aspects of and costs related to the property and its operation during the lease term. The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease. As of December 31, 2024, there were 179 gross leases in our consolidated portfolio, representing approximately 4.9% of our total annualized base rent.
The following table provides information regarding our lease segmentation by size as of December 31, 2024:
Square FeetNumber of LeasesOccupied Building Square FeetBuilding/Land Square FeetPercentage of Total Occupied Building Square Feet
Annualized Base Rent(1)
Percentage of Total Annualized Base Rent(2)
Annualized Base Rent per Square Foot(3)
Building:
<4,999615 1,480,399 1,608,364 3.2 %$30,803 3.9 %$20.81 
5,000 - 9,999231 1,644,362 1,824,134 3.6 %31,042 4.0 %$18.88 
10,000 - 24,999324 5,192,041 5,976,722 11.2 %95,130 12.3 %$18.32 
25,000 - 49,999169 6,248,170 7,329,958 13.5 %105,337 13.6 %$16.86 
50,000 - 99,999
123 8,984,920 9,726,402 19.5 %146,392 18.9 %$16.29 
>100,000
121 22,588,586 24,074,105 49.0 %321,733 41.5 %$14.24 
Building Subtotal / Weighted Average1,583 46,138,478 
(4)
50,539,685 
(4)
100.0 %
(4)
$730,437 94.2 %$15.83 
Land/IOS(5)
26 8,382,470 
(6)
42,412 5.5 %$5.06 
Other(5)
41 2,476 0.3 %
Total1,650 $775,325 100.0 %
(1)Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by building square feet (if applicable). Excludes tenant reimbursements. Amounts in thousands.
(2)Calculated as annualized base rent for such leases divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(3)For building leases, calculated as annualized base rent for such leases divided by occupied building square feet for such leases as of December 31, 2024. For “Land/IOS” leases, calculated as annualized base rent for such leases divided by land square feet for such leases as of December 31, 2024.
(4)Excludes 248,540 building square feet that are associated with “Land/IOS”.
(5)“Land/IOS” includes leases for improved land sites and industrial outdoor storage (IOS) sites. “Other” includes amounts related to cellular tower, solar and parking lot leases.
(6)Reflects land square feet for “Land/IOS” leases.
54

Lease Expirations
As of December 31, 2024, our weighted average in-place remaining lease term was approximately 4 years. The following table sets forth a summary schedule of lease expirations for leases in place as of December 31, 2024, plus available space, for each of the 10 full calendar years commencing December 31, 2024 and thereafter in our portfolio. The information set forth in the table assumes that tenants exercise no renewal options and no early termination rights.
Year of Lease ExpirationNumber of Leases Expiring
Total Rentable Square
Feet(1)
Percentage of Total Owned Square Feet
Annualized Base
Rent(2)
Percentage of Total Annualized Base Rent(3)
Annualized Base Rent per Square Foot(4)
Vacant(5)
— 1,913,120 3.8 %$— — %$— 
Repositioning/Redevelopment(6)
— 2,488,087 4.9 %— — %$— 
MTM Tenants7 112,357 0.2 %1,699 0.2 %$15.12 
202420 412,675 0.8 %6,262 0.8 %$15.17 
2025403 7,322,027 14.4 %114,963 14.8 %$15.70 
2026403 8,672,955 17.1 %126,708 16.4 %$14.61 
2027315 7,209,620 14.2 %123,709 16.0 %$17.16 
2028180 6,307,466 12.4 %118,097 15.2 %$18.72 
2029155 5,085,557 10.0 %93,060 12.0 %$18.30 
203064 3,126,847 6.1 %48,182 6.2 %$15.41 
203131 3,993,284 7.9 %59,237 7.6 %$14.83 
203222 1,352,018 2.7 %25,515 3.3 %$18.87 
203310 386,007 0.8 %7,426 1.0 %$19.24 
Thereafter40 2,406,205 4.7 %50,467 6.5 %$20.97 
Total Consolidated Portfolio1,650 50,788,225 100.0 %$775,325 100.0 %$16.71 

(1)Represents the contracted square footage upon expiration.
(2)Calculated as monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by year of lease expiration. Excludes tenant reimbursements. Amounts in thousands.
(3)Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of December 31, 2024.
(4)Calculated as annualized base rent for such leases divided by the occupied square feet for such leases as of December 31, 2024.
(5)Represents vacant space (not under repositioning/redevelopment) as of December 31, 2024. Includes leases aggregating 33,065 rentable square feet that had been signed but had not yet commenced as of December 31, 2024. Adjusting for such leases, we had 1,880,055 of available vacant space representing 3.7% of our total owned square feet as of December 31, 2024.
(6)Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”), redevelopment or lease-up as of December 31, 2024. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Factors That May Influence Future Results of Operations – Acquisitions and Value-Add Repositioning and Redevelopment of Properties,” of this Annual Report on Form 10-K for additional details related to these properties.
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Historical Tenant Improvements and Leasing Commissions
The following table sets forth certain historical information regarding leasing related tenant improvement and leasing commission costs for tenants at the properties in our portfolio as follows:
 Year Ended December 31,
 202420232022
Cost (1)
Square Feet
PSF(2)
Cost (1)
Square Feet
PSF(2)
Cost (1)
Square Feet
PSF(2)
Tenant Improvements      
New Leases – First Generation(3)(4)
$1,718 957,290 $1.79 $1,572 1,400,053 $1.12 $1,528 834,106 $1.83 
New Leases – Second Generation(3)(5)
314 141,274 $2.22 113 90,902 $1.24 494 491,933 $1.00 
Renewal Leases349 444,014 $0.79 826 536,858 $1.54 855 933,596 $0.92 
Total Tenant Improvements$2,381 1,542,578 $1.54 $2,511 2,027,813 $1.24 $2,877 2,259,635 $1.27 
Leasing Commissions      
New Leases – First Generation(3)(4)
$9,166 2,000,568 $4.58 $9,488 1,171,683 $8.10 $7,357 876,485 $8.39 
New Leases – Second Generation(3)(5)
6,953 1,939,960 $3.58 7,652 1,832,823 $4.17 9,190 1,359,424 $6.76 
Renewal Leases9,904 3,384,808 $2.93 10,308 3,530,689 $2.92 5,025 1,852,256 $2.71 
Total Leasing Commissions$26,023 7,325,336 $3.55 $27,448 6,535,195 $4.20 $21,572 4,088,165 $5.28 
Total Tenant Improvements & Leasing Commissions$28,404 $29,959 $24,449 
(1)Cost is reported in thousands. Costs of tenant improvements include contractual tenant allowances.
(2)Per square foot (“PSF”) amounts calculated by dividing the aggregate tenant improvement and/or leasing commission cost by the aggregate square footage of the leases in which we incurred such costs, excluding new/renewal leases in which there were no tenant improvements and/or leasing commissions.
(3)New leases represent all leases other than renewal leases.
(4)Tenant improvements and leasing commissions related to our initial leasing of vacant space in acquired properties or leasing of a space that has been vacant for more than 12 months, are considered first generation costs.
(5)Tenant improvements and leasing commissions related to leasing of a space that has been previously occupied by a tenant during the prior 12 months, are considered second generation costs.
Historical Capital Expenditures
The following table sets forth certain historical information regarding non-recurring and recurring capital expenditures at the properties in our portfolio as follows:
 Year Ended December 31,
 202420232022
 
Cost(1)
Square
Feet(2)
PSF(3)
Cost(1)
Square
Feet(2)
PSF(3)
Cost(1)
Square
Feet(2)
PSF(3)
Non-Recurring Capital Expenditures(4)
$313,187 36,624,828 $8.55 $222,709 32,392,200 $6.88 $111,112 26,002,606 $4.27 
Recurring Capital Expenditures(5)
19,661 49,255,581 $0.40 26,798 44,002,786 $0.61 8,675 39,561,722 $0.22 
Total Capital Expenditures$332,848   $249,507   $119,787   
(1)Cost is reported in thousands.
(2)For non-recurring capital expenditures, reflects the aggregate square footage of the properties in which we incurred such capital expenditures.  For recurring capital expenditures, reflects the weighted average square footage of our consolidated portfolio for the period.  
(3)PSF amounts calculated by dividing the aggregate capital expenditure costs by the square footage as defined in (1) and (2) above.
(4)Non-recurring capital expenditures are expenditures made in respect of a property for repositioning, redevelopment, or other major upgrade or renovation of such property, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements or capital expenditures for deferred maintenance existing at the time such property was acquired.
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(5)Recurring capital expenditures are expenditures made in respect of a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems.
Item 3. Legal Proceedings
From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of our business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations.
Item 4. Mine Safety Disclosures
Not applicable.
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PART II
 
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock is traded on the NYSE under the symbol “REXR”. As of February 5, 2025, there were 296 holders of record of our common stock. Certain shares of our Company are held in “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing numbers.
Sales of Unregistered Securities
None.
Repurchases of Equity Securities
Period
Total Number of Shares Purchased(1)
Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number (or approximate dollar value) of Shares that May Yet Be Purchased Under the Plans or Programs
October 1, 2024 to October 31, 2024
421 $45.81 N/AN/A
November 1, 2024 to November 30, 2024
59 $42.77 N/AN/A
December 1, 2024 to December 31, 2024
51 $38.65 N/AN/A
531 $44.79 N/AN/A
(1)Reflects shares of common stock that were tendered by certain of our employees to satisfy tax withholding obligations related to the vesting of restricted shares of common stock.
Equity Compensation Plan Information
Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12 of this Annual Report on Form 10-K.
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Performance Graph
The following graph compares the cumulative total stockholder return on our common stock from December 31, 2019 through December 31, 2024, with the cumulative total return of the Standard & Poor’s 500 Index and a selection of appropriate “peer group” indexes (assuming the investment of $100 in our common stock and in each of the indexes on December 31, 2019, and that all dividends were reinvested into additional shares of common stock at the frequency with which dividends are paid on the common stock during the applicable fiscal year). The total return performance shown in this graph is not necessarily indicative of, and is not intended to suggest, future total return performance.
697
Period Ending
Index12/31/201912/31/202012/31/202112/31/202212/31/202312/31/2024
Rexford Industrial Realty, Inc.$100.00$109.69$184.09$126.70$133.85$95.73
S&P 500 Index$100.00$118.40$152.39$124.79$157.59$197.02
Dow Jones Equity All REIT Index$100.00$95.21$134.44$100.82$112.21$117.66
Dow Jones U.S. Real Estate Industrial Index$100.00$114.56$175.88$119.20$145.37$123.07
Item 6. [Reserved]
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the sections of this Annual Report on Form 10-K entitled “Risk Factors,” “Forward-Looking Statements,” “Business” and our audited consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled “Risk Factors” and elsewhere in this Annual Report on Form 10-K.
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Company Overview
Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service 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 acquire, own, improve, reposition, redevelop, lease and manage industrial real estate principally located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial zoned property or property suitable for industrial development. We are organized and conduct our operations to qualify as a REIT under the Code, and generally are not subject to federal taxes on our income to the extent we distribute our income to our shareholders and maintain our qualification as a REIT.
As of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 million rentable square feet.   
Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets. Periodically we also engage in mortgage debt investments secured by industrial zoned property or property suitable for industrial development within these markets. Our target markets provide us with opportunities to acquire both stabilized properties generating favorable cash flow, as well as properties or land parcels where we can enhance returns over time through value-add repositioning and redevelopments. Scarcity of available space and high barriers limiting new construction of for-lease product all contribute to create superior long-term supply/demand fundamentals within our target infill Southern California industrial property markets. With our vertically integrated operating platform and extensive value-add investment and management capabilities, we believe we are positioned to capitalize upon the opportunities in our markets to achieve our objectives.
Highlights
Full Year Financial and Operational Highlights
•Net income attributable to common stockholders increased by 15.6% to $262.9 million in 2024 compared to 2023.
•Core funds from operations (Core FFO)(1) attributable to common stockholders increased by 15.0% to $511.7 million in 2024 compared to 2023.
•Net operating income (NOI)(1) increased by 17.3% to $711.8 million in 2024 compared to 2023.
•Total portfolio occupancy at year-end was 91.3%.
•Same Property Portfolio(2) average occupancy for the year ended December 31, 2024 was 96.6% and ending occupancy at year-end was 94.1%.
•Executed a total 436 new and renewal leases with a combined 8.1 million rentable square feet, with leasing spreads of 38.9% on a GAAP basis and 28.6% on a cash basis. Excluding one lease extension executed in the first quarter of 2024 on a 1.1 million rentable square foot lease, leasing spreads were 55.3% on a GAAP basis and 38.7% on a cash basis.
Acquisitions
•During 2024, we completed $1.5 billion in total investments representing 56 properties with a combined 4.6 million rentable square feet of buildings on 218.3 acres of land.
Dispositions
•During 2024, we sold five properties with a combined 170,293 rentable square feet for an aggregate gross sales price of $44.3 million and recognized $18.0 million in gains on sale of real estate.



___________________________________________________________________________________________________________________________________
(1) For a reconciliation to net income and a discussion of why we believe Core FFO and NOI are useful supplemental measures of operating performance, see “Non-GAAP Supplemental Measures: Funds From Operations” and “Non-GAAP Supplemental Measures: NOI and Cash NOI” included under Item 7 of this Annual Report on Form 10-K.
(2) For a definition of “Same Property Portfolio,” see “Results of Operations” included under Item 7 of this Annual Report on Form 10-K.
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Repositioning & Redevelopment
•During 2024, we stabilized 10 of our repositioning/redevelopment properties located at 9755 Distribution Avenue, 8902-8940 Activity Road, 444 Quay Avenue, 263-321 Gardena Boulevard, 20851 Currier Road, 17311 Nichols Lane, 12752-12822 Monarch Street, 12907 Imperial Highway and 500 Dupont Avenue, which have a combined 826,442 rentable square feet of buildings, as well as 2880 Ana Street, which is an industrial outdoor storage sites with 3.7 acres of land.
•As of December 31, 2024, we had 12 repositioning/redevelopment properties with a combined 1,175,688 rentable square feet in the lease-up stage.
Equity
•During 2024, we issued 12,666,152 shares of common stock for total net proceeds of $650.2 million through a range of equity transactions, as follows:
◦We settled the forward equity sale agreement that was outstanding as of December 31, 2023 under our 2023 at-the-market equity offering program by issuing 3,010,568 shares of our common stock for net proceeds of $164.5 million, based on a weighted average forward price of $54.65 per share at settlement.
◦We settled the remaining forward equity sale agreements related to our May 2023 underwritten public offering by issuing 2,253,034 shares of common stock for net proceeds of $125.7 million, based on a weighted average forward price of $55.79 per share at settlement.
◦In March 2024, we completed a public offering of 17,179,318 shares of common stock to an existing investor, subject to a forward equity sale agreement, at a price of $48.95 per share for a gross offering value of $840.9 million. In 2024, we partially settled the forward equity sale agreement by issuing 7,402,550 shares of common stock for net proceeds of $360.0 million, based on a weighted average forward price of $48.63 per share at settlement.
•Subsequent to December 31, 2024, through the date of this filing, we partially settled forward equity sale agreement related to the March 2024 public offering by issuing 1,543,191 shares of common stock in exchange for net proceeds of $75.0 million, based on a weighted average forward price of $48.60 per share at settlement.
•As of the date of this filing, we had 8,233,577 shares of common stock, or approximately $401.1 million of net forward proceeds remaining for settlement prior to March 27, 2025, based on a weighted average forward price of $48.72 per share.
Financing
•In March 2024, we completed the issuance of three-year $575.0 million exchangeable senior notes with a 4.375% coupon and a 30% conversion premium and five-year $575.0 million exchangeable senior notes with a 4.125% coupon and a 30% conversion premium. Net proceeds were approximately $1.126 billion after deducting the initial purchasers’ discounts and commissions and offering expenses.
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Factors That May Influence Future Results of Operations
Market and Portfolio Fundamentals
Our operating results depend upon the infill Southern California industrial real estate market.
The infill Southern California industrial real estate sector continues to exhibit favorable long-term supply-demand fundamentals. These high-barrier infill markets are characterized by a relative scarcity of highly functional product, coupled with the limited ability to introduce new supply over the long-term due to high land and redevelopment costs, regulatory hurdles with restrictive development constraints and a dearth of developable land in markets experiencing a net reduction in supply as, over time, more industrial property is converted to non-industrial uses than can be delivered. Additionally, regional consumption, which we believe represents an important driver of industrial tenant demand within our target markets, continues to exhibit growth as measured by consumer spending with approximately $31.6 billion of incremental spending forecasted for 2025, according to Oxford Economics. While we believe that our infill Southern California industrial property markets have demonstrated resiliency related to occupancy and rental rates in the context of key market drivers over the last several years, we expect some ongoing volatility within our markets through the near term, principally driven by general macroeconomic and political uncertainty including an uncertain interest rate environment, persistent inflation, changes in trade policy, and global geopolitical unrest. Market rent growth continues to normalize, with rents decreasing approximately 12.5% over 2024, according to third-party market data, within our infill Southern California markets, after having increased by approximately 80.0%, on average, through the pandemic years of 2020 through 2022.
The quality of tenant demand in 2024 is demonstrated through the Company’s strong leasing spreads and leasing volume (see “—Leasing Activity and Rental Rates” below). Tenant demand has been driven by a wide range of sectors, from consumer products, healthcare and medical products to aerospace, food and beverage, construction and logistics, among other sectors. We also continue to observe a notable volume of ecommerce-oriented tenants securing space within our infill property locations driven in part by delivery demand associated with last-mile distribution and local omnichannel retail fulfillment which are driving discernible shifts in inventory-handling strategies among retailers and distributors. Our portfolio, which we believe represents prime locations with superior functionality within the largest last-mile logistics distribution market in the nation, is well-positioned to continue to serve our existing diverse tenant base and attract incremental ecommerce-oriented and traditional distribution demand over the long-term.
General Market Conditions
We believe our portfolio’s leasing performance in 2024 has generally outpaced that of the infill markets within which we operate. By way of example, the observed rent decline within our portfolio of approximately 8.3% through 2024 compares favorably to the approximately 12.5% decline in rents, on average, for our broader infill Southern California market as reported by third-party market data. We believe this relative performance has been driven by our highly entrepreneurial business model focused on acquiring and improving industrial property in superior locations so that our portfolio reflects a higher level of quality and functionality, on average, as compared to typical available product within the markets within which we operate. We believe that our portfolio, with last-mile infill locations and a smaller average tenant size versus other non-infill competitors, is well positioned to serve regional consumption and less susceptible to changes in global trade flows. We also believe the quality and entrepreneurial approach demonstrated by our team of real estate professionals actively managing our properties and our tenants enables the potential to outcompete within our markets that we believe are generally otherwise owned by more passive, less-focused real estate owners.
The following general market conditions have been sourced from third-party market data and do not necessarily reflect the results of our portfolio. For our portfolio specific results see “—Rental Revenues” and “—Results of Operations” below.
In Los Angeles County, vacancy increased year-over-year to 4.2% and average asking lease rates decreased 13% year-over-year after increasing by 78% over the prior three year period. New development is limited by a lack of land availability and an increase in land and development costs.
In Orange County, average asking lease rates decreased year-over-year and vacancy increased year-over-year to 3.1%. Market conditions are expected to be favorable over the long-term due to steady demand and the continued low availability of industrial product in this region.
In the Inland Empire West, which contains infill markets in which we operate, vacancy increased year-over-year to 5.5% and average taking lease rates declined 21% year-over-year as the market readjusted from the unsustainable levels of hyper-growth from 2020 to 2022, which also drove a temporary increase in the development of new, typically larger space product. Consequently, the increased vacancy was primarily due to vacant construction deliveries, as well as an increase in the supply of buildings over 100,000 square feet. We generally do not focus on properties located within the non-infill Inland Empire East sub-market where available land and the development and construction pipeline for new supply is substantial.
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In San Diego, vacancy increased year-over-year and average asking lease rates increased year-over-year.
In Ventura County, vacancy increased year-over-year and average asking lease rates increased year-over-year.
Acquisitions and Value-Add Repositioning and Redevelopment of Properties
The Company’s growth strategy targets industrial property investments demonstrating the potential for accretion in Core FFO and net asset value, both on a per share basis, over the near- to longer-term. These target investments may comprise acquiring leased, stabilized properties as well as properties with value-add opportunities to improve functionality and to deploy our value-driven asset management programs in order to increase cash flow and value. Additionally, from time to time, we may acquire industrial outdoor storage sites, land parcels or properties with excess land for ground-up redevelopment projects. Acquisitions may comprise single property investments as well as the purchase of portfolios of properties, with transaction values ranging from approximately $10 million single property investments to portfolios potentially valued in the billions of dollars. The Company’s geographic focus remains infill Southern California. However, from time-to-time, portfolios could be acquired comprising a critical mass of infill Southern California industrial property that could include some assets located in markets outside of infill Southern California. In general, to the extent non-infill-Southern California assets were to be acquired as part of a larger portfolio, the Company may underwrite such investments with the potential to dispose such assets over a certain period of time in order to maximize its core focus on infill Southern California, while endeavoring to take appropriate steps to satisfy REIT safe harbor requirements to avoid prohibited transactions under REIT tax laws. Similarly, while our focus is owning and operating industrial properties in Southern California infill markets, occasionally an acquisition may include non-industrial properties, such as office and other uses, with the intent to reposition or redevelop the properties into industrial use or to dispose of the non-industrial assets in a manner intended to satisfy REIT safe harbor requirements to avoid prohibited transactions under REIT tax laws.
A key component of our growth strategy is to acquire properties through off-market and lightly marketed transactions that are often operating at below-market occupancy or below-market rent at the time of acquisition or that have near-term lease roll-over or that provide opportunities to add value through functional or physical repositioning and improvements. Through various repositioning, redevelopment, and professional leasing and marketing strategies, we seek to increase the properties’ functionality and attractiveness to prospective tenants and, over time, to stabilize the properties at occupancy rates that meet or exceed market rates.
A repositioning can provide a range of property improvements. This may include a complete structural renovation of a property whereby we convert large underutilized spaces into a series of smaller and more functional spaces, or it may include the creation of additional square footage, the modernization of the property site, the elimination of functional obsolescence, the addition or enhancement of loading areas and truck access, the enhancement of fire-life-safety systems or other accretive improvements, in each case designed to improve the cash flow and value of the property.
We have a number of significant repositioning properties, which are individually presented in the tables below. A repositioning property that is considered significant is typically defined as a property where a significant amount of space is held vacant in order to implement capital improvements, the cost to complete repositioning work and lease-up is estimated to be greater than $1 million and the repositioning and lease-up time frame is estimated to be greater than six months. We also have a range of other spaces in repositioning, that due to their smaller size, relative scope, projected repositioning costs or relatively nominal amount of down-time, are not presented below, however, in the aggregate, may be substantial (and which we refer to as “other repositioning projects”).
A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy. Because each repositioning effort is unique and determined based on the property, targeted tenants and overall trends in the general market and specific submarket, the timing and effect of the repositioning on our rental revenue and occupancy levels will vary, and, as a result, will affect the comparison of our results of operations from period to period with limited predictability.
A redevelopment property is defined as a property where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.
As of December 31, 2024, 22 of our properties were under current repositioning or redevelopment and 12 of our properties were in the lease-up stage. In addition, we have a pipeline of 21 additional properties for which we anticipate beginning repositioning/redevelopment construction work over the near term. The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2023 and 2024, as the timing of these stabilizations have a direct impact on our current and comparative results of operations. We consider a repositioning/redevelopment property to be stabilized upon the earlier of (i) reaching 90% occupancy or (ii) one year from the date construction work is completed.

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Estimated Construction Period(1)
Property (Submarket)Market
Repositioning/ Lease-up Rentable Square Feet(2)
StartCompletion
Total Property Leased % at 12/31/24
Current Repositioning:
14434-14527 San Pedro Street (South Bay)LA61,398 
(3)
3Q-20231Q-2025—%
29120 Commerce Center Drive (SF Valley)LA135,258 3Q-20234Q-2025
100%(4)
17000 Kingsview Avenue (South Bay)LA95,865 1Q-20242Q-2025
77%(5)
29125 Avenue Paine (SF Valley)LA176,107 1Q-20243Q-2025
100%(6)
19301 Santa Fe Avenue (South Bay)LA LAND 2Q-20242Q-2025—%
Harcourt & Susana (South Bay)LA33,461 
(7)
2Q-20243Q-2025—%
8985 Crestmar Point (Central SD)SD53,395 4Q-20242Q-2025—%
14955 Salt Lake Avenue (SG Valley)LA45,930 4Q-20244Q-2025—%
Total Current Repositioning601,414 
Lease-Up - Repositioning
11308-11350 Penrose Street (SF Valley)LA71,547 1Q-20231Q-2024—%
4039 Calle Platino (North County SD)SD73,807 2Q-20231Q-202479%
1020 Bixby Drive (SG Valley)LA57,600 1Q-20243Q-2024—%
East 27th Street (Central LA)
LA126,563 1Q-20244Q-2024—%
122-125 N. Vinedo Avenue (SF Valley)LA48,520 1Q-20244Q-2024—%
1315 Storm Parkway (South Bay)LA37,844 2Q-20244Q-2024—%
Total Lease-up (Repositioning)415,881 
– See footnotes starting on page 67 –
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Estimated Construction Period(1)
Property (Submarket)Market
Estimated Redevelopment Rentable Square Feet(8)
StartCompletion
Total Property Leased % at 12/31/24
Current Redevelopment:
9615 Norwalk Boulevard (Mid-Counties)LA201,571 3Q-20212Q-2025—%
3233 Mission Oaks Blvd. (Ventura)(9)
VC116,852 2Q-20221Q-2025—%
6027 Eastern Avenue (Central LA)LA94,140 3Q-20221Q-2025—%
12118 Bloomfield Avenue (Mid-Counties)LA107,045 4Q-20221Q-2025—%
4416 Azusa Canyon Road (SG Valley)LA129,830 4Q-20221Q-2025—%
15010 Don Julian Road (SG Valley)LA219,242 1Q-20234Q-2025—%
21515 Western Avenue (South Bay)LA83,740 2Q-20232Q-2025—%
12772 San Fernando Road (SF Valley)LA143,529 3Q-20231Q-2025—%
19900 Plummer Street (SF Valley)LA79,539 3Q-20231Q-2025—%
Rancho Pacifica - Bldg 5 (South Bay)(10)
LA76,553 4Q-20231Q-2025—%
1500 Raymond Avenue (North OC)OC136,218 
(11)
4Q-20231Q-2025—%
17907-18001 Figueroa Street (South Bay)LA76,468 
(12)
4Q-20231Q-2025—%
14940 Proctor Road (SG Valley)LA160,045 4Q-20242Q-2026—%
11234 Rush Street (SG Valley)LA103,108 4Q-20241Q-2027—%
Total Current Redevelopment1,727,880 
Lease-up (Redevelopment):
1055 Sandhill Avenue (South Bay)LA127,775 3Q-20214Q-2024—%
9920-10020 Pioneer Blvd (Mid-Counties)LA163,435 4Q-20213Q-2024—%
1901 Via Burton (North OC)OC139,449 1Q-20222Q-2024—%
8888 Balboa Avenue (Central SD)SD123,492 3Q-20224Q-2024—%
2390-2444 American Way (North OC)OC100,483 4Q-20222Q-2024—%
3071 Coronado Street (North OC)OC105,173 1Q-20231Q-2024—%
Total Lease-up (Redevelopment)759,807 
– See footnotes starting on page 67 –
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Property (Submarket)Market
Projected Rentable Square Feet
Project Type
Near-Term Potential Future Repositioning and Redevelopment:
1175 Aviation Place (Greater SF Valley)LA93,219 
Reposition
24935 Avenue Kearny (Greater SF Valley)LA69,761 
Reposition
16010 Shoemaker Avenue (Mid-Counties)LA115,662 
Reposition
1601 Mission Boulevard (SG Valley)LA699,890 
Reposition
218 Turnbull Canyon (SG Valley)LA191,095 
Reposition
425 Hacienda Boulevard (SG Valley)LA44,025 
Reposition
9455 Cabot Drive (Central SD)SD83,563 
Reposition
Figueroa & Rosecrans (South Bay)LA56,700 
Reposition
3935-3949 Heritage Oak Court (Ventura)VC186,726 
Reposition
5235 Hunter Avenue (North OC)OC117,772 
Redevelopment
7815 Van Nuys Blvd (SF Valley)LA78,990 
Redevelopment
3547-3555 Voyager Street (South Bay)LA67,371 
Redevelopment
600-708 Vermont Avenue (North OC)OC263,800 
Redevelopment
9323 Balboa Avenue (Central SD)SD163,400 
Redevelopment
3100 Fujita Street (South Bay)LA82,080 
Redevelopment
14005 Live Oak Avenue (SG Valley)LA100,380 
Redevelopment
18455 Figueroa Street (South Bay)LA179,284 
Redevelopment
15715 Arrow Highway (SG Valley)LA106,278 
Redevelopment
950 West 190th Street (South Bay)LA197,000 
Redevelopment
13925 Benson Avenue (IE - West)SB143,745 
Redevelopment
16425 Gale Avenue (SG Valley)LA325,800 
Redevelopment
Total Future Repositioning and Redevelopment
3,366,541 
– See footnotes starting on page 67 –
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Property Stabilized:(13)
MarketStabilized Rentable Square Feet
Period Stabilized
Total Property Leased % at 12/31/24
9755 Distribution Avenue (Central SD)SD24,071 1Q-2024100%
8902-8940 Activity Road (Central SD)SD13,950 1Q-202492%
444 Quay Avenue (South Bay)LA29,760 2Q-2024100%
263-321 Gardena Blvd (South Bay)LA55,238 2Q-2024100%
20851 Currier Road (SG Valley)LA59,412 3Q-2024100%
12752-12822 Monarch St. (West OC)(14)
OC163,864 3Q-202493%
17311 Nichols Lane (OC West)OC104,182 3Q-2024100%
500 Dupont Avenue (IE - West)SB274,885 4Q-2024100%
2880 Ana Street (South Bay)LA LAND 4Q-2024100%
12907 Imperial Highway (Mid-Counties)LA101,080 4Q-2024100%
Total 2024 Stabilized826,442 
12821 Knott Street (West OC)
OC165,171 2Q-2023100%
12133 Greenstone Avenue (Mid-Counties)LALAND2Q-2023100%
14100 Vine Place (Mid-Counties)LA122,514 2Q-2023100%
15601 Avalon Boulevard (South Bay)LA86,879 2Q-2023100%
19431 Santa Fe Avenue (South Bay)LALAND4Q-2023100%
2800 Casitas Avenue (SF Valley)LA116,158 4Q-2023100%
Total 2023 Stabilized
490,722 
(1)The estimated construction start period is the period we anticipate starting physical construction on a project. Prior to physical construction, we engage in pre-construction activities, which include design work, securing permits or entitlements, site work, and other necessary activities preceding construction. The estimated completion period is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis. The estimated construction period is subject to change as a result of a number of factors including but not limited to permit requirements, delays in construction (including delays related to supply chain backlogs), changes in scope, and other unforeseen circumstances.
(2)“Repositioning/Lease-up Rentable Square Feet” is the actual rentable square footage that is subject to repositioning at the property/building, and may be less than the total rentable square footage of the entire property or particular building(s) under repositioning.
(3)14434-14527 San Pedro Street is a low coverage site with 61,398 rentable square feet of buildings on 335,905 square feet, or 7.7 acres, of land.
(4)As of December 31, 2024, 29120 Commerce Center Drive has been leased on a short-term basis through June 30, 2025. We are currently performing repositioning work around the short-term tenant.
(5)As of December 31, 2024, we were performing repositioning work at 17000 Kingsview Avenue around a short-term tenant who subsequently vacated the property in January 2025.
(6)As of December 31, 2024, 29125 Avenue Paine has been leased on a short-term basis through June 30, 2025. We are planning to perform repositioning work around the short-term tenant.
(7)Harcourt & Susana is a low coverage site with 33,461 rentable square feet of buildings on 239,364 square feet, or 5.5 acres, of land.
(8)Represents the estimated rentable square footage of the project upon completion of redevelopment.
(9)As of December 31, 2024, 3233 Mission Oaks Boulevard comprises 409,217 rentable square feet that are currently occupied and not being redeveloped. We are constructing one new building comprising 116,852 rentable square feet. We are also performing site work across the entire project. At completion, the total project will contain 526,069 rentable square feet.
(10)Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and comprises one building totaling 51,594 rentable square feet, out of six buildings at our Rancho Pacifica Park property, which has a total of 1,111,885 rentable square feet.
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We demolished the existing building and are constructing a new building comprising approximately 76,553 rentable square feet in its place.
(11)1500 Raymond Avenue contains one acre of excess paved land.
(12)17907-18001 Figueroa Street will be a low coverage site with 76,468 rentable square feet of buildings on 221,055 square feet, or 5.1 acres, of land.
(13)We consider a repositioning property to be stabilized upon the earlier of (i) reaching 90% occupancy or (ii) one year from the date construction work is completed.
(14)12752-12822 Monarch Street comprises 275,189 rentable square feet. The project includes 111,325 rentable square feet with tenants in-place that were not redeveloped. We repositioned 65,968 rentable square feet, demolished 99,925 rentable square feet and constructed a new 97,896 rentable square foot building in its place.
Capitalized Costs    
Properties that are nonoperational as a result of repositioning or redevelopment activity may qualify for varying levels of interest, insurance and real estate tax capitalization during the redevelopment and construction period. An increase in our repositioning and redevelopment activities resulting from value-add acquisitions could cause an increase in the asset balances qualifying for interest, insurance and tax capitalization in future periods. We capitalized $31.4 million of interest expense and $8.1 million of insurance and real estate tax expenses during the year ended December 31, 2024, related to our repositioning and redevelopment projects.
Construction Costs and Timing
Recent inflationary and supply chain pressures have led to increased construction materials and labor costs, which when combined with longer lead times for governmental approvals and entitlements, have led to an overall increase in budgeted and actual construction costs as well as delays in starting and completing certain of our redevelopment projects. Additional increases in costs, further delays or declining market rents could result in a lower expected yield on our redevelopment projects, which could negatively impact our future earnings.
Rental Revenues
Our operating results depend primarily upon generating rental revenue from the properties in our portfolio. The amount of rental revenue generated by these properties is affected by our ability to maintain or increase occupancy levels and rental rates at our properties, which will depend upon our ability to lease vacant space and re-lease expiring space at favorable rates.
Occupancy Rates
As of December 31, 2024, our consolidated portfolio, inclusive of space in repositioning as described in the subsequent paragraph, was approximately 91.3% occupied, while our stabilized consolidated portfolio exclusive of such space was approximately 96.0% occupied. We believe the opportunity to increase occupancy at our properties will be an important driver of future revenue growth. An opportunity to drive this growth will derive from the completion and lease-up of repositioning and redevelopment projects that are currently under construction.
As summarized in the tables under “Acquisitions and Value-Add Repositioning and Redevelopment of Properties” above, as of December 31, 2024, 22 of our properties with a combined 2.3 million of estimated rentable square feet at completion are under current repositioning or redevelopment, 12 properties with a combined 1.2 million rentable square feet are in lease-up, and we have a near-term potential pipeline of 21 repositioning and redevelopment projects with a combined 3.4 million of estimated rentable square feet at completion. Additionally, as of December 31, 2024, we had 0.6 million rentable square feet of other repositioning projects. Vacant space at these properties is concentrated in our Los Angeles, Orange County and San Bernardino markets and represents 4.9% of our total consolidated portfolio square footage as of December 31, 2024. Including vacant space at these properties, our weighted average occupancy rate as of December 31, 2024, in our Los Angeles, Orange County and San Bernardino markets was 90.2%, 90.3% and 96.0%, respectively. Excluding vacant space at these properties, our weighted average occupancy rate as of December 31, 2024, in these markets was 95.4%, 98.7% and 98.0%, respectively. We believe that an important portion of our long-term future growth will come from the completion of these projects currently under or scheduled for repositioning/redevelopment, as well as through the identification or acquisition of new opportunities for repositioning and redevelopment, whether in our existing portfolio or through new investments, which may vary from period to period subject to market conditions.
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The occupancy rate of properties not undergoing repositioning is affected by regional and local economic conditions in our Southern California infill markets. Although there has been a post-COVID normalization of market rates and vacancy over the past two years, the Los Angeles, Orange County, San Bernardino–Inland Empire West and San Diego markets are well-positioned for the long-term due to fundamental demand drivers and barriers for new supply. Although we cannot predict how our markets may perform in future periods, we believe that general market conditions will continue to offer the long-term opportunity to increase occupancy and rental rates at our properties which will be an important driver of future revenue growth.
Leasing Activity and Rental Rates
The following tables set forth our leasing activity for new and renewal leases on a quarterly basis for the year ended December 31, 2024:
  New Leases
Quarter Number of Leases Rentable Square Feet Weighted Average
Lease Term
(in years)		 
Net Effective Rent Per Square Foot(1)
Net Effective Leasing
Spreads(2)(4)
Cash Leasing
Spreads(3)(4)
Q1-202450 830,941 4.2 $15.88 41.3 %31.2 %
Q2-202460 1,033,006 5.1 $20.66 45.2 %29.7 %
Q3-202456 994,566 4.1 $15.79 35.8 %25.7 %
Q4-202444 330,334 4.2 $21.52 46.9 %33.5 %
Total/Weighted Average210 3,188,847 4.5 $17.98 42.1 %29.5 %

Renewal LeasesExpiring Leases
Retention %(7)
QuarterNumber of LeasesRentable Square FeetWeighted Average
Lease Term
(in years)
Net Effective Rent Per Square Foot(1)
Net Effective Leasing
Spreads(2)(5)
Cash Leasing
Spreads(3)(5)
 Number of Leases
Rentable Square Feet(6)
Rentable Square Feet
Q1-202464 2,398,076 3.1 $14.62 14.8 %11.3 %152 3,819,253 82.2 %
Q2-202469 1,228,905 4.5 $19.39 78.6 %58.2 %126 2,038,430 68.1 %
Q3-202452 599,529 4.4 $18.16 41.4 %27.3 %112 1,677,064 51.6 %
Q4-202441 684,961 4.7 $16.89 58.8 %44.1 %108 2,436,160 51.3 %
Total/Weighted Average226 4,911,471 3.8 $16.56 38.0 %28.3 %498 9,970,907 67.9 %
Excluding One Lease Extension:(8)
Total/Weighted Average225 3,809,631 4.4 $16.64 61.4 %43.0 %
(1)Net effective rent per square foot is the average base rent calculated in accordance with GAAP, over the term of the lease, expressed in dollars per square foot per year. Includes all new and renewal leases that were executed during each respective quarter.
(2)Calculated as the change between net effective rents for new or renewal leases and the expiring net effective rents (excluding the impact of amortization of intangible assets or liabilities) on the expiring leases for the same space.
(3)Calculated as the change between starting cash rents, excluding any abatements, for new or renewal leases and the expiring cash rents on the expiring leases for the same space.
(4)The net effective and cash re-leasing spreads for new leases executed during the year ended December 31, 2024, exclude 72 leases aggregating 1,922,676 rentable square feet for which there was no comparable lease data. Of these 72 excluded leases, 27 leases aggregating 1,118,439 rentable square feet were recently repositioned/redeveloped space. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) space with lease terms shorter than six months.
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(5)The net effective and cash re-leasing rent spreads for renewal leases executed during the year ended December 31, 2024, exclude nine leases aggregating 847,339 rentable square feet for which there was no comparable lease data. Comparable leases generally exclude space with lease terms shorter than six months or space in pre-development/entitlement process.
(6)Includes leases totaling 2,298,380 rentable square feet that expired during the year ended December 31, 2024, for which the space has been or will be placed into repositioning (including “other repositioning projects”) or redevelopment.
(7)Retention is calculated as renewal lease square footage plus relocation/expansion square footage, divided by the square footage of leases expiring during the period. Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning (including “other repositioning project”) after the tenant vacates, (ii) early terminations with pre-negotiated replacement leases and (iii) move outs where space is directly leased by subtenants.
(8)Reflects our renewal leasing activity, weighted average lease term, effective rent per square foot and leasing spreads for the year ended December 31, 2024, excluding a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue during the first quarter of 2024. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. In March 2024, the lease was extended through January 2027 at the current in-place rent at the time of execution and includes a 4% contractual rent increase in 2026 and two months of rent abatement. This lease extension was excluded for comparability purposes, in order to allow investors to compare quarterly and year-to-date leasing statistics to our prior periods.
Our leasing activity is impacted both by our repositioning and redevelopment efforts, as well as by market conditions. While we reposition a property, its space may become unavailable for leasing until completion of our repositioning efforts. As of December 31, 2024, we have 22 current repositioning/redevelopment projects with estimated construction completion periods ranging from the first quarter of 2025 through the first quarter of 2027. We expect these properties to have positive impacts on our leasing activity and revenue generation as we complete our value-add plans and place these properties in service.
Scheduled Lease Expirations
Our ability to re-lease space subject to expiring leases is affected by economic and competitive conditions in our markets and by the relative desirability of our individual properties, which may impact our results of operations.
As of December 31, 2024, 1.9 million rentable square feet of our portfolio was available for lease, 2.5 million rentable square feet of vacant space was under repositioning/redevelopment or in the lease-up stage and leases representing 0.4 million rentable square feet of our portfolio expired on December 31, 2024. Additionally, leases representing 14.4% and 17.1% of the aggregate rentable square footage of our portfolio are scheduled to expire during the years ending December 31, 2025 and 2026, respectively. During the year ended December 31, 2024, we renewed 226 leases for 4.9 million rentable square feet, resulting in a 67.9% retention rate. New and renewal leases signed during the current year had a weighted average term of 4.5 and 4.4 years (excluding the 1.1 million square foot lease extension noted above under “—Leasing Activity and Rental Rates”), respectively, and we expect future new and renewal leases to have similar terms.
The leases scheduled to expire during the years ending December 31, 2025 and 2026, represent 14.8% and 16.4%, respectively, of the total annualized base rent for our portfolio as of December 31, 2024. We estimate that, on a weighted average basis, in-place rents of leases scheduled to expire in 2025 and 2026 are currently below current market asking rates, although individual units or properties within any particular submarket may currently be leased either above, below, or at the current market asking rates within that submarket.
As described under “Market and Portfolio Fundamentals” above, while market indicators, including changes in vacancy rates and average asking lease rates, varied by market and showed signs of a post-pandemic normalizing of tenant demand, overall there was a continued supply and demand imbalance across our submarkets, which continues to support favorable long-term market fundamentals.
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Conditions in Our Markets
The properties in our portfolio are located primarily in Southern California infill markets. Positive or negative changes in economic or other conditions, high or persistent inflation and adverse weather conditions and natural disasters in this market may affect our overall performance.
Property Expenses
Our property expenses generally consist of utilities, real estate taxes, insurance, site repair and maintenance costs, and the allocation of overhead costs. For the majority of our properties, our property expenses are recovered, in part, by either the triple net provisions or modified gross expense reimbursements in tenant leases. The majority of our leases also comprise contractual three percent or greater annual rental rate increases meant, in part, to help mitigate potential increases in property expenses over time. However, the terms of our leases vary and, in some instances, we may absorb property expenses. Our overall financial results will be impacted by the extent to which we are able to pass-through property expenses to our tenants.
Taxable REIT Subsidiary
As of December 31, 2024, our Operating Partnership indirectly and wholly owns Rexford Industrial Realty and Management, Inc., which we refer to as our services company. We have elected, together with our services company, to treat our services company as a taxable REIT subsidiary for federal income tax purposes. A taxable REIT subsidiary generally may provide non-customary and other services to our tenants and engage in activities that we or our subsidiaries (other than a taxable REIT subsidiary) may not engage in directly without adversely affecting our qualification as a REIT, provided a taxable REIT subsidiary may not operate or manage a lodging facility or health care facility or provide rights to any brand name under which any lodging facility or health care facility is operated. We may form additional taxable REIT subsidiaries in the future, and our Operating Partnership may contribute some or all of its interests in certain wholly owned subsidiaries or their assets to our services company. Any income earned by our taxable REIT subsidiaries will not be included in our taxable income for purposes of the 75% or 95% gross income tests, except to the extent such income is distributed to us as a dividend, in which case such dividend income will qualify under the 95%, but not the 75%, gross income test. Because a taxable REIT subsidiary is subject to federal income tax and state and local income tax (where applicable) as a regular corporation, the income earned by our taxable REIT subsidiaries generally will be subject to an additional level of tax as compared to the income earned by our other subsidiaries. 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 and therefore there is no income tax provision for the years ended December 31, 2024 and 2023. Additionally, the taxable REIT subsidiary had minimal activity during these periods.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses for the reporting periods. Actual amounts may differ from these estimates and assumptions. We have summarized below those accounting policies that require material subjective or complex judgments and that have the most significant impact on financial condition and results of operations. Management evaluates these estimates on an ongoing basis, based upon information currently available and on various assumptions that it believes are reasonable as of the date hereof. In addition, other companies in similar businesses may use different estimation policies and methodologies, which may impact the comparability of our results of operations and financial condition to those of other companies.
A critical accounting policy is one that is both important to the portrayal of an entity’s financial condition and results of operations and requires judgment on the part of management. Generally, the judgment requires management to make estimates and assumptions about the effect of matters that are inherently uncertain. Estimates are prepared using management’s best judgment, after considering past and current economic conditions and expectations for the future. Changes in estimates could affect our financial position and specific items in our results of operations that are used by the users of our financial statements in their evaluation of our performance.
The following critical accounting policies discussion reflects what we believe are the most significant estimates, assumptions, and judgments used in the preparation of our consolidated financial statements. For further discussion of our significant accounting policies and discussion of new accounting pronouncements (if applicable), see “Note 2 – Summary of Significant Accounting Policies” to our consolidated financial statements under Item 15 of this Annual Report on Form 10-K.
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    Investment in Real Estate
We evaluated the acquisitions that we completed during the years ended December 31, 2024 and 2023, and determined that these transactions should be accounted for as asset acquisitions. Our acquisitions of properties generally no longer meet the revised definition of a business under Accounting Standards Update 2017-01, Business Combinations - Clarifying the Definition of a Business, and accordingly are accounted for as asset acquisitions.
For asset acquisitions, we allocate the cost of the acquisition, which includes the purchase price and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed debt.
Our estimates for the fair value of the individual assets acquired and liabilities assumed are subject to uncertainty given the significant assumptions used to determine their fair value. The use of different assumptions in the determination of fair value could significantly affect the reported amounts of the allocation of our acquisition related assets and liabilities and the related depreciation and amortization expense recorded for such assets and liabilities. In addition, because the value of above- and below-market leases are amortized as either a reduction or increase to rental income, respectively, our judgments for these intangibles could have a significant impact on our reported rental revenues and results of operations. Our estimation process and the valuation model we use to determine the fair value of the individual assets acquired and liabilities assumed are discussed in more detail in “Note 2 – Summary of Significant Accounting Policies” to our consolidated financial statements included in Item 15 of this Annual Report on Form 10-K.
Impairment of Long-Lived Assets
In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC Topic 360: Property, Plant, and Equipment, we assess the carrying values of our respective long-lived assets, including right-of use assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable.
Impairment of the carrying value of long-lived assets are subject to uncertainty associated with forecasting future cash flows for measuring recoverability. 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. 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. See “Note 2 – Summary of Significant Accounting Policies” to our consolidated financial statements included in Item 15 of this Annual Report on Form 10-K for further details regarding our estimation process for impairment of long-lived assets.
Results of Operations
Our consolidated results of operations are often not comparable from period to period due to the effect of (i) property acquisitions, (ii) property dispositions and (iii) properties that are taken out of service for repositioning or redevelopment during the comparative reporting periods. Our “Total Portfolio” represents all of the properties owned during the reported periods. To eliminate the effect of changes in our Total Portfolio due to acquisitions, dispositions and repositioning/redevelopment and to highlight the operating results of our on-going business, we have separately presented the results of our “Same Property Portfolio.”
Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023
For the comparison of the years ended December 31, 2024 and 2023, our Same Property Portfolio includes all properties in our industrial portfolio that were wholly-owned by us for the period from January 1, 2023 through December 31, 2024, and that were stabilized prior to January 1, 2023, which consisted of buildings aggregating approximately 37.0 million rentable square feet at 293 of our properties. Results for our Same Property Portfolio exclude properties that were acquired or sold during the period from January 1, 2023 through December 31, 2024, properties or buildings classified as current or future repositioning (including select buildings in “other repositioning”), redevelopment or lease-up during 2023 or 2024, management and leasing services revenue, interest income, interest expense and corporate general and administrative expenses.
For the comparison of the years ended December 31, 2024 and 2023, our Total Portfolio includes the properties in our Same Property Portfolio, the 75 properties aggregating approximately 8.9 million rentable square feet that were acquired during 2024 and 2023, and the seven properties aggregating approximately 0.3 million rentable square feet that were sold during 2024 and 2023.
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As of December 31, 2024 and 2023, our Same Property Portfolio occupancy was approximately 94.1% and 97.1%, respectively. For the years ended December 31, 2024 and 2023, our Same Property Portfolio weighted average occupancy was approximately 96.6% and 97.1%, respectively.
 
Same Property Portfolio
Total Portfolio
 Year Ended December 31,Increase/
(Decrease)		%
Change		Year Ended December 31,Increase/
(Decrease)		%
Change
 2024202320242023
($ in thousands)
REVENUES        
Rental income$693,826 $667,068 $26,758 4.0 %$922,096 $791,383 $130,713 16.5 %
Management and leasing services— — — — %611 682 (71)(10.4)%
Interest income— — — — %13,700 5,761 7,939 137.8 %
TOTAL REVENUES693,826 667,068 26,758 4.0 %936,407 797,826 138,581 17.4 %
OPERATING EXPENSES    
Property expenses159,563 153,890 5,673 3.7 %210,260 184,479 25,781 14.0 %
General and administrative— — — — %82,153 75,027 7,126 9.5 %
Depreciation and amortization192,272 194,584 (2,312)(1.2)%275,247 244,510 30,737 12.6 %
TOTAL OPERATING EXPENSES351,835 348,474 3,361 1.0 %567,660 504,016 63,644 12.6 %
OTHER EXPENSE    
Other expenses— — — — %2,238 1,820 418 23.0 %
Interest expense— — — — %98,596 61,400 37,196 60.6 %
TOTAL EXPENSES351,835 348,474 3,361 1.0 %668,494 567,236 101,258 17.9 %
Gains on sale of real estate— — — — %18,013 19,001 (988)(5.2)%
NET INCOME$341,991 $318,594 $23,397 7.3 %$285,926 $249,591 $36,335 14.6 %
Rental Income
The following table reports the breakdown of 2024 and 2023 rental income, as reported prior to the adoption of Accounting Standards Codification Topic 842, Leases (“ASC 842”) (dollars in thousands). We believe that the below presentation of rental income is not, and is not intended to be, a presentation in accordance with GAAP. We are presenting this information because we believe it is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.
Same Property Portfolio
Total Portfolio
Year Ended December 31,Increase/(Decrease)%Year Ended December 31,Increase/(Decrease)%
Category20242023Change20242023Change
Rental revenue(1)
$574,175 $551,453 $22,722 4.1 %$763,364 $656,101 $107,263 16.3 %
Tenant reimbursements (2)
117,239 113,607 3,632 3.2 %156,017 133,004 23,013 17.3 %
Other income(3)
2,412 2,008 404 20.1 %2,715 2,278 437 19.2 %
Rental income$693,826 $667,068 $26,758 4.0 %$922,096 $791,383 $130,713 16.5 %
Our Same Property Portfolio and Total Portfolio rental income increased by $26.8 million, or 4.0%, and $130.7 million, or 16.5%, respectively, during the year ended December 31, 2024, compared to the year ended December 31, 2023, for the reasons described below:
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(1) Rental Revenue
Our Same Property Portfolio and Total Portfolio rental revenue increased by $22.7 million, or 4.1%, and $107.3 million, or 16.3%, respectively, for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase in our Same Property Portfolio rental revenue is primarily due to an increase in average rental rates on new and renewal leases, partially offset by a decrease in occupancy rates, a decrease of $4.2 million in amortization of net below-market lease intangibles and an increase of $1.3 million in bad debt write-offs and reserves for tenant receivables not deemed probable of collection. Our Total Portfolio rental revenue was also positively impacted by the incremental revenues from the 75 properties we acquired during 2023 and 2024, partially offset by the decrease in revenues from the seven properties that were sold during 2023 and 2024.
(2) Tenant Reimbursements
Our Same Property Portfolio and Total Portfolio tenant reimbursements revenue increased by $3.6 million, or 3.2%, and $23.0 million or 17.3%, respectively, for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase in our Same Property Portfolio tenant reimbursements revenue is primarily due to higher reimbursable property tax expenses, higher billings for other reimbursable expenses and higher reimbursable insurance expenses due to higher overall premiums. Our Total Portfolio tenant reimbursements revenue was also impacted by the incremental reimbursements from the 75 properties we acquired during 2023 and 2024.
 (3) Other Income
Our Same Property Portfolio and Total Portfolio other income increased by $0.4 million, or 20.1%, and $0.4 million, or 19.2%, respectively, for the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to an increase in fees charged for late rental payments.
Management and Leasing Services
Our Total Portfolio management and leasing services revenue decreased by $0.1 million, or 10.4%, for the year ended December 31, 2024, compared to the year ended December 31, 2023.
Interest Income
Our Total Portfolio interest income increased from $5.8 million for the year ended December 31, 2023 to $13.7 million for the year ended December 31, 2024, primarily due to a $8.2 million increase related to interest earned on the $125.0 million loan that we originated on October 26, 2023.
Property Expenses
Our Same Property Portfolio and Total Portfolio property expenses increased by $5.7 million, or 3.7%, and $25.8 million, or 14.0%, respectively, during the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase in our Same Property Portfolio property expenses is primarily due to increases in property tax expenses, insurance expenses as a result of higher overall premiums, utility expenses, allocated overhead costs driven by a higher employee headcount and rising labor costs, and repairs and maintenance expenses. Our Total Portfolio property expenses were also impacted by incremental expenses from the 75 properties we acquired during 2023 and 2024, partially offset by the decrease in property expenses from the seven properties that were sold during 2023 and 2024.
General and Administrative
Our Total Portfolio general and administrative expenses increased by $7.1 million, or 9.5% for the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to increases in non-cash equity compensation expense related to annual performance unit and LTIP unit awards and payroll/benefits related costs due to a higher employee headcount and rising labor costs.
Depreciation and Amortization
Our Same Property Portfolio depreciation and amortization expense decreased by $2.3 million, or 1.2%, for the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to acquisition-related in-place lease intangibles and tenant improvements becoming fully depreciated at certain properties during 2023 and 2024, partially offset by an increase in depreciation expense related to capital improvements placed into service during 2023 and 2024 and an increase in amortization of deferred leasing costs. Our Total Portfolio depreciation and amortization expense increased by $30.7 million, or 12.6%, for the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to incremental expense from the 75 properties we acquired during 2023 and 2024.
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Other Expenses
    Our Total Portfolio other expenses increased by $0.4 million from $1.8 million for the year ended December 31, 2023, to $2.2 million for the year ended December 31, 2024, primarily due to a $0.6 million increase in write-offs of construction costs related to cancelled projects and a $0.2 million increase in construction demolition costs, partially offset by a $0.2 million decrease in acquisition expenses and a $0.2 million impairment charge recorded in 2023 to reduce the carrying value of the right-of-use asset in connection with the early termination of a sublease for one of our corporate office space leases.
Interest Expense
Our Total Portfolio interest expense increased by $37.2 million, or 60.6%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to a $41.7 million increase related to the aggregate $1.15 billion of exchangeable notes offering we completed in March 2024 and a $4.0 million increase related to the $300 million of 5.000% Senior Notes due 2028 offering we completed in March 2023, partially offset by a $7.8 million decrease due to an increase in capitalized interest related to repositioning and redevelopment activity.
Gains on Sale of Real Estate
During the year ended December 31, 2024, we recognized gains on sale of real estate of $18.0 million from the disposition of five properties that were sold for an aggregate gross sales price of $44.3 million. During the year ended December 31, 2023, we recognized gains on sale of real estate of $19.0 million from the disposition of two properties that were sold for a gross sales price of $28.3 million.
Comparison of the Year Ended December 31, 2023 to the Year Ended December 31, 2022
    Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 12, 2024, for a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022.
Non-GAAP Supplemental Measures: Funds From Operations and Core Funds From Operations
We calculate funds from operations (“FFO”) attributable to common stockholders in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property or assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated joint ventures.
Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, and asset impairments, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs.
However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends.
We calculate “Core FFO” by adjusting FFO for non-comparable items outlined in the reconciliation below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our on-going operating performance, provides a more meaningful and consistent comparison of our operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company share of Core FFO” in the table below reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
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The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to FFO and Core FFO (unaudited and in thousands):
 Year Ended December 31,
  2024 2023 2022
Net income$285,926 $249,591 $177,157 
Adjustments:  
Depreciation and amortization275,247 244,510 196,794 
Gains on sale of real estate
(18,013)(19,001)(8,486)
FFO
$543,160 $475,100 $365,465 
Adjustments:
Acquisition expenses123 369 613 
Impairment of right-of-use asset— 188 — 
Loss on extinguishment of debt— — 915 
Amortization of loss on termination of interest rate swaps211 236 253 
Non-capitalizable demolition costs1,127 881 663 
Write-offs of below-market lease intangibles related to terminations(1)
— (1,318)(5,792)
Core FFO$544,621 $475,456 $362,117 
Less: preferred stock dividends(9,258)(9,258)(9,258)
Less: Core FFO attributable to noncontrolling interests(2)
(21,319)(19,525)(16,838)
Less: Core FFO attributable to participating securities(3)
(2,349)(1,844)(1,282)
Company share of Core FFO$511,695 $444,829 $334,739 
(1)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.
(2)Noncontrolling interests represent (i) holders of outstanding common units of the Company's Operating Partnership that are owned by unit holders other than the Company and (ii) holders of Series 1 CPOP Units, Series 2 CPOP Units and Series 3 CPOP Units.
(3)Participating securities include unvested shares of restricted stock, unvested LTIP units of partnership interest in our Operating Partnership and unvested performance units in our Operating Partnership.
Non-GAAP Supplemental Measures: NOI and Cash NOI
Net operating income (“NOI”) is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income less property expenses (before interest expense, depreciation and amortization).
We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP.
NOI on a cash-basis (“Cash NOI”) is a non-GAAP measure, which we calculate by adding or subtracting the following items from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rental revenue adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP.
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The following table sets forth the revenue and expense items comprising NOI and the adjustments to calculate Cash NOI (in thousands):
 Year Ended December 31,
  2024 2023 2022
Rental income$922,096 $791,383 $630,578 
Less: Property expenses210,260 184,479 150,503 
Net Operating Income$711,836 $606,904 $480,075 
Above/(below) market lease revenue adjustments
(27,653)(29,882)(31,209)
Straight line rental revenue adjustment(38,433)(36,587)(31,220)
Cash Net Operating Income$645,750 $540,435 $417,646 
The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to NOI and Cash NOI (in thousands):
 Year Ended December 31,
  2024 2023 2022
Net income$285,926 $249,591 $177,157 
General and administrative82,153 75,027 64,264 
Depreciation and amortization275,247 244,510 196,794 
Other expenses2,238 1,820 1,561 
Interest expense98,596 61,400 48,496 
Loss on extinguishment of debt— — 915 
Management and leasing services(611)(682)(616)
Interest income(13,700)(5,761)(10)
Gains on sale of real estate(18,013)(19,001)(8,486)
Net Operating Income$711,836 $606,904 $480,075 
Above/(below) market lease revenue adjustments
(27,653)(29,882)(31,209)
Straight line rental revenue adjustment(38,433)(36,587)(31,220)
Cash Net Operating Income$645,750 $540,435 $417,646 
Non-GAAP Supplemental Measure: EBITDAre
    We calculate earnings before interest expense, income taxes, depreciation and amortization for real estate (“EBITDAre”) in accordance with the standards established by NAREIT. EBITDAre is calculated as net income (loss) (computed in accordance with GAAP), before interest expense, income tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property or assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business and adjustments for unconsolidated joint ventures.
     We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of equity REITs. However, our industry peers may not calculate EBITDAre in accordance with the NAREIT definition as we do and, accordingly, our EBITDAre may not be comparable to our peers’ EBITDAre. Accordingly, EBITDAre should be considered only as a supplement to net income (loss) as a measure of our performance.  
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The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to EBITDAre (in thousands):
 Year Ended December 31,
  2024 2023 2022
Net income$285,926 $249,591 $177,157 
Interest expense98,596 61,400 48,496 
Depreciation and amortization275,247 244,510 196,794 
Gains on sale of real estate(18,013)(19,001)(8,486)
EBITDAre$641,756 $536,500 $413,961 
Supplemental Guarantor Information
Subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the parent guarantee is “full and unconditional,” the subsidiary obligor is consolidated into the parent company’s consolidated financial statements and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information. The Company and the Operating Partnership have filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of the Operating Partnership, which will be fully and unconditionally guaranteed by the Company. At December 31, 2024, the Operating Partnership had issued and outstanding $300.0 million of 5.000% Senior Notes due 2028 (the “$300 Million Notes due 2028”), $400.0 million of 2.125% Senior Notes due 2030 (the “$400 Million Notes due 2030”), $400 million of 2.15% Senior Notes due 2031 (the “$400 Million Notes due 2031”), $575.0 million of 4.375% Exchangeable Senior Notes due 2027 (the “2027 Exchangeable Notes”) and $575.0 million of 4.125% Exchangeable Senior Notes due 2029 (the “2029 Exchangeable Notes” and together with the 2027 Exchangeable Notes, the “Exchangeable Notes”). The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on the $300 Million Notes due 2028, $400 Million Notes due 2030, $400 Million Notes due 2031 and Exchangeable Notes are guaranteed on a senior basis by the Company. The guarantee is full and unconditional, and the Operating Partnership is a consolidated subsidiary of the Company. Accordingly, separate consolidated financial statements of the Operating Partnership have not been presented.
Furthermore, as permitted under Rule 13-01(a)(4)(vi), the Company has excluded the summarized financial information for the Operating Partnership as the assets, liabilities and results of operations of the Company and the Operating Partnership are not materially different than the corresponding amounts presented in the consolidated financial statements of the Company, and management believes such summarized financial information would be repetitive and not provide incremental value to investors.
Financial Condition, Liquidity and Capital Resources
Overview
Our short-term liquidity requirements consist primarily of funds to pay for operating expenses, interest expense, general and administrative expenses, capital expenditures, tenant improvements and leasing commissions, and distributions to our common and preferred stockholders and holders of common units of partnership interests in our Operating Partnership (“OP Units”). We expect to meet our short-term liquidity requirements through available cash on hand, cash flow from operations, by drawing on our unsecured revolving credit facility and by issuing shares of common stock pursuant to the ATM program or issuing other securities as described below.
Our long-term liquidity needs consist primarily of funds necessary to pay for acquisitions, recurring and non-recurring capital expenditures and scheduled debt maturities. We intend to satisfy our long-term liquidity needs through net cash flow from operations, proceeds from long-term secured and unsecured financings, borrowings available under our unsecured revolving credit facility, the issuance of equity securities, including preferred stock, and proceeds from selective real estate dispositions as we identify capital recycling opportunities.
As of December 31, 2024, we had:
•Outstanding fixed-rate and variable-rate debt with varying maturities for an aggregate principal amount of $3.4 billion, with $561.0 million due within 12 months (including the $400.0 million unsecured term loan facility maturing on July 18, 2025, which can be extended for one remaining one-year term at our option, the $100.0 million unsecured senior notes maturing on August 6, 2025 and the $60.0 million term loan facility maturing on October 27, 2025, which can be extended for two remaining one-year terms at our option);
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•Total scheduled interest payments on our fixed rate debt and projected net interest payments on our variable rate debt and interest rate swaps of $432.8 million, of which $121.4 million is due within 12 months.
•Commitments of $129.2 million for tenant improvements under certain tenant leases and construction work related to obligations under contractual agreements with our construction vendors; and
•Operating lease commitments with aggregate lease payments of $25.7 million, of which $1.7 million is due within 12 months.
See “Note 6 – Notes Payable” to the consolidated financial statements included in Item 15 of this Annual Report on Form 10-K for further details regarding the scheduled principal payments. Also see “Note 7 – Leases” to the consolidated financial statements for further details regarding the scheduled operating lease payments.
As of December 31, 2024, our cash and cash equivalents were $56.0 million, and we did not have any borrowings outstanding under our unsecured revolving credit facility, leaving $995.0 million available for future borrowings after giving effect to the $5.0 million letter of credit that was issued under the unsecured revolving credit facility.
Sources of Liquidity
Cash Flow from Operations
Cash flow from operations is one of our key sources of liquidity and is primarily dependent upon: (i) the occupancy levels and lease rates at our properties, (ii) our ability to collect rent, (iii) the level of operating costs we incur and (iv) our ability to pass through operating expenses to our tenants. We are subject to a number of risks related to general economic and other unpredictable conditions, which have the potential to affect our overall performance and resulting cash flows from operations. However, based on our current portfolio mix and business strategy, we anticipate that we will be able to generate positive cash flows from operations.
ATM Program
On February 17, 2023, we established the 2023 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 $1.25 billion. The 2023 ATM Program replaced our previous $1.0 billion ATM program, which was established on May 27, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $834.6 million through February 17, 2023.
In connection with our ATM programs, 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, 2024, we did not sell any shares of common stock directly through sales agents or enter into any forward equity sale agreements under the 2023 ATM Program.
During the year ended December 31, 2024, we physically settled the forward equity sale agreements that were outstanding as of December 31, 2023 under the 2023 ATM Program by issuing 3,010,568 shares of our common stock for net proceeds of $164.5 million, based on a weighted average forward price of $54.65 per share at settlement.
As of December 31, 2024, approximately $927.4 million of common stock remains available to be sold under the 2023 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.
Securities Offerings
We evaluate the capital markets on an ongoing basis for opportunities to raise capital, and as circumstances warrant, we may issue additional securities, from time to time, to fund acquisitions, for the repayment of long-term debt upon maturity and for other general corporate purposes. Such securities may include common equity, preferred equity and/or debt of us or our subsidiaries. Any future issuance, however, is dependent upon market conditions, available pricing and capital needs and there can be no assurance that we will be able to complete any such offerings of securities.
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Issuance of Exchangeable Senior Notes — In March 2024, we issued $575.0 million in aggregate principal amount of 4.375% exchangeable senior unsecured notes due 2027 and $575.0 million in aggregate principal amount of 4.125% exchangeable senior unsecured notes due 2029. The net proceeds from the issuance, after deducting the initial purchasers’ discounts, underwriting commissions and other offering expenses, were approximately $563.1 million for the 2027 Exchangeable Notes and $563.1 million for the 2029 Exchangeable Notes. Interest on the Exchangeable Notes is payable semiannually on March 15 and September 15 of each year beginning on September 15, 2024. The 2027 Exchangeable Notes will mature on March 15, 2027 and the 2029 Exchangeable Notes will mature on March 15, 2029, in each case unless earlier repurchased, exchanged or (in the case of 2029 Exchangeable Notes) redeemed.
Before December 15, 2026 (in the case of the 2027 Exchangeable Notes) or December 15, 2028 (in the case of the 2029 Exchangeable Notes), noteholders will have the right to exchange their notes only upon the occurrence of certain events. From and after December 15, 2026 (in the case of the 2027 notes) or December 15, 2028 (in the case of the 2029 notes), noteholders may exchange their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date of the applicable series of Exchangeable Notes. Exchanges will be settled by delivering cash up to the principal amount of the Exchangeable Notes exchanged, and in respect of the remainder of the exchanged value, if any, in excess thereof, in cash or in a combination of cash and shares of our common stock, at our option. The initial exchange rate is 15.7146 shares of our common stock per $1,000 principal amount of the Exchangeable Notes, which represents an initial exchange price of approximately $63.64 per share of our common stock. The initial exchange price represents a premium of approximately 30.0% over the last reported sale price of $48.95 per share of our common stock on March 26, 2024.
March 2024 Forward Equity Offering — In March 2024, we entered into a forward equity sale agreement with a financial institution acting as forward purchaser in connection with an underwritten public offering of 17,179,318 shares of common stock (the “March 2024 Forward Sale Agreement”), pursuant to which, the forward purchaser borrowed and sold an aggregate of 17,179,318 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchaser at the time of the offering. The net forward sale price that we will receive upon physical settlement of the agreement, which was initially $48.61 per share, 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 forward sale agreement.
During 2024, we partially settled the March 2024 Forward Sale Agreement by issuing 7,402,550 shares of common stock for net proceeds of $360.0 million, based on a weighted average forward price of $48.63 per share at settlement. Subsequent to December 31, 2024, through the date of this filing, we partially settled the March 2024 public offering by issuing 1,543,191 shares of common stock in exchange for net proceeds of $75.0 million, based on a weighted average forward price of $48.60 per share at settlement.
We currently expect to physically settle the remaining 8,233,577 shares under the March 2024 Forward Sale Agreement by issuing shares of our common stock in exchange for cash proceeds upon one or more settlement dates, at our discretion, prior to the scheduled maturity date of March 27, 2025. As of February 7, 2025, the date of this Annual Report on Form 10-K, the net forward sale price was $48.72 and would result in $401.1 million of cash proceeds upon physical settlement of the shares under the March 2024 Forward Sale Agreement.
May 2023 Forward Equity Offering — On May 10, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 13,500,000 shares of common stock at an initial forward price of $55.24 per share (the “May 2023 Forward Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 13,500,000 shares of common stock in the offering. During 2023, we partially settled the May 2023 Forward Sale Agreements by issuing 11,246,966 shares of common stock, leaving a remaining 2,253,034 shares of common stock for settlement as of December 31, 2023.
During the year ended December 31, 2024, we settled the outstanding May 2023 Forward Sale Agreements by issuing 2,253,034 shares of common stock for net proceeds of $125.7 million, based on a weighted average forward price of $55.79 per share at settlement.
Capital Recycling
We continuously evaluate opportunities for the potential disposition of properties in our portfolio when we believe such disposition is appropriate in view of our business objectives. In evaluating these opportunities, we consider a variety of criteria including, but not limited to, local market conditions and lease rates, asset type and location, as well as potential uses of proceeds and tax considerations. Tax considerations include entering into a 1031 Exchange, when possible, to defer some or all of the taxable gains, if any, on dispositions.
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During the year ended December 31, 2024, we completed the sale of five properties for an aggregate sales price of $44.3 million and net cash proceeds of $41.3 million. The net cash proceeds were used to partially fund the acquisition of three properties during the year ended December 31, 2024, through 1031 Exchange transactions.
We anticipate continuing to selectively and opportunistically dispose of properties, however, the timing of any potential future dispositions will depend on market conditions, asset-specific circumstances or opportunities, and our capital needs. Our ability to dispose of selective properties on advantageous terms, or at all, is dependent upon a number of factors including the availability of credit to potential buyers to purchase properties at prices that we consider acceptable.
Investment Grade Rating
Our credit ratings at December 31, 2024 were Baa2 (Stable outlook) from Moody’s and BBB+ (Stable outlook) from both S&P and Fitch with respect to our Credit Agreement (described below), Exchangeable Notes, $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), $25.0 million unsecured guaranteed senior notes and $75.0 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”), $300 Million Notes, $400 Million Notes due 2030 and $400 Million Notes due 2031. Our credit ratings at December 31, 2024 were BBB- from both S&P and Fitch with respect to our 5.875% Series B Cumulative Redeemable Preferred Stock and our 5.625% Series C Cumulative Redeemable Preferred Stock. Our credit ratings are based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed by the credit rating agencies in their rating analysis of us, and, although it is our intent to maintain our investment grade credit rating, there can be no assurance that we will be able to maintain our current credit ratings. In the event our current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing indebtedness as maturities become due.
Credit Agreement
As of December 31, 2024, under the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), we have an unsecured revolving credit facility with a borrowing capacity of $1.0 billion (the “Revolver”), which also allows us to issue letters of credit up to an aggregate amount not to exceed $100.0 million, a $300.0 million unsecured term loan facility (the “$300 Million Term Loan”) and a $400.0 million unsecured term loan facility (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 was scheduled to mature on July 19, 2024 and has two one-year extension options available. On July 12, 2024, we extended the maturity date of the $400 Million Term Loan by one year to July 18, 2025. 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) 1-month SOFR (“Term SOFR”) plus the applicable margin; (ii) daily 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 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 leverage ratio and investment grade ratings. The applicable margin for the Revolver ranges from 0.725% to 1.400% per annum for SOFR-based loans and letters of credit and 0.00% to 0.40% per annum for base rate loans, depending on our leverage ratio and 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 leverage ratio and investment grade rating.
In addition, the Credit Agreement also features a sustainability-linked pricing component that can periodically adjust the applicable margin by -0.04%, zero or 0.04% and adjust the applicable credit facility fee by -0.01%, zero or 0.01%, depending on our achievement of the annual sustainability performance metric. In June 2024, after certifying that our sustainability performance was achieved at the target level for 2023, the sustainability-linked pricing adjustment changed from -0.04% to zero for the applicable margin and changed from -0.01% to zero for the applicable credit facility fee.
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.
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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.
As of the filing date of this Annual Report on Form 10-K, we did not have any borrowings outstanding under the Revolver and had $5.0 million outstanding in letters of credit that reduced our borrowing capacity, leaving $995.0 million available for future borrowings.
Uses of Liquidity
Acquisitions
One of our most significant liquidity needs has historically been for the acquisition of real estate properties. For the year ended December 31, 2024, we completed 11 acquisitions representing 56 properties with a combined 4.6 million rentable square feet of buildings on 218 acres of land for an aggregate purchase price of $1.52 billion, and we are actively monitoring a volume of properties in our markets that we believe represent attractive potential investment opportunities to continue to grow our business. As of the filing date of this Annual Report, we have no acquisitions under contract or accepted offer. While the actual number of acquisitions that we complete will be dependent upon a number of factors, in the short term, we expect to fund our future acquisitions through available cash on hand and proceeds from forward equity settlements, cash flows from operations, borrowings available under the Revolver, recycling capital through property dispositions and, in the long term, through the issuance of equity securities or proceeds from long-term secured and unsecured financings. See “Note 3 – Investments in Real Estate” to the consolidated financial statements for a summary of the investments we completed during the year ended December 31, 2024.
Recurring and Nonrecurring Capital Expenditures
Capital expenditures are considered part of both our short-term and long-term liquidity requirements. During the year ended December 31, 2024, we incurred $19.7 million of recurring capital expenditures, which was a decrease of $7.1 million from the prior year, primarily due to higher roofing expenditures in the prior year as part of a multi-year capital plan. During the year ended December 31, 2024, we incurred $313.2 million of non-recurring capital expenditures, which was an increase of $90.5 million over the prior year. The increase was primarily due to the increase in non-recurring capital expenditures related to repositioning and redevelopment activity during 2024 compared to 2023. As discussed above under “—Factors that May Influence Future Results —Acquisitions and Value-Add Repositioning and Redevelopment of Properties,” as of December 31, 2024, 34 of our properties were under current repositioning/redevelopment or lease-up. We currently estimate that approximately $154.7 million of capital will be required over the next few years to complete the repositioning/redevelopment of these properties. However, this estimate is based on our current construction plans and budgets, both of which are subject to change as a result of a number of factors, including increased costs of building materials or construction services and construction delays related to supply chain backlogs and increased lead time on building materials. If we are unable to complete construction on schedule or within budget, we could incur increased construction costs and experience potential delays in leasing the properties. We expect to fund these projects through a combination of available cash on hand, the issuance of common stock under the 2023 ATM Program and/or settlement of the March 2024 Forward Sale Agreement, cash flow from operations and borrowings available under the Revolver.
Dividends and Distributions   
In order to maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. To satisfy the requirements to qualify as a REIT and generally not be subject to U.S. federal income tax, we intend to distribute a percentage of our cash flow on a quarterly basis to holders of our common stock. In addition, we intend to make distribution payments to holders of OP Units and preferred units, and dividend payments to holders of our preferred stock.
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    On February 3, 2025, our board of directors declared the following quarterly cash dividends/distributions:
SecurityAmount per Share/UnitRecord DatePayment Date
Common stock$0.43 March 31, 2025April 15, 2025
OP Units$0.43 March 31, 2025April 15, 2025
5.875% Series B Cumulative Redeemable Preferred Stock$0.367188 March 17, 2025March 31, 2025
5.625% Series C Cumulative Redeemable Preferred Stock$0.351563 March 17, 2025March 31, 2025
4.00% Cumulative Redeemable Convertible Preferred UnitsSee Note (1)
3.00% Cumulative Redeemable Convertible Preferred Units$0.545462 March 17, 2025March 31, 2025
(1)Holders of these units are entitled to cumulative cash distributions at the rate of 4.00% per annum through March 4, 2025, and 5.00% per annum thereafter. We have the option to convert the 4.00% Cumulative Redeemable Convertible Preferred Units into OP units at any time after March 5, 2025. See “Note 13 – Noncontrolling Interests” to the consolidated financial statements for additional details.
Indebtedness Outstanding
The following table sets forth certain information with respect to our consolidated indebtedness outstanding as of December 31, 2024:
 Contractual
Maturity Date		Margin Above SOFR
Effective Interest Rate(1)
 
Principal Balance (in thousands)(2)
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility
5/26/2026
(3)
S+0.725 %
(4)
5.315 %
(5)
$— 
$400M Term Loan7/18/2025
(3)
S+0.800 %
(4)
4.872 %
(6)
400,000 
$100M Senior Notes8/6/2025n/a4.290 %100,000 
$575M Exchangeable Senior Notes due 2027(7)
3/15/2027n/a4.375 %575,000 
$300M Term Loan5/26/2027S+0.800 %
(4)
3.717 %(8)300,000 
$125M Senior Notes7/13/2027n/a3.930 %125,000 
$300M Senior Notes due 20286/15/2028n/a5.000 %300,000 
$575M Exchangeable Senior Notes due 2029(7)
3/15/2029n/a4.125 %575,000 
$25M Series 2019A Senior Notes7/16/2029n/a3.880 %25,000 
$400M Senior Notes due 203012/1/2030n/a2.125 %400,000 
$400M Senior Notes due 2031 (green bond)9/1/2031n/a2.150 %400,000 
$75M Series 2019B Senior Notes7/16/2034n/a4.030 %75,000 
Total Unsecured Debt$3,275,000 
Secured Debt:
$60M Term Loan(9)
10/27/2025(9)S+1.250 %(9)5.060 %60,000 
701-751 Kingshill Place1/5/2026n/a3.900 %6,852 
13943-13955 Balboa Boulevard7/1/2027n/a3.930 %14,213 
2205 126th Street12/1/2027n/a3.910 %5,200 
2410-2420 Santa Fe Avenue1/1/2028n/a3.700 %10,300 
11832-11954 La Cienega Boulevard7/1/2028n/a4.260 %3,772 
Gilbert/La Palma3/1/2031n/a5.125 %1,538 
7817 Woodley Avenue8/1/2039n/a4.140 %2,747 
Total Secured Debt$104,622 
Total Consolidated Debt3.835 %$3,379,622 
(1)Reflects the contractual interest rate under the terms of each loan as of December 31, 2024 (and the weighted average interest rate for total consolidated debt) and includes the effect of interest rate swaps that were effective as of December 31,
83

2024. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums/discounts or the facility fee on the Revolver.
(2)Excludes unamortized debt issuance costs and premiums/discounts totaling $33.7 million, which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of December 31, 2024.
(3)The Revolver has two six-month extensions and the $400 Million Term Loan has two one-year extensions available at the borrower’s option, subject to certain terms and conditions. On July 12, 2024, we exercised the first of the two one-year extension options to extend the maturity date of the $400 Million Term Loan by one year to July 18, 2025.
(4)As of December 31, 2024, the interest rates on these loans are comprised of daily SOFR for both the Revolver and the $400 Million Term Loan and Term SOFR for the $300 Million Term Loan (in each case increased by a 0.10% SOFR adjustment), plus an applicable margin of 0.725% per annum for the Revolver and 0.80% per annum for the Term Facility, and a sustainability-related rate adjustment of zero. These loans are also subject to a 0% SOFR floor.
(5)The Revolver is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of December 31, 2024, the applicable facility fee is 0.125% per annum with a sustainability-related interest rate adjustment of zero. The effective rate assumes daily SOFR of 4.490% as of December 31, 2024.
(6)As of December 31, 2024, daily SOFR for the $400 Million Term Loan has been swapped to a fixed rate of 3.97231%, resulting in an all-in fixed rate of 4.87231% after adding the SOFR adjustment, applicable margin and sustainability-related interest rate adjustment.
(7)Noteholders have the right to exchange their notes upon the occurrence of certain events. Exchanges will be settled by delivering cash up to the principal amount of the Exchangeable Notes exchanged, and in respect of the remainder of the exchanged value, if any, in excess thereof, in cash or in a combination of cash and shares of our common stock, at our option.
(8)As of December 31, 2024, Term SOFR for the $300 Million Term Loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.71725% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(9)The $60.0 million term loan facility (the “$60 Million Term 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. As of December 31, 2024, Term SOFR for this loan has been swapped to a fixed rate of 3.710%, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. 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. On September 26, 2024, we exercised the first of the three one-year extension options to extend the maturity date of this loan by one year to October 27, 2025.
The following table summarizes the composition of our outstanding debt between fixed-rate and variable-rate and secured and unsecured debt as of December 31, 2024:
Weighted Average Term Remaining (in years)
Effective
Interest Rate(1)
Principal Balance
(in thousands)(2)
% of Total
Fixed vs. Variable:
Fixed(3)
3.63.835%$3,379,622 100%
Variable——%$— —%
Secured vs. Unsecured:
Secured1.94.587%$104,622 3%
Unsecured3.63.811%$3,275,000 97%
(1)Includes the effect of interest rate swaps that were effective as of December 31, 2024. Interest rates are not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums/discounts or the facility fee on the Revolver.
(2)Excludes unamortized debt issuance costs and debt premiums/discounts totaling $33.7 million which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of December 31, 2024.
(3)Fixed-rate debt includes our variable rate debts that have been effectively fixed through the use of interest rate swaps through maturity.
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At December 31, 2024, we had total indebtedness of $3.4 billion, reflecting a net debt to total combined market capitalization of approximately 26.5%. Our total market capitalization is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our net debt is defined as our consolidated indebtedness less cash and cash equivalents. 
Debt Covenants
The Credit Agreement, $60 Million Term Loan, $100 Million Notes, $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and 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, 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 $300 Million Notes due 2028, $400 Million Notes due 2030 and $400 Million Notes due 2031 (together the “Registered Notes”) 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.
Subject to the terms of the Credit Agreement, $60 Million Term Loan, Senior Notes and Registered 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, the principal and accrued and unpaid interest on the outstanding debt may be declared immediately due and payable at the option of the administrative agent, lenders, trustee and/or noteholders, as applicable, and in the event of 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.
We were in compliance with all of our required quarterly and annual financial debt covenants as of December 31, 2024.
85

Cash Flows
Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023
The following table summarizes the changes in net cash flows associated with our operating, investing, and financing activities for the years ended December 31, 2024 and 2023 (in thousands):
 Year Ended December 31, 
 20242023Change
Cash provided by operating activities$478,917 $427,548 $51,369 
Cash used in investing activities$(1,835,974)$(1,676,446)$(159,528)
Cash provided by financing activities$1,379,584 $1,245,556 $134,028 
 
Net cash provided by operating activities. Net cash provided by operating activities increased by $51.4 million to $478.9 million for the year ended December 31, 2024, compared to $427.5 million for the year ended December 31, 2023. The increase was primarily attributable to the incremental cash flows from property acquisitions completed subsequent to January 1, 2023 and the increase in Cash NOI from our Same Property Portfolio. This was partially offset by changes in working capital, including one tenant’s prepayment of $24.8 million of 2024 rent in November 2023, with no similar prepayment of 2025 rent occurring in 2024, and higher cash interest paid as compared to the prior year.
Net cash used in investing activities. Net cash used in investing activities increased by $159.5 million to $1.84 billion for the year ended December 31, 2024, compared to $1.68 billion for the year ended December 31, 2023. The increase was primarily attributable to a $193.9 million increase in cash paid for property acquisitions and a $106.8 million increase in cash paid for construction costs, including costs related to repositioning/redevelopment projects, partially offset by a $122.7 million decrease in cash used for the issuance of a $125.0 million loan receivable in October 2023 and a $14.3 million increase in net proceeds from the sale of real estate as compared to the prior year.
Net cash provided by financing activities. Net cash provided by financing activities increased by $134.0 million to $1.38 billion for the year ended December 31, 2024, compared to $1.25 billion for the year ended December 31, 2023. The increase was primarily attributable to an increase of $1.1 billion in net cash proceeds from the issuance of the Exchangeable Notes in March 2024. The increase was partially offset by the following: (i) a decrease of $626.2 million in net cash proceeds from the issuance of shares of our common stock, (ii) a decrease of $296.9 million in net cash proceeds from the issuance of the $300 Million Notes due 2028 in March 2023 and (iii) an increase of $65.8 million in cash dividends paid to common stockholders and common unitholders as a result of an increase in our quarterly per share/unit cash dividend and an increase in the number of common shares outstanding.
Comparison of the Year Ended December 31, 2023 to the Year Ended December 31, 2022
Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cash Flows” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 12, 2024, for a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022.
Inflation
We do not believe that inflation has historically had a material impact on the Company. While currently moderating, significant inflation in recent years has resulted in increased operating expenses, capital expenditures and cost of our variable-rate borrowings which could have a material impact on our financial position or results of operations. The majority of our leases are either triple net or provide for tenant reimbursement for costs related to real estate taxes and operating expenses. In addition, most of the leases provide for fixed rent increases. We believe that inflationary increases to real estate taxes, utility expenses and other operating expenses may be partially offset by the contractual rent increases and tenant payment of taxes and expenses described above.
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market risk refers to the risk of loss from adverse changes in market prices and interest rates. A key market risk we face is interest rate risk. We are exposed to interest rate changes primarily as a result of using variable-rate debt to satisfy various short-term and long-term liquidity needs, which have interest rates based upon SOFR. We use interest rate swaps to manage, or hedge, interest rate risks related to our borrowings. Because actual interest rate movements over time are uncertain, our swaps pose potential interest rate risks, notably if interest rates fall. We also expose ourselves to credit risk, which we attempt to minimize by contracting with highly-rated banking financial counterparties. For a summary of our outstanding debt, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources. For a summary of our interest rate swaps and recent transactions, see “Note 8 – Interest Rate Derivatives” to our consolidated financial statements included in Item 15 of this Annual Report on Form 10-K.
As of December 31, 2024, we had total consolidated indebtedness, excluding unamortized debt issuance costs and premiums/discounts, of $3.38 billion. As of December 31, 2024, 100% of this consolidated indebtedness is fixed-rate debt under the terms of the loan or through the use of interest rate swaps. As such, as of December 31, 2024, if SOFR were to increase or decrease, there would be no impact to interest expense or future earnings and cash flows.
Interest risk amounts are our management’s estimates and were determined by considering the effect of hypothetical interest rates on our financial instruments. We calculate interest sensitivity by multiplying the amount of variable rate debt outstanding by the respective change in rate. The sensitivity analysis does not take into consideration the possibility of future changes in the balances or fair value of our floating rate debt or the effect of any change in overall economic activity that could occur in that environment. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in our financial structure.
Item 8. Financial Statements and Supplementary Data
All information required by this item is listed in the Index to Financial Statements in Part IV, Item 15(a)(1).
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is processed, recorded, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
As required by SEC Rule 13a-15(b), we carried out an evaluation, under the supervision and with the participation of management, including the Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of the disclosure controls and procedures as of December 31, 2024, the end of the period covered by this report. Based on this evaluation, management has concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2024 at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There have been no significant changes that occurred during the fourth quarter of the most recent year covered by this report in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
87

Management’s Report on Internal Control Over Financial Reporting
Internal control over financial reporting is a process designed by, or under the supervision of, our Co-Chief Executive Officers and Chief Financial Officer and effected by our board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material effect on the consolidated financial statements.
Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company has used the criteria set forth in the Internal Control–Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission to assess our internal control over financial reporting. Based upon this assessment, management concluded that internal control over financial reporting operated effectively as of December 31, 2024.
The effectiveness of our internal control over financial reporting as of December 31, 2024, has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which appears herein within Item 15. See “Report of Independent Registered Public Accounting Firm”.
Item 9B. Other Information.
During the three months ended December 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each such term is defined in Item 408(a) of Regulation S-K.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
88

PART III
Item 10. Directors, Executive Officers and Corporate Governance
The information required by Item 10 will be contained in a definitive proxy statement for our Annual Meeting of Stockholders, which we anticipate will be filed no later than 120 days after the end of our fiscal year ended December 31, 2024 and is incorporated by reference.
Item 11. Executive Compensation
The information required by Item 11 will be contained in a definitive proxy statement for our Annual Meeting of Stockholders, which we anticipate will be filed no later than 120 days after the end of our fiscal year ended December 31, 2024 and is incorporated by reference.  
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by Item 12 will be contained in a definitive proxy statement for our Annual Meeting of Stockholders, which we anticipate will be filed no later than 120 days after the end of our fiscal year ended December 31, 2024 and is incorporated by reference.  
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by Item 13 will be contained in a definitive proxy statement for our Annual Meeting of Stockholders, which we anticipate will be filed no later than 120 days after the end of our fiscal year ended December 31, 2024 and is incorporated by reference.  
Item 14. Principal Accounting Fees and Services
The information required by Item 14 will be contained in a definitive proxy statement for our Annual Meeting of Stockholders, which we anticipate will be filed no later than 120 days after the end of our fiscal year ended December 31, 2024 and is incorporated by reference.  
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PART IV
Item 15. Exhibits, Financial Statement Schedules
(a)(1) and (2) Financial Statements and Schedules
The following financial information is included in Part IV of this Report on the pages indicated:
 
Reports of Independent Registered Public Accounting Firm (KPMG LLP, Los Angeles, CA, PCAOB Auditor Firm ID: 185)
F-1
Report of Independent Registered Public Accounting Firm (Ernst & Young LLP, Los Angeles, CA, PCAOB Auditor Firm ID: 42)
F-4
Audited Consolidated Financial Statements of Rexford Industrial Realty, Inc.:
F-5
F-6
F-7
F-8
F-10
F-11
F-47
F-66
All other schedules are omitted because the required information is not present in amounts sufficient to require submission of the schedule or because the information required is included in the financial statements and notes thereto.
90

(3). Exhibits
 
Exhibit NumberExhibit DescriptionFormFile No.Exhibit No.Filing Date
3.1S-11/A333-1888063.17/15/2013
3.28-K001-360083.14/7/2023
3.38-A001-360083.311/9/2017
3.48-A001-360083.39/19/2019
4.1S-11/A333-1888064.17/15/2013
4.28-A001-360084.111/9/2017
4.38-A001-360084.19/19/2019
4.4
10-K
001-36008
4.4
2/12/2024
4.58-K001-360084.111/16/2020
4.68-K001-360084.211/16/2020
4.78-K001-360084.28/9/2021
4.8
8-K001-360084.23/30/2023
4.9
8-K001-36008
4.1
3/28/2024
4.10
8-K001-36008
4.1
3/28/2024
4.11
8-K001-36008
4.3
3/28/2024
4.12
8-K001-36008
4.3
3/28/2024
4.13
8-K001-36008
4.5
3/28/2024
4.14
8-K001-36008
4.5
3/28/2024
10.18-K001-36008 10.13/21/2022
10.210-Q001-3600810.29/3/2013
10.3†8-K001-36008
10.1
6/13/2024
10.4†S-11/A333-18880610.47/15/2013
10.5S-11/A333-18880610.57/9/2013
10.610-Q001-3600810.69/3/2013
91

Exhibit NumberExhibit DescriptionFormFile No.Exhibit No.Filing Date
10.7†10-Q001-3600810.89/3/2013
10.8†8-K001-3600810.26/29/2017
10.9†8-K001-3600810.15/20/2020
10.10†10-Q001-3600810.99/3/2013
10.11†8-K001-3600810.36/29/2017
10.12†8-K001-3600810.25/20/2020
10.13†8-K001-3600810.16/29/2017
10.14†8-K001-3600810.45/20/2020
10.15†8-K001-3600810.211/10/2022
10.16†8-K001-3600810.17/9/2020
10.17†8-K001-3600810.111/10/2022
10.18†8-K001-36008
10.2
10/21/2024
10.19†8-K001-36008
10.1
10/21/2024
10.20†10-K001-3600810.113/9/2015
10.21†
10-K001-3600810.182/19/2021
10.22†
10-K001-3600810.192/19/2021
10.2310-K001-3600810.203/20/2014
10.248-K001-3600810.17/20/2015
10.2510-Q001-36008
10.3
10/23/2023
10.268-K001-36008 10.17/19/2017
10.2710-Q001-36008
10.1
10/23/2023
10.2810-Q001-36008 10.38/4/2017
10.2910-K001-3600810.402/21/2018
92

Exhibit NumberExhibit DescriptionFormFile No.Exhibit No.Filing Date
10.30
10-Q001-3600810.25/7/2018
10.318-K001-3600810.17/19/2019
10.3210-Q001-36008
10.2
10/23/2023
10.338-K001-3600810.15/27/2022
10.348-K001-3600810.17/20/2022
10.35
10-K001-3600810.302/13/2022
10.368-K001-360081.12/17/2023
10.378-K001-360081.32/17/2023
10.388-K001-360081.42/17/2023
10.398-K001-360081.52/17/2023
10.408-K001-360081.62/17/2023
10.418-K001-360081.72/17/2023
10.428-K001-360081.82/17/2023
10.438-K001-360081.92/17/2023
10.44
8-K001-360081.102/17/2023
10.45
8-K001-360081.112/17/2023
10.46
8-K001-360081.122/17/2023
10.47
8-K001-360081.132/17/2023
10.48
8-K001-36008
1.1
10/23/2023
10.49
8-K001-36008
1.2
10/23/2023
10.50
8-K001-36008
1.3
10/23/2023
93

Exhibit NumberExhibit DescriptionFormFile No.Exhibit No.Filing Date
10.51
8-K001-36008
1.2
3/28/2024
16.1
8-K001-36008
16.1
2/20/2024
19.1*
21.1*
22.1*
23.1*
23.2*
24.1*
31.1*    
31.2*    
31.3*    
32.1*    
32.2*    
32.3* 
97.1
10-K
001-36008
97.1
2/12/2024
101.1* 
The following financial information from Rexford Industrial Realty, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements
104.1*Cover Page Interactive Data File (embedded within the Inline XBRL document)
*Filed herein
†Compensatory plan or arrangement
Item 16. Form 10-K Summary
None.

94

SIGNATURES
Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
 
  Rexford Industrial Realty, Inc.
February 7, 2025  
/s/ Michael S. Frankel
  Michael S. Frankel
  Co-Chief Executive Officer (Principal Executive Officer)
February 7, 2025  
/s/ Howard Schwimmer
  Howard Schwimmer
  Co-Chief Executive Officer (Principal Executive Officer)
February 7, 2025/s/ Michael Fitzmaurice
Michael Fitzmaurice
Chief Financial Officer
(Principal Financial and Accounting Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
95

POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned officers and directors of Rexford Industrial Realty, Inc., hereby severally constitute Michael S. Frankel, Howard Schwimmer and Michael Fitzmaurice, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Form 10-K filed herewith and any and all amendments to said Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Rexford Industrial Realty, Inc. to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Form 10-K and any and all amendments thereto.
 
Signature Title Date
     
/s/ Michael S. Frankel Co- Chief Executive Officer and Director
(Principal Executive Officer)		 February 7, 2025
Michael S. Frankel    
     
/s/ Howard Schwimmer Co- Chief Executive Officer and Director
(Principal Executive Officer)		 February 7, 2025
Howard Schwimmer    
     
/s/ Michael FitzmauriceChief Financial Officer
(Principal Financial and Accounting Officer)		February 7, 2025
Michael Fitzmaurice
/s/ Richard Ziman Chairman of the Board February 7, 2025
Richard Ziman    
     
/s/ Robert L. Antin Director February 7, 2025
Robert L. Antin    
     
/s/ Diana J. Ingram Director February 7, 2025
Diana J. Ingram    
/s/ Angela L. KleimanDirectorFebruary 7, 2025
Angela L. Kleiman
/s/ Debra L. MorrisDirectorFebruary 7, 2025
Debra L. Morris
/s/ Tyler H. Rose Director February 7, 2025
Tyler H. Rose    


96

Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Rexford Industrial Realty, Inc.:
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Rexford Industrial Realty, Inc. and subsidiaries (the Company), as of December 31, 2024, the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for the year then ended, and the related notes and financial statement schedules III and IV (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 7, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Allocation of Purchase Price to Land in Asset Acquisitions
As discussed in Notes 2, 3, and 4 to the consolidated financial statements, the Company acquired 56 properties for a total purchase price of $1.5 billion during the year ended December 31, 2024 and accounted for them as asset acquisitions. Of the total purchase price, $1.0 billion was allocated to land. The purchase price in an asset acquisition is allocated among the individual components of both tangible and intangible assets and liabilities acquired based on their relative fair values. Fair value is determined using various inputs including discount rates, capitalization rates, market rental rates, rental growth rates and comparable sales data, including land sales, for similar properties.
We identified the evaluation of the allocation of purchase price to land in asset acquisitions as a critical audit matter. Specifically, evaluating the relevance of comparable land sales used in the Company’s determination of the estimated fair value involved subjective auditor judgment. The audit effort associated with this estimate required specialized skills and knowledge.
F-1

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of the internal control over the Company’s process to allocate the purchase price of asset acquisitions, including the evaluation of publicly available comparable land sales used to determine the fair value of land. For a selection of asset acquisitions, we involved valuation professionals with specialized skills and knowledge who assisted in evaluating the Company’s acquired land values by comparing them to independently developed ranges using market data from industry transaction databases and published industry reports.

/s/ KPMG LLP
We have served as the Company’s auditor since 2024.
Los Angeles, California
February 7, 2025
F-2

Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Rexford Industrial Realty, Inc.:
Opinion on Internal Control Over Financial Reporting
We have audited Rexford Industrial Realty, Inc. and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for the year then ended, and the related notes and financial statement schedules III and IV (collectively, the consolidated financial statements), and our report dated February 7, 2025 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Los Angeles, California
February 7, 2025

F-3

Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Rexford Industrial Realty, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Rexford Industrial Realty, Inc. (the Company) as of December 31, 2023, and the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for each of the two years in the period ended December 31, 2023, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP
We served as the Company’s auditor from 2012 to 2024.
Los Angeles, California
February 9, 2024
F-4

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands - except share and per share data)
 December 31, 2024December 31, 2023
ASSETS  
Land$7,822,290 $6,815,622 
Buildings and improvements4,611,987 3,933,379 
Tenant improvements188,217 167,251 
Furniture, fixtures, and equipment132 132 
Construction in progress333,690 240,010 
Total real estate held for investment12,956,316 11,156,394 
Accumulated depreciation(977,133)(782,461)
Investments in real estate, net11,979,183 10,373,933 
Cash and cash equivalents55,971 33,444 
Loan receivable, net
123,244 122,784 
Rents and other receivables, net15,772 17,494 
Deferred rent receivable, net161,693 123,325 
Deferred leasing costs, net67,827 59,351 
Deferred loan costs, net1,999 3,426 
Acquired lease intangible assets, net201,467 153,670 
Acquired indefinite-lived intangible asset
5,156 5,156 
Interest rate swap assets
8,942 9,896 
Other assets26,964 25,225 
Acquisition related deposits— 2,125 
Total Assets$12,648,218 $10,929,829 
LIABILITIES & EQUITY  
Liabilities  
Notes payable$3,345,962 $2,225,914 
Accounts payable, accrued expenses and other liabilities149,707 128,842 
Dividends and distributions payable97,823 83,733 
Acquired lease intangible liabilities, net147,473 147,561 
Tenant security deposits90,698 84,872 
Tenant prepaid rents
90,576 115,002 
Total Liabilities3,922,239 2,785,924 
Equity  
Rexford Industrial Realty, Inc. stockholders’ equity  
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at December 31, 2024 and December 31, 2023 ($75,000 liquidation preference)
72,443 72,443 
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at December 31, 2024 and December 31, 2023 ($86,250 liquidation preference)
83,233 83,233 
Common Stock, $0.01 par value per share, 489,950,000 authorized and 225,285,011 and 212,346,450 shares outstanding at December 31, 2024 and December 31, 2023, respectively
2,253 2,123 
Additional paid-in capital8,601,276 7,940,781 
Cumulative distributions in excess of earnings(441,881)(338,835)
Accumulated other comprehensive income
6,746 7,172 
Total stockholders’ equity8,324,070 7,766,917 
Noncontrolling interests401,909 376,988 
Total Equity8,725,979 8,143,905 
Total Liabilities and Equity$12,648,218 $10,929,829 
The accompanying notes are an integral part of these consolidated financial statements.
F-5

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands - except share and per share data)
Year Ended December 31,
  2024 2023 2022
REVENUES   
Rental income$922,096 $791,383 $630,578 
Management and leasing services611 682 616 
Interest income13,700 5,761 10 
TOTAL REVENUES936,407 797,826 631,204 
OPERATING EXPENSES  
Property expenses210,260 184,479 150,503 
General and administrative82,153 75,027 64,264 
Depreciation and amortization275,247 244,510 196,794 
TOTAL OPERATING EXPENSES567,660 504,016 411,561 
OTHER EXPENSES  
Other expenses2,238 1,820 1,561 
Interest expense98,596 61,400 48,496 
TOTAL EXPENSES668,494 567,236 461,618 
Loss on extinguishment of debt— — (915)
Gains on sale of real estate18,013 19,001 8,486 
NET INCOME285,926 249,591 177,157 
 Less: net income attributable to noncontrolling interests(12,124)(11,575)(9,573)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.273,802 238,016 167,584 
 Less: preferred stock dividends(9,258)(9,258)(9,258)
 Less: earnings allocated to participating securities (1,679)(1,309)(845)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$262,865 $227,449 $157,481 
Net income attributable to common stockholders per share - basic$1.20 $1.12 $0.92 
Net income attributable to common stockholders per share - diluted$1.20 $1.12 $0.92 
Weighted average shares of common stock outstanding - basic218,279,597 202,883,704 170,467,365 
Weighted average shares of common stock outstanding - diluted218,466,954 203,110,993 170,978,272 

The accompanying notes are an integral part of these consolidated financial statements.
F-6

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
 
 Year Ended December 31,
  2024 2023 2022
Net income$285,926 $249,591 $177,157 
Other comprehensive (loss) income: cash flow hedge adjustments
(432)(1,147)18,846 
Comprehensive income285,494 248,444 196,003 
Less: comprehensive income attributable to noncontrolling interests(12,118)(11,503)(10,298)
Comprehensive income attributable to Rexford Industrial Realty, Inc.$273,376 $236,941 $185,705 

The accompanying notes are an integral part of these consolidated financial statements.

F-7

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands - except share data)
 Preferred StockNumber of
Shares		Common
Stock		Additional
Paid-in Capital		Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders’
Equity		Noncontrolling
Interests		Total Equity
Balance at December 31, 2021$155,676 160,511,482 $1,605 $4,828,292 $(191,120)$(9,874)$4,784,579 $283,116 $5,067,695 
Issuance of common stock— 28,343,395 283 1,831,490 — — 1,831,773 — 1,831,773 
Offering costs— — — (22,542)— — (22,542)— (22,542)
Issuance of OP Units— — — — — — — 56,167 56,167 
Issuance of 3.00% cumulative redeemable convertible preferred units
— — — — — — — 12,000 12,000 
Equity-based compensation— 123,542 1 5,547 — — 5,548 23,488 29,036 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (31,576)— (2,156)— — (2,156)— (2,156)
Conversion of OP Units to common stock— 167,286 2 6,236 — — 6,238 (6,238)— 
Acquisition of private REIT - preferred units— — — — — — — 122 122 
Net income9,258 — — — 158,326 — 167,584 9,573 177,157 
Other comprehensive income— — — — — 18,121 18,121 725 18,846 
Preferred stock dividends ($1.468752 per series B preferred share and $1.406252 per series C preferred share)
(9,258)— — — — — (9,258)— (9,258)
Preferred unit distributions— — — — — — — (3,124)(3,124)
Common stock dividends ($1.26 per share)
— — — — (222,949)— (222,949)— (222,949)
Common unit distributions— — — — — — — (9,425)(9,425)
Balance at December 31, 2022$155,676 189,114,129 $1,891 $6,646,867 $(255,743)$8,247 $6,556,938 $366,404 $6,923,342 
Issuance of common stock— 22,751,622 227 1,281,763 — — 1,281,990 — 1,281,990 
Offering costs— — — (6,258)— — (6,258)— (6,258)
Equity-based compensation— 183,994 2 7,329 — — 7,331 27,324 34,655 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (32,507)— (1,914)— — (1,914)— (1,914)
Conversion of OP Units to common stock— 329,212 3 12,994 — — 12,997 (12,997)— 
Net income9,258 — — — 228,758 — 238,016 11,575 249,591 
Other comprehensive loss— — — — — (1,075)(1,075)(72)(1,147)
Preferred stock dividends ($1.468752 per series B preferred share and $1.406252 per series C preferred share)
(9,258)— — — — — (9,258)— (9,258)
Preferred unit distributions— — — — — — — (3,208)(3,208)
Common stock dividends ($1.52 per share)
— — — — (311,850)— (311,850)— (311,850)
Common unit distributions— — — — — — — (12,038)(12,038)
F-8

 Preferred StockNumber of
Shares		Common
Stock		Additional
Paid-in Capital		Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders’
Equity		Noncontrolling
Interests		Total Equity
Balance at December 31, 2023$155,676 212,346,450 $2,123 $7,940,781 $(338,835)$7,172 $7,766,917 $376,988 $8,143,905 
Issuance of common stock— 12,666,152 127 653,317 — — 653,444 — 653,444 
Offering costs— — — (3,900)— — (3,900)— (3,900)
Equity-based compensation— 199,828 2 8,571 — — 8,573 34,384 42,957 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (41,649)— (2,154)— — (2,154)— (2,154)
Conversion of OP Units to common stock— 114,230 1 4,661 — — 4,662 (4,662)— 
Redemption Private REIT Preferred Units— — — — — — — (122)(122)
Net income9,258 — — — 264,544 — 273,802 12,124 285,926 
Other comprehensive loss— — — — — (426)(426)(6)(432)
Preferred stock dividends ($1.468752 per series B preferred share and $1.406252 per series C preferred share)
(9,258)— — — — — (9,258)— (9,258)
Preferred unit distributions— — — — — — — (2,346)(2,346)
Common stock dividends ($1.67 per share)
— — — — (367,590)— (367,590)— (367,590)
Common unit distributions— — — — — — — (14,451)(14,451)
Balance at December 31, 2024$155,676 225,285,011 $2,253 $8,601,276 $(441,881)$6,746 $8,324,070 $401,909 $8,725,979 

The accompanying notes are an integral part of these consolidated financial statements.
F-9

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
  2024 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$285,926 $249,591 $177,157 
Adjustments to reconcile net income to net
   cash provided by operating activities:		  
Depreciation and amortization275,247 244,510 196,794 
Amortization of net (below) above market lease intangibles and other deferred rent on certain below-market leases
(27,653)(29,882)(31,209)
Accretion of net loan origination fees and costs
(460)(84)— 
Impairment of right-of-use asset— 188 — 
Loss on extinguishment of debt— — 915 
Gains on sale of real estate(18,013)(19,001)(8,486)
Amortization of debt issuance costs4,775 3,856 2,689 
Amortization of discount (premium) on notes payable, net4,829 688 250 
Equity based compensation expense41,602 33,638 28,426 
Straight-line rent(38,433)(36,587)(31,220)
Payments for termination/settlement of interest rate derivatives— (161)(589)
Amortization related to termination/settlement of interest rate derivatives522 540 531 
Change in working capital components:  
Rents and other receivables2,257 (2,227)(2,858)
Deferred leasing costs(28,940)(25,807)(17,762)
Other assets801 (1,092)(594)
Accounts payable, accrued expenses and other liabilities8,886 4,658 9,304 
Tenant security deposits(3,075)3,450 6,294 
Tenant prepaid rents
(29,354)1,270 (1,947)
Net cash provided by operating activities478,917 427,548 327,695 
CASH FLOWS FROM INVESTING ACTIVITIES:   
Acquisition of investments in real estate(1,505,993)(1,312,085)(2,328,430)
Issuance of loan receivable, net
— (122,700)— 
Capital expenditures(373,392)(266,564)(135,095)
Return of (payment for) deposits on real estate acquisitions, net
2,125 (2,125)(1,000)
Proceeds from sale of real estate41,286 27,028 15,315 
Net cash used in investing activities(1,835,974)(1,676,446)(2,449,210)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Issuance of common stock, net649,544 1,275,732 1,809,231 
Proceeds from borrowings1,129,875 646,925 2,714,000 
Repayment of borrowings(13,402)(357,491)(2,176,606)
Payment of debt issuance costs(4,602)(3,042)(7,300)
Redemption of private REIT preferred units
(122)— — 
Dividends paid to preferred stockholders(9,258)(9,258)(9,258)
Dividends paid to common stockholders(354,226)(290,728)(201,902)
Distributions paid to common unitholders(13,725)(11,460)(8,582)
Distributions paid to preferred unitholders(2,346)(3,208)(3,124)
Repurchase of common shares to satisfy employee tax withholding requirements(2,154)(1,914)(2,156)
Net cash provided by financing activities1,379,584 1,245,556 2,114,303 
Increase (decrease) in cash, cash equivalents and restricted cash22,527 (3,342)(7,212)
Cash and cash equivalents, beginning of period33,444 36,786 43,998 
Cash and cash equivalents, end of period$55,971 $33,444 $36,786 
Supplemental disclosure of cash flow information:  
Cash paid for interest (net of capitalized interest of $31,363, $23,611 and $12,236 for the years December 31, 2024, 2023 and 2022, respectively)
$74,187 $54,617 $44,811 
Supplemental disclosure of noncash transactions:
Operating lease right-of-use assets obtained in exchange for lease liabilities$2,084 $— $6,363 
Issuance of operating partnership units in connection with acquisition of real estate$— $— $56,167 
Issuance of 3.0% cumulative redeemable convertible preferred units in connection with acquisition of real estate
$— $— $12,000 
Acquisition of private REIT - preferred units$— $— $122 
Accrual for capital expenditures$68,745 $55,344 $29,074 
Accrual of dividends and distributions$97,823 $83,733 $62,033 

The accompanying notes are an integral part of these consolidated financial statements.

F-10

REXFORD INDUSTRIAL REALTY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
1.    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, reposition 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 zoned property or property suitable for industrial development. As of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 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).
2.    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 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, 2024 and 2023, 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” or “Codification”) 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 generally comprised of 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”). We include restricted cash with cash and cash equivalents in the consolidated statements of cash flows and provide a reconciliation between the balance sheet and the statement of cash flows provided that we have outstanding restricted cash balances. As of December 31, 2024 and 2023, we did not have restricted cash balances.
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Investments in Real Estate
Acquisitions
    We account for acquisitions of properties under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally do not meet the 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 was 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, exit 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, 2024, we used discount rates ranging from 5.50% to 8.25% and exit capitalization rates ranging from 4.50% to 6.50%.
    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 determined to be reasonably certain of exercise, 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, 2024, we used an estimated average lease-up period ranging from six months to fifteen months.
From time to time, we may engage in a sale-leaseback transaction whereby we execute a lease with the seller/tenant simultaneously with the acquisition of a property. Sale-leaseback transactions entered into at off-market terms are adjusted so that the transaction is recorded at fair value. If the purchase price is less than the fair value of the acquired property, or the present value of contractual leaseback payments is less than the present value of market rental payments, the difference is recognized as “Tenant prepaid rent” in the consolidated balance sheets and is recognized as rental income on a straight-line basis over the term of the lease.
    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 is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date.
Demolition costs incurred in conjunction with the acquisition of real estate are capitalized as part of the cost of the acquisition if the demolition (i) is contemplated as part of the acquisition and (ii) occurs within a reasonable period of time after the acquisition. If demolition was not contemplated as part of the acquisition or the demolition does not occur within a reasonable period of time after the acquisition, the costs of the demolition are expensed as incurred.
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.
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We capitalized interest costs of $31.4 million, $23.6 million and $12.2 million during the years ended December 31, 2024, 2023 and 2022, respectively. We capitalized real estate taxes and insurance aggregating $8.1 million, $7.1 million, and $5.2 million during the years ended December 31, 2024, 2023 and 2022, respectively. We capitalized compensation costs for employees who provide construction services of $13.3 million, $11.1 million and $8.7 million during the years ended December 31, 2024, 2023 and 2022, 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, 2024 and 2023, we did not have any properties classified as held for sale.
Impairment of Long-Lived Assets
In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including 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.
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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, 2024, 2023 or 2022, there were no impairment charges recorded to the carrying value of our real estate properties.
In connection with the early termination of a sublease for one of our office space leases in February 2023, we recorded a $0.2 million impairment charge during the first quarter of 2023 to reduce the carrying value of the related ROU asset. No such impairment charge was recorded during the year ended December 31, 2024 or December 31, 2022. The impairment charge is presented in “Other expenses” in the consolidated statements of operations.
Accounting for Leases
Leases as Lessor
We evaluate new leases originated or leases assumed as part of an acquisition transaction under ASC Topic 842: Leases to determine lease classification. Generally, all of our leases have historically been classified as operating leases. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, there is a purchase option that the tenant is reasonably certain to exercise, the lease term, including extension options that the tenant is reasonably certain to exercise, is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor, if applicable. As of and for the year ended December 31, 2024, 2023 and 2022, we did not have any leases that were classified as sales-type or financing leases under sale-leaseback rules.
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 7 – Leases” for additional lessee disclosures required under lease accounting standards.
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 on our taxable income.
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 regular federal corporate 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.
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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 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, 2024, 2023 and 2022.
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, 2024 and 2023, 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 8 – Interest Rate Derivatives” for details.
    Revenue Recognition
Our primary sources of income are rental income, management and leasing services, interest income 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 of or controls the physical use
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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 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 Topic 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.
Interest Income
Interest income on our loan receivable is recognized on an accrual basis over the life of the loan using the interest method. Loan origination fees, net of origination costs, are accreted or amortized over the term of the loan as an adjustment to interest income using the effective interest method. Generally, a loan is placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.
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
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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 $3.5 million as a net reduction adjustment, $3.6 million as a net reduction adjustment and $0.4 million as a net increase adjustment to rental income in the consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022, respectively.
Loan Receivable
Our loan receivable is reflected at amortized cost in the consolidated balance sheets. The amortized cost of our loan receivable is the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan.
Accrued interest receivable related to our loan receivable is recorded at the net amount expected to be collected within “Rents and other receivables, net” in the consolidated balance sheets.
The current expected credit losses approach under ASC Topic 326: Financial Instruments—Credit Losses requires an estimate of the credit losses expected over the life of a loan. We assess the need for an allowance for credit losses related to our loan receivable and the related interest receivable by evaluating the following: (i) asset-specific risks, which include the nature of the collateral, current loan-to-value ratio and the potential future changes in the collateral’s fair value, (ii) other relevant available information, from internal and external sources, relating to current conditions that may affect the borrower’s ability to repay the loan upon maturity, such as the borrower’s current financial condition and credit rating, and (iii) historical losses (adjusted for current conditions and reasonable and supportable forecasts) for financial assets secured with similar collateral (all taken together, the “credit loss evaluation criteria”). See “Note 5 – Loan Receivable” for details.
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 revolving credit facility arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See “Note 6 – 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 with a performance and/or market measure, we recognize compensation cost over the requisite service period using the accelerated expense attribution method, with each vesting tranche valued as a separate award. 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. For share-based awards that vest based on a market condition, failure to satisfy the market condition results in the forfeiture of units but does not result in the reversal of previously recognized compensation cost. Forfeitures (for all awards) are recognized in the period in which they occur. See “Note 14 – 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 12 – 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.
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Earnings Per Share
We calculate earnings per share (“EPS”) in accordance with ASC Topic 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. In addition, we include the exchangeable notes in the computation of diluted earnings per share if the effect is dilutive. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 15 – Earnings Per Share” for details.
401(k) Plan
Under the Company's 401(k) Plan, all eligible employees may participate by making voluntary contributions, and we may make, but are not required to make, matching contributions. For the years ended December 31, 2024, 2023, and 2022, total expense related to matching contributions was $0.8 million, $0.3 million and $0.2 million, respectively.
Adoption of New Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses provided to a Company’s chief operating decision maker (“CODM”), the titles and positions of the CODM, and how the CODM uses the segment’s profit/loss measure to assess segment performance and allocate resources. In addition, entities with a single reportable segment must now provide all disclosures required by the amendments in ASU 2023-07, as well as existing segment disclosures required in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted ASU 2023-07 beginning with our fiscal year ended December 31, 2024. The adoption of ASU 2023-07 did not have any material impact on our consolidated financial statements as the primary change was the inclusion of additional disclosures related to our single reportable segment. See “Note 16 – Segment Reporting” for details.
Recent Accounting Pronouncements (Issued and Not Yet Adopted)
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amendments in ASU 2024-03 apply to all public business entities and require disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of adopting ASU 2024-03.
In November 2024, the FASB issued ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”). The amendments in ASU 2024-04 clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. We are currently evaluating the potential impact of adopting ASU 2024-04.
F-18

3.    Investments in Real Estate
Acquisition Summary
The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2024: 
PropertySubmarketDate of AcquisitionRentable Square FeetNumber of Buildings
Contractual Purchase Price(1)
(in thousands)
5000 & 5010 Azusa Canyon RoadLos Angeles - San Gabriel Valley1/31/2024233,984 2 $84,000 
Blackstone Industrial Assets(2)
Various3/28/20243,008,578 48 996,800 
4422 Airport DriveSan Bernardino - Inland Empire West4/5/202488,283 1 26,725 
1901 Rosslynn AvenueOrange County - North5/10/2024278,572 1 94,250 
16203-16233 Arrow HighwayLos Angeles - San Gabriel Valley5/23/2024134,542 4 48,500 
950 West 190th StreetLos Angeles - South Bay7/22/2024188,545 1 41,290 
12900 Alondra BoulevardLos Angeles - Mid-Counties9/20/202482,660 1 19,200 
13201 Dahlia StreetSan Bernardino - Inland Empire West10/15/2024278,6501 70,061 
2501 Rosecrans AvenueLos Angeles - South Bay12/6/2024300,2171 137,200 
Total 2024 Property Acquisitions4,594,031 60 $1,518,026 
(1)Represents the gross contractual purchase price before certain credits, prorations, closing costs and other acquisition related costs. Total capitalized closing costs and acquisition related costs, net of certain credits, not included in the gross contractual purchase price in the above table is approximately $3.7 million.
(2)Represents the acquisition of 48 properties pursuant to three separate transactions with three Blackstone Real Estate entities.
F-19

The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2023:
PropertySubmarketDate of AcquisitionRentable Square FeetNumber of Buildings
Contractual Purchase Price(1)
(in thousands)
16752 Armstrong AvenueOrange County - Airport1/6/202381,600 1 $40,000 
10545 Production AvenueSan Bernardino - Inland Empire West1/30/20231,101,840 1 365,000 
3520 Challenger StreetLos Angeles - South Bay2/28/202349,336 1 14,200 
9000 Airport Boulevard(2)
Los Angeles - South Bay3/28/202338,680 1 143,000 
9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue(3)
San Diego - Central3/30/2023515,382 5 200,000 
13925 Benson AvenueSan Bernardino - Inland Empire West4/7/202338,143 1 27,500 
19301 Santa Fe AvenueLos Angeles - South Bay4/14/202341,638 3 14,600 
2395-2399 Bateman AvenueLos Angeles - San Gabriel Valley4/21/2023134,952 3 41,203 
27712 & 27756 Avenue MentryLos Angeles - San Fernando Valley7/13/2023220,752 2 38,010 
5630 Cerritos AvenueOrange County - West7/14/202376,032 1 21,350 
9400-9500 Santa Fe Springs RoadLos Angeles - Mid-Counties7/20/2023595,304 2 210,000 
422 Rosecrans Avenue(4)
Los Angeles - South Bay7/26/20239,350 1 2,850 
14650 Hoover StreetOrange County - West7/27/202359,679 1 22,300 
2500 Thompson StreetLos Angeles - South Bay8/18/2023174,691 1 20,250 
15801 West 1st Street(5)
Los Angeles - San Gabriel Valley10/26/2023993,142 1 120,000 
600-708 Vermont AvenueOrange County - North12/15/2023133,836 4 57,025 
11234 Rush Street(4)
Los Angeles - San Gabriel Valley12/28/20236,370 1 12,500 
Total 2023 Property Acquisitions4,270,727 30 $1,349,788 
(1)Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. Total capitalized closing costs and acquisition related costs, net of certain credits, not included in the gross contractual purchase price in the above table is approximately $3.8 million.
(2)Represents the acquisition of 18.4 acres of industrial zoned land.
(3)Represents the acquisition of three properties in one consolidated transaction.
(4)Represents acquisition of a current or near-term (within 24 months) redevelopment site.
(5)This property was acquired through a sale-leaseback transaction in which the seller and tenant are under common control. The transaction was entered into at off-market terms where the contractual purchase price was less than the fair value of the acquired property. The difference was recognized as “Tenant prepaid rent” in the consolidated balance sheets.
F-20

The following table summarizes amounts allocated to each major class of asset and liability on a relative fair value basis for the acquisitions noted in the table above, as of the date of each acquisition (in thousands):
20242023
Assets:
Land$1,020,690 $978,844 
Buildings and improvements424,579 435,288 
Tenant improvements4,818 5,685 
Acquired lease intangible assets(1)
103,795 29,528 
Other acquired assets(2)
2,033 925 
   Total assets acquired
$1,555,915 $1,450,270 
Liabilities:
Acquired lease intangible liabilities(3)
$32,119 $32,984 
Other deferred rent (off-market terms)(4)
— 62,813 
Other assumed liabilities(2)(5)
17,803 40,763 
   Total liabilities assumed
$49,922 $136,560 
Net assets acquired$1,505,993 $1,313,710 
(1)For the 2024 acquisitions, acquired lease intangible assets are comprised of $77.0 million of in-place lease intangibles with a weighted average amortization period of 4.6 years and $26.8 million of above-market lease intangibles with a weighted average amortization period of 4.2 years. For the 2023 acquisitions, acquired lease intangible assets are comprised of $29.4 million of in-place lease intangibles with a weighted average amortization period of 11.9 years, $0.1 million of above-market lease intangibles with a weighted average amortization period of 5.2 years.
(2)Includes other working capital assets acquired and liabilities assumed at the time of acquisition, including prorations.
(3)Represents below-market lease intangibles with a weighted average amortization period of 11.7 years and 20.8 years, for the 2024 and 2023 acquisitions, respectively.
(4)In connection with the acquisition of 15801 West 1st Street in 2023, we simultaneously entered into a leaseback agreement with the seller/tenant in which the sale-leaseback transaction had off-market terms (sale price or leaseback payments were less than fair value). Amount is recorded in the line item “Tenant prepaid rent” in the consolidated balance sheets and is being recognized into rental income on a straight-line basis over the term of the lease, which is 17.4 years.
(5)In addition to other liabilities assumed at the time of acquisition, the amount for 2023 includes one-year of prepaid rent totaling $23.9 million paid by a seller/tenant at the time of closing not related to off-market transaction terms.
F-21

Dispositions
The following table summarizes information related to the properties that we sold during the years ended December 31, 2024, 2023, and 2022 (dollars in thousands).
PropertySubmarketDate of DispositionRentable Square Feet
Contractual Sales Price(1)
(in thousands)
Gain Recorded
(in thousands)
2024 Dispositions:
2360-2364 East Sturgis RoadVentura4/16/202449,641 $10,000 $6,261 
6423-6431 & 6407-6119 Alondra BoulevardLos Angeles - South Bay5/03/202430,224 7,600 5,077 
15401 Figueroa StreetLos Angeles - South Bay5/07/202438,584 10,225 4,203 
8210 Haskell AvenueLos Angeles - San Fernando Valley5/17/202426,229 9,200 727 
2553 Garfield AvenueLos Angeles - Central8/20/202425,615 7,275 1,745 
170,293 44,300 18,013 
2023 Dispositions:
8101-8117 Orion Ave.
Los Angeles - San Fernando Valley
3/28/202348,394 $17,000 $12,133 
3720-3750 W. Warner AvenueOrange County Airport12/05/202338,643 11,275 6,868 
87,037 28,275 19,001 
2022 Dispositions:
28159 Avenue StanfordLos Angeles - San Fernando Valley1/13/202279,247 $16,500 $8,486 
Total79,247 $16,500 $8,486 
(1)Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.
F-22

4.    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,
 20242023
Acquired Lease Intangible Assets:  
In-place lease intangibles$411,567 $338,001 
Accumulated amortization(252,147)(207,804)
In-place lease intangibles, net$159,420 $130,197 
Above-market tenant leases$51,225 $25,598 
Accumulated amortization(21,695)(14,808)
Above-market tenant leases, net$29,530 $10,790 
Below-market ground lease
$12,976 $12,978 
Accumulated amortization
(459)(295)
Below-market ground lease, net$12,517 $12,683 
Acquired lease intangible assets, net$201,467 $153,670 
Acquired Lease Intangible Liabilities:  
Below-market tenant leases$(280,840)$(249,853)
Accumulated amortization
133,367 102,292 
Below-market tenant leases, net$(147,473)$(147,561)
Acquired lease intangible liabilities, net$(147,473)$(147,561)

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,
  2024 2023 2022
In-place lease intangibles(1)
$47,815 $42,168 $42,202 
Net below market tenant leases(2)
$(24,190)$(29,295)$(31,339)
Below-market ground leases(3)
$164 $164 $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.
F-23

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2024, for the next five years and thereafter (in thousands):
Year Ending
In-place Leases(1)
Net Above/(Below)
Market Operating
Leases(2)
Below Market
Ground Lease(3)
2025$44,557 $(19,711)$164 
202631,381 (11,129)164 
202723,660 (6,783)164 
202818,367 (8,095)164 
202910,674 (7,463)164 
Thereafter30,781 (64,762)11,697 
Total$159,420 $(117,943)$12,517 
(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.
5.    Loan Receivable
On October 26, 2023, in conjunction with the acquisition of the property located at 15801 West 1st Street, we issued a $125.0 million loan to the seller that is securitized by an adjacent 150-acre industrial development site as well as two escrow reserve accounts that were funded with loan proceeds at closing (the “loan collateral”). The loan bears interest at 7.50% per annum, requires monthly interest-only payments with a balloon payment at maturity, and has an effective interest rate of 8.00% including loan origination costs and fees. The loan has a maturity date of October 26, 2028, with one 1-year extension available at the borrower’s option, subject to certain conditions plus the payment of a 0.25% extension fee. The loan allows for prepayment, in part or whole, with penalties ranging from 1.00% to 2.00% of the amount prepaid, depending on the timing of the prepayment. The loan also includes a right of first offer for us to acquire the underlying industrial development site in the future. As of December 31, 2024, the borrower was current on monthly interest payments.
As of December 31, 2024, the carrying value of the loan receivable was $123.2 million, which reflects $1.8 million of unamortized origination fees/costs. As of December 31, 2023, the carrying value of the loan receivable was $122.8 million, which reflects $2.2 million of unamortized origination fees/costs. Based on our current assessment of the credit loss evaluation criteria, we determined that the allowance for potential credit losses on our loan receivable is immaterial as of December 31, 2024 and 2023.
F-24

6.    Notes Payable
The following table summarizes the components and significant terms of our indebtedness as of December 31, 2024 and 2023 (dollars in thousands):
 December 31, 2024December 31, 2023Margin Above SOFR
Interest Rate(1)
 
Contractual
Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility$— $— S+0.725 %
(2)
5.315 %
(3)
5/26/2026
(4)
$400M Term Loan400,000 400,000 S+0.800 %
(2)
4.872 %
(5)
7/18/2025
(4)
$100M Senior Notes
100,000 100,000 n/a4.290 %
 
8/6/2025
$575M Exchangeable Senior Notes due 2027575,000 — n/a4.375 %3/15/2027
$300M Term Loan300,000 300,000 S+0.800 %
(2)
3.717 %
(6)
5/26/2027
$125M Senior Notes
125,000 125,000 n/a3.930 %7/13/2027
$300M Senior Notes due 2028300,000 300,000 n/a5.000 %6/15/2028
$575M Exchangeable Senior Notes due 2029
575,000 — n/a4.125 %3/15/2029
$25M Series 2019A Senior Notes
25,000 25,000 n/a3.880 %7/16/2029
$400M Senior Notes due 2030400,000 400,000 n/a2.125 %12/1/2030
$400M Senior Notes due 2031
400,000 400,000 n/a2.150 %9/1/2031
$75M Series 2019B Senior Notes
75,000 75,000 n/a4.030 %7/16/2034
Total Unsecured Debt$3,275,000 $2,125,000 
Secured Debt:
7612-7642 Woodwind Drive$— $3,613 n/a5.240 %1/5/2024
11600 Los Nietos Road— 2,290 n/a4.190 %5/1/2024
$60M Term Loan(7)
60,000 60,000 S+1.250 %5.060 %
(7)
10/27/2025
(7)
5160 Richton Street
— 4,029 n/a3.790 %11/15/2024
22895 Eastpark Drive
— 2,539 n/a4.330 %11/15/2024
701-751 Kingshill Place(8)
6,852 6,984 n/a3.900 %1/5/2026
13943-13955 Balboa Boulevard(8)
14,213 14,596 n/a3.930 %7/1/2027
2205 126th Street(9)
5,200 5,200 n/a3.910 %12/1/2027
2410-2420 Santa Fe Avenue(9)
10,300 10,300 n/a3.700 %1/1/2028
11832-11954 La Cienega Boulevard(8)
3,772 3,852 n/a4.260 %7/1/2028
Gilbert/La Palma(8)
1,538 1,741 n/a5.125 %3/1/2031
7817 Woodley Avenue(8)
2,747 2,881 n/a4.140 %8/1/2039
Total Secured Debt$104,622 $118,025 
Total Unsecured and Secured Debt$3,379,622 $2,243,025 
Less: Unamortized premium/discount and debt issuance costs(10)
(33,660)(17,111)
Total$3,345,962 $2,225,914 
(1)Reflects the contractual interest rate under the terms of each loan as of December 31, 2024 and includes the effect of interest rate swaps that were effective as of December 31, 2024. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums and discounts.
(2)As of December 31, 2024, the interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for both the unsecured revolving credit facility and $400.0 million unsecured term loan, and 1-month term SOFR (“Term SOFR”) for the $300.0 million unsecured term loan (in each case increased by a 0.10% SOFR adjustment), plus an applicable margin of 0.725% per annum for the unsecured revolving credit facility and 0.80% per annum for the $300.0 million and $400.0 million unsecured term loans, and a sustainability-related rate adjustment of zero. These loans are also subject to a 0% SOFR floor.
F-25

(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. As of December 31, 2024, the applicable facility fee is 0.125% per annum with a sustainability-related rate adjustment of zero.
(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. On July 12, 2024, we exercised the first of the two one-year extension options to extend the maturity date of the $400.0 million unsecured term loan by one year to July 18, 2025.
(5)Daily SOFR for our $400.0 million unsecured term loan has been swapped to a fixed rate of 3.97231%, resulting in an all-in fixed rate of 4.87231% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(6)Term SOFR for our $300.0 million unsecured term loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.71725% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(7)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. 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. Term SOFR for this loan has been swapped to a fixed rate of 3.710%, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. On September 26, 2024, we exercised the first of the three one-year extension options to extend the maturity date of this loan by one year to October 27, 2025.
(8)Fixed monthly payments of interest and principal until maturity as follows: 701-751 Kingshill Place ($33,488), 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855).
(9)Fixed monthly payments of interest only.
(10)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, 2024, and does not consider unexercised extension options available to us as noted in the table above (in thousands):
2025$560,973 
20267,587 
20271,019,078 
2028314,218 
2029600,427 
Thereafter877,339 
Total$3,379,622 
Recent Activity
Issuance of Exchangeable Senior Notes
In March 2024, we issued $575.0 million in aggregate principal amount of 4.375% exchangeable senior unsecured notes due 2027 (the “2027 Exchangeable Notes”) and $575.0 million in aggregate principal amount of 4.125% exchangeable senior unsecured notes due 2029 (the “2029 Exchangeable Notes” and together with the 2027 Exchangeable Notes, the “Exchangeable Notes”). The net proceeds from the issuance, after deducting the initial purchasers’ discounts, underwriting commissions and other offering expenses, were approximately $563.1 million for the 2027 Exchangeable Notes and $563.1 million for the 2029 Exchangeable Notes. As of December 31, 2024, the net carrying amount of the 2027 Exchangeable Notes was $565.9 million, with unamortized debt discount and issuance costs of $9.1 million, and the net carrying amount of the 2029 Exchangeable Notes was $564.6 million, with unamortized debt discount and issuance costs of $10.4 million.
Interest on the Exchangeable Notes is payable semiannually on March 15 and September 15 of each year beginning on September 15, 2024. The 2027 Exchangeable Notes will mature on March 15, 2027 and the 2029 Exchangeable Notes will mature on March 15, 2029, in each case unless earlier repurchased, exchanged or (in the case of 2029 Exchangeable Notes) redeemed. We recognized total interest expense on the Exchangeable Notes of approximately $41.7 million for the year ended December 31, 2024, with coupon interest of $37.1 million, and amortization of debt discount and issuance costs of $4.6 million.
F-26

Before December 15, 2026 (in the case of the 2027 Exchangeable Notes) or December 15, 2028 (in the case of the 2029 Exchangeable Notes), noteholders will have the right to exchange their notes only upon the occurrence of certain events. From and after December 15, 2026 (in the case of the 2027 Exchangeable Notes) or December 15, 2028 (in the case of the 2029 Exchangeable Notes), noteholders may exchange their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date of the applicable series of Exchangeable Notes. Exchanges will be settled by delivering cash up to the principal amount of the Exchangeable Notes exchanged, and in respect of the remainder of the exchanged value, if any, in excess thereof, in cash or in a combination of cash and shares of our common stock, at our option. The initial exchange rate is 15.7146 shares of our common stock per $1,000 principal amount of the Exchangeable Notes, which represents an initial exchange price of approximately $63.64 per share of our common stock. The initial exchange price represents a premium of approximately 30.0% over the last reported sale price of $48.95 per share of our common stock on March 26, 2024.
We may not redeem the 2027 Exchangeable Notes at our option prior to their maturity. The 2029 Exchangeable Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at our option at any time, and from time to time, on or after May 20, 2027 and on or before the 41st scheduled trading day immediately before the maturity date of the 2029 Exchangeable Notes, but only if the last reported sale price per share of our common stock exceeds 130% of the exchange price of the 2029 Exchangeable Notes for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the 2029 Exchangeable Notes to be redeemed, plus accrued and unpaid interest, if any.
If a fundamental change (e.g. change in control, delisting of our common stock or shareholders’ approval of liquidation or dissolution plan) occurs, then, subject to limited exception, noteholders may require us to repurchase their notes for cash at a repurchase price equal to the principal amount plus any accrued and unpaid interest. In addition, if a specific make-whole fundamental change occurs prior to the maturity date or if we issue a notice of redemption with respect to the 2029 Exchangeable Notes, the exchange rate will be increased, in certain circumstances by pre-defined amounts.
In connection with the offering for each series of Exchangeable Notes, we entered into a registration rights agreement pursuant to which we agreed to register the resale of the shares of our common stock, if any, deliverable upon exchange of the Exchangeable Notes. If certain conditions relating to our obligations under the registration rights agreement are not satisfied, then we will pay additional interest on the applicable series of Exchangeable Notes, in certain circumstances, at a rate per annum not exceeding 0.5%. In addition, if those conditions are not satisfied after the regular record date immediately preceding the maturity date of Exchangeable Notes, then we will pay an additional interest payment at maturity for an amount equal to 3% of principal for the applicable series of Exchangeable Notes. We account for such additional interest amounts as contingent obligations in accordance with ASC Subtopic 825-20: Financial Instrument - Registration Payment Arrangements, which are measured separately in accordance with ASC Subtopic 450-20: Loss Contingencies. Because payment of such additional interest amounts was not probable as of December 31, 2024, we have not recognized a liability as of December 31, 2024.
Issuance of $300 Million Notes Due 2028
    On March 28, 2023, we completed an underwritten public offering of $300.0 million of 5.000% Senior Notes due 2028 (the “$300 Million Notes”). The $300 Million Notes were priced at 98.975% of the principal amount, with a coupon rate of 5.000%. Interest on the $300 Million Notes is payable semiannually on June 15 and December 15 in each year, beginning on June 15, 2023, until the maturity date of June 15, 2028.
We may redeem the $300 Million Notes at our option and sole discretion, in whole at any time or in part from time to time prior to May 15, 2028 (one month prior to the maturity date of the $300 Million Notes) (the “Par Call Date”), at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest on the $300 Million Notes discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Third Supplemental Indenture) plus 25 basis points, less (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the $300 Million Notes being redeemed. Notwithstanding the foregoing, on or after the Par Call Date, the redemption price will be equal to 100% of the principal amount of the $300 Million Notes being redeemed, plus accrued and unpaid interest.
Credit Agreement    
As of December 31, 2024, under the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), we have a $1.0 billion unsecured revolving credit facility (the “Revolver”), which also allows us to issue letters of credit up to an aggregate amount not to exceed $100.0 million, a $300.0 million unsecured term loan facility (the “$300 Million Term Loan”), a $400.0 million unsecured term loan facility (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.
F-27

The Revolver is scheduled to mature on May 26, 2026 and has two six-month extension options available. The $400 Million Term Loan was originally scheduled to mature on July 19, 2024 and has two one-year extension options available. On July 12, 2024 we exercised the first extension option of the $400 Million Term Loan, extending its maturity date by one year to July 18,2025. 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 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 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 leverage ratio and investment grade ratings. The applicable margin for the Revolver ranges from 0.725% to 1.400% per annum for SOFR-based loans and letters of credit and 0.00% to 0.40% per annum for base rate loans, depending on our leverage ratio and 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 leverage ratio and investment grade ratings.
In addition, the Credit Agreement also features a sustainability-linked pricing component that can periodically adjust the applicable margin by -0.04%, zero or 0.04% and adjust the applicable credit facility fee by -0.01%, zero or 0.01%, depending on our achievement of the annual sustainability performance metric. In June 2024, after certifying that our sustainability performance was achieved at the target level for 2023, the sustainability-linked pricing adjustment changed from -0.04% to zero for the applicable margin and changed from -0.01% to zero for the applicable credit facility fee.
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.
As of December 31, 2024, we did not have any borrowings outstanding under the Revolver and had $5.0 million outstanding in letters of credit that reduced our borrowing capacity, leaving $995.0 million available for future borrowings.
Debt Covenants
    The Credit Agreement, $60 Million Term Loan, $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and $25.0 million unsecured guaranteed senior notes and $75.0 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, 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. 
F-28

The $300 Million Notes, $400.0 million of 2.125% Senior Notes due 2030 and $400 million of 2.150% Senior Notes due 2031 (together the “Registered Notes”) 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.
    Subject to the terms of the Credit Agreement, $60 million Term Loan, Senior Notes and Registered 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, and (iii) a default in compliance with the covenants set forth in the debt agreement, the principal and accrued and unpaid interest on the outstanding debt may be declared immediately due and payable at the option of the administrative agent, lenders, trustee and/or noteholders, as applicable, and in the event of 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 Standard and Poor’s Ratings Services (“S&P”), Moody’s Investors Services (“Moody’s”) or Fitch Ratings. Our credit ratings as of December 31, 2024, were BBB+ from S&P, BBB+ from Fitch Ratings and Baa2 from Moody’s.
We were in compliance with all of our required quarterly and annual financial debt covenants as of December 31, 2024.
7.    Leases
    Lessor
    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, 2024, we recognized $897.9 million of rental income related to operating lease payments, of which $739.2 million was for fixed lease payments and $158.7 million was for variable lease payments. For the year ended December 31, 2023, we recognized $762.1 million of rental income related to operating lease payments, of which $626.7 million was for fixed lease payments and $135.3 million was for variable lease payments. 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 $108.2 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, 2024 (in thousands):
For the year ending December 31, 
2025$715,092 
2026620,086 
2027502,933 
2028402,371 
2029289,612 
Thereafter831,328 
Total$3,361,422 
The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles.
Lessee
We lease office space as part of conducting our day-to-day business. As of December 31, 2024, our office space leases have current remaining lease terms ranging from approximately one year to three years with options to renew for an additional term of three to five years each. As of December 31, 2024, we also have a ground lease which we assumed in the acquisition of 2970 East 50th Street in March 2022 that has a current remaining lease term of approximately 36.0 years and four additional ten-year options to renew.
F-29

As of December 31, 2024, total ROU assets and lease liabilities were approximately $7.9 million and $9.7 million, respectively. As of December 31, 2023, total ROU assets and lease liabilities were approximately $7.0 million and $8.9 million, respectively.
    The tables below present financial and supplemental information associated with our leases.
Year Ended December 31,
Lease Cost(1) (in thousands)
202420232022
Operating lease cost$1,629 $1,766 $1,845 
Variable lease cost186 142 113 
Sublease income(87)— (268)
Total lease cost$1,728 $1,908 $1,690 
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
Year Ended December 31,
Other Information (in thousands)202420232022
Cash paid for amounts included in the measurement of operating lease liabilities$2,297 $2,308 $2,016 
Right-of-use assets obtained in exchange for new operating lease liabilities$2,084 $— $6,363 

Lease Term and Discount RateDecember 31, 2024December 31, 2023
Weighted-average remaining lease term(1)
40.2 years43.4 years
Weighted-average discount rate(2)
4.10 %3.84 %
(1)Includes the impact of extension options that we are reasonably certain to exercise.
(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, 2024 (in thousands):
2025$1,690 
20261,748 
20271,798 
2028542 
2029164 
Thereafter19,723 
Total undiscounted lease payments$25,665 
Less imputed interest(15,954)
Total lease liabilities$9,711 
F-30

8.    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, 2024 and 2023 (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(1)
Fair Value of Interest Rate
Derivative Assets/ (Liabilities)(2)
Derivative InstrumentEffective DateMaturity Date
Interest Strike Rate
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Interest Rate Swaps
7/27/20225/26/20272.81700 %$150,000 $150,000 $4,079 $3,894 
Interest Rate Swaps
7/27/20225/26/20272.81750 %$150,000 $150,000 $4,074 $3,886 
Interest Rate Swaps
4/3/20236/30/20253.98500 %$200,000 $200,000 $233 $951 
Interest Rate Swap4/3/20236/30/20253.96625 %$100,000 $100,000 $126 $503 
Interest Rate Swap4/3/20236/30/20253.95300 %$100,000 $100,000 $132 $522 
Interest Rate Swap4/3/20237/30/20263.71000 %$60,000 $60,000 $298 $140 
(1)Represents the notional value of swaps that are effective as of the balance sheet date presented. 
(2)The fair value of derivative assets is included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets.
Transactions
On March 28, 2023, in connection with the issuance of the $300 Million Notes, we executed three treasury rate lock agreements with a combined notional amount of $250.0 million to lock the interest rate of the five-year treasury at 3.64313% (the “T-Locks”). On March 29, 2023, we paid $0.2 million to settle the T-Locks, which were designated as a cash flow hedges. The settlement value is included in the balance of AOCI and will be amortized into interest expense on a straight-line basis over the 5-year term of the $300 Million Notes.
On March 21, 2023, we executed four forward starting interest rate swap transactions with an aggregate notional value of $400.0 million to manage our exposure to changes in daily SOFR related to a portion of our variable-rate debt. These swaps, which became effective on April 3, 2023 and mature on June 30, 2025, fix daily SOFR at a weighted average rate of 3.97231%. In addition, we also executed an interest rate swap transaction with a notional value of $60.0 million to manage our exposure to changes in Term SOFR related to a portion of our variable-rate debt. This swap, which became effective on April 3, 2023 and matures on July 30, 2026, fixes Term SOFR at a rate of 3.71%. We have designated these interest rate swaps as cash flow hedges.
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 Million Term Loan, 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).
F-31

Our interest rate swaps and T-Locks 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,
  2024 2023 2022
Interest Rate Swaps in Cash Flow Hedging Relationships:   
Amount of gain recognized in AOCI on derivatives
$11,932 $9,307 $17,227 
Amount of gain (loss) reclassified from AOCI into earnings as “Interest expense” (1)
$12,364 $10,454 $(1,619)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)$98,596 $61,400 $48,496 
(1)Includes amounts that are being amortized from AOCI into interest expense on a straight-line basis related to (i) the treasury rate lock agreements that were settled in August 2021 and March 2023 and for which amounts will continue to be reclassified over the ten-year and five-year terms of the hedged transactions and (ii) the interest rate swaps that were terminated in August 2021 and May 2022 for which amounts were reclassified into interest expense through each interest rate swaps original maturity date of January 2022 and November 2024, respectively.
As of December 31, 2024, we estimate that approximately $4.2 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.
9.    Fair Value Measurements
ASC Topic 820: Fair Value Measurement (“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.
F-32

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, 2024 and 2023, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).
 Fair Value Measurement Using
Total Fair ValueQuoted Price in Active
Markets for Identical
Assets and Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
December 31, 2024
Interest Rate Swap Asset$8,942 $— $8,942 $— 
December 31, 2023
Interest Rate Swap Asset$9,896 $— $9,896 $— 
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 loan receivable 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 based on certain assumptions regarding the collection of principal and interest.
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.
F-33

The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of December 31, 2024 and 2023 (in thousands).
 Fair Value Measurement Using 
Total Fair ValueQuoted Price in Active
Markets for Identical
Assets and Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)		Carrying Value
Loan Receivable at:
December 31, 2024$126,948 $— $— $126,948 $123,244 
December 31, 2023$129,908 $— $— $129,908 $122,784 
Notes Payable at:     
December 31, 2024$3,258,378 $— $— $3,258,378 $3,345,962 
December 31, 2023$2,077,169 $— $— $2,077,169 $2,225,914 
10.    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, $0.7 million and $0.6 million during the years ended December 31, 2024, 2023 and 2022, respectively, in management and leasing services revenue.
11.    Commitments and Contingencies
Legal
From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations.
Environmental
We will generally perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability.
As of December 31, 2024, 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, 2024, we had commitments of approximately $129.2 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors.
Letters of Credit Related to Captive Insurance Subsidiary
We have the right to issue letters of credit under the Revolver up to an aggregate amount not to exceed $100.0 million, which reduces the credit availability under the Revolver. As of December 31, 2024, we had a $5.0 million letter of credit outstanding, which was originally issued on May 31, 2024, to capitalize a new wholly-owned captive insurance subsidiary through which we indirectly manage a portion of our earthquake insurance.
F-34

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 from time to time we have deposits at institutions in excess of federally insured limits, we do not believe we are exposed to significant credit risk due to the financial position and high credit quality of the institutions in which those deposits are held.
Concentration of Properties in Southern California
As of December 31, 2024, all of our properties are located in the Southern California infill markets. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate and other conditions.
Tenant Concentration
During the year ended December 31, 2024, no single tenant accounted for more than 5% of our total consolidated rental income.
12.    Stockholders’ Equity
    Preferred Stock
    As of December 31, 2024 and 2023, we had the following series of Cumulative Redeemable Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):
December 31, 2024December 31, 2023
SeriesEarliest Redemption DateDividend RateShares OutstandingLiquidation PreferenceShares OutstandingLiquidation Preference
Series BNovember 13, 20225.875 %3,000,000 $75,000 3,000,000 $75,000 
Series CSeptember 20, 20245.625 %3,450,000 86,250 3,450,000 86,250 
Total Preferred Shares6,450,000 $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.
Common Stock
ATM Programs
On February 17, 2023, 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 $1.25 billion (the “2023 ATM Program”). The 2023 ATM Program replaced our previous $1.0 billion ATM program, which was established on May 27, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $834.6 million through February 17, 2023. In addition, we previously established a $750.0 million ATM program 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, and 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.
F-35

In connection with our ATM programs, 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, 2024, we did not sell any shares of common stock directly through sales agents under the 2023 ATM programs. During the year ended December 31, 2023, we sold 449,227 shares of common stock directly through sales agents under the 2023 ATM Program at a weighted average price of $60.84 per share, for gross proceeds of $27.3 million, and net proceeds of $27.0 million, after deducting the sales agents’ fees. 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, 2024, we did not enter into forward equity sale agreements under the 2023 ATM Program. During the years ended December 31, 2023 and 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our ATM programs with respect to 5,137,392 shares and 23,519,219 shares of our common stock at a weighted average initial forward price of $56.70 and $64.29 per share, respectively. 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, 2024, we physically settled the forward equity sale agreements that were outstanding as of December 31, 2023 under the 2023 ATM Program by issuing 3,010,568 shares of common stock for net proceeds of $164.5 million, based on a weighted average forward price of $54.65 per share at settlement. During the year ended December 31, 2023, we physically settled a portion of the 2023 forward equity sale agreements and the outstanding forward equity sale agreement from 2022 by issuing 2,763,708 shares of common stock for net proceeds of $163.2 million, based on a weighted average forward price of $59.04 per share at settlement. 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 common stock for net proceeds of $1.6 billion, based on a weighted average forward price of $65.02 per share at settlement.
As of December 31, 2024, approximately $927.4 million of common stock remains available to be sold under the 2023 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.
March 2024 Forward Equity Offering
In March 2024, we entered into a forward equity sale agreement with a financial institution acting as forward purchaser in connection with an underwritten public offering of 17,179,318 shares of common stock at an initial forward price of $48.61 per share (the “March 2024 Forward Sale Agreement”), pursuant to which, the forward purchaser borrowed and sold an aggregate of 17,179,318 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchaser at the time of the offering.
In 2024, we partially settled the March 2024 Forward Sale Agreement by issuing 7,402,550 shares of common stock for net proceeds of $360.0 million, based on a weighted average forward price of $48.63 per share at settlement. As of December 31, 2024, we had 9,776,768 shares of common stock, or approximately $474.6 million of forward net proceeds remaining for settlement to occur prior to the scheduled maturity date of March 27, 2025, based on a forward price of $48.54. See “Note 17 – Subsequent Events” for details related to the partial settlement of the March 2024 Forward Sale Agreement subsequent to December 31, 2024.
May 2023 Forward Equity Offering
On May 10, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 13,500,000 shares of common stock at an initial forward price of $55.24 per share (the “May 2023 Forward Sale Agreements”), pursuant to which the forward purchasers borrowed and sold an aggregate of 13,500,000 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 2023, we partially settled the May 2023 Forward Sale Agreements by issuing 11,246,966 shares of common stock for net proceeds of $623.6 million, based on a weighted average forward price of $55.45, leaving a remaining 2,253,034 shares of common stock for settlement as of December 31, 2023.
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In January 2024 we settled the outstanding May 2023 Forward Sale Agreements by issuing 2,253,034 shares of common stock for net proceeds of $125.7 million, based on a weighted average forward price of $55.79 per share at settlement.
2022 Forward Equity Offering
On November 10, 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 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 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.
During the year ended December 31, 2023, we settled the remaining shares under the 2022 Forward Sale Agreements by issuing 8,291,721 shares of common stock for net proceeds of $462.8 million, based on a weighted average forward price of $55.81 per share at settlement.
Changes in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in our AOCI balance for the years ended December 31, 2024 and 2023, which consists solely of adjustments related to our cash flow hedges:
Year Ended December 31,
 20242023
Accumulated other comprehensive income - beginning balance
$7,172 $8,247 
Other comprehensive income before reclassifications11,932 9,307 
Amounts reclassified from accumulated other comprehensive income to interest expense(1)
(12,364)(10,454)
Net current period other comprehensive loss
(432)(1,147)
Less: other comprehensive loss attributable to noncontrolling interests
6 72 
Other comprehensive loss attributable to common stockholders
(426)(1,075)
Accumulated other comprehensive income - ending balance
$6,746 $7,172 
(1)Amounts include $0.2 million and $0.2 million reclassifications from AOCI into interest expense for the years ended December 31, 2024 and 2023, respectively, related to terminated swaps. See “Note 8 – 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.
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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, 2024, 2023 and 2022:
Common Stock
Year Ended December 31,
202420232022
Ordinary Income$1.546686 99.35 %$1.325610 100.00 %$1.203386 100.00 %
Return of Capital0.010068 0.65 %— — %— — %
Total$1.556754 100.00 %$1.325610 100.00 %$1.203386 100.00 %
Series B Preferred Stock
Year Ended December 31,
202420232022
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,
202420232022
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 %
13.    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, 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, 2024, noncontrolling interests included 6,067,689 OP Units, 1,096,247 fully-vested LTIP units and 1,262,969 fully-vested performance units which represented approximately 3.6% of our Operating Partnership. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See “Note 14 – 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.
During the years ended December 31, 2024, 2023 and 2022, we redeemed 114,230, 329,212 and 167,286 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 $4.7 million, $13.0 million, and $6.2 million, respectively, from noncontrolling interests to total stockholders’ equity.
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    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
As of December 31, 2024, we have 906,374 4.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 2 CPOP Units”) outstanding.
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 through March 4, 2025 (and 5.00% per annum thereafter) 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
Prior to April 10, 2024, we had 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, were 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. On April 10, 2024, we exercised our right to convert, as described below, all 593,960 Series 1 CPOP Units into 593,960 OP Units. In connection with the conversion of the Series 1 CPOP Units, we paid the holder a prorated cash distribution of $30 thousand for the period from April 1, 2024 through April 9, 2024.
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 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 a minimum of 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.
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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
On July 18, 2022, we acquired a portfolio of properties through the purchase of a private REIT. The private REIT had 122 units of 12% cumulative redeemable non-voting preferred units outstanding (the “private REIT units”) that were held by unaffiliated third parties. The private REIT units had a redemption price equal to $1,000 per unit upon redemption, or an aggregate price of $122,000, plus any distributions thereon that had accrued but had not been paid at the time of such redemption (the “liquidation preference”), plus a redemption premium of $100 per unit if redeemed on or before December 31, 2024. On December 31, 2024, we redeemed all 122 private REIT units in the amount equal to $1,000 per unit plus a redemption premium of $100 per unit. Prior to their redemption, the private REIT units had been classified as noncontrolling interests in our consolidated balance sheets and had a balance equal to the liquidation preference.
14.    Incentive Award Plan
    Third Amended and Restated 2013 Incentive Award Plan
On June 11, 2024, our stockholders approved the Third Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), superseding and replacing our prior incentive award plan. Pursuant to the Plan, 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, 2024, a total of 2,413,431 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 unvested and vested LTIP Units receive the same quarterly per-unit distributions as OP Units, which equal the per-share distributions on shares of our common stock.
On an annual basis, the compensation committee grants awards to the Company’s named executive officers (the “NEOs”) in the form of LTIP Units that are subject to time-based vesting conditions (each an annual “LTIP Award”) and Performance Units that are partially subject to market-based vesting conditions and partially subject to performance-based vesting conditions (each an annual “Performance Award”).
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2024, 2023 and 2022 LTIP Awards
Each of the 2024, 2023 and 2022 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. 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:
LTIP Award
2024 2023 2022
Grant date
November 16, 2024December 21, 2023November 8, 2022
Grant date closing share price of common stock
$42.01 $55.59 $53.94 
Discount for post-vesting restrictions and book-up events7.0 %6.9 %7.4 %
Number of units granted
226,729 171,341 167,221 
Grant date fair value (in thousands)$8,858 $8,867 $8,353 
The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2024, 2023 and 2022:
 Number of Unvested LTIP UnitsWeighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2021239,709 $54.99 
Granted215,058 $54.14 
Vested(141,716)$54.04 
Balance at December 31, 2022313,051 $54.84 
Granted236,046 $53.26 
Vested(180,192)$54.10 
Balance at December 31, 2023368,905 $54.19 
Granted275,571 $41.51 
Vested(192,817)$54.88 
Balance at December 31, 2024451,659 $46.16 
2024, 2023 and 2022 Performance Awards
Each of the 2024, 2023 and 2022 Performance Awards include a certain number of base units that will vest based on the following metrics: (i) the Company’s absolute total shareholder return (“TSR”), (ii) the Company’s TSR as compared to the TSR percentage of a selected peer group of companies (“Relative TSR,” and together with TSR, the “Market Conditions”), and (iii) the Company’s Core FFO per share growth (the “FFO Performance Condition”), in each case over a three-year performance period. 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 grant date fair value of the base units that vest subject to the Market Conditions is measured using a Monte Carlo simulation pricing model. The grant date fair value of the base units that vest subject to the FFO Performance Condition is based on both the Company’s closing stock price and our estimate as of the grant date of the number of units that are expected to vest based on the most probable level of achievement of the FFO Performance Condition over the performance period.
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The following table summarizes the fair valuation assumptions and the grant date fair value of each annual Performance Award:
Performance Award
2024 2023 2022
Performance Award Summary
Grant date
November 16, 2024December 21, 2023November 8, 2022
Number of units granted
903,897 701,025 673,188 
Grant date fair value (in thousands)$15,164 $16,538 $15,544 
Market Conditions: Monte Carlo Simulation Pricing Model Assumptions
Expected share price volatility for the Company28.0 %27.0 %34.0 %
Expected share price volatility for peer group companies - low end of range(1)
15.0 %16.0 %18.0 %
Expected share price volatility for peer group companies - high end of range(1)
100.0 %100.0 %100.0 %
Expected dividend yield2.90 %2.20 %1.90 %
Risk-free interest rate4.25 %4.13 %4.57 %
Performance Condition: Assumptions
Grant date closing share price of common stock
$42.01 $55.59 $53.94 
Grant date estimated level of achievement of FFO Performance Condition
TargetTargetTarget
(1)For 2024, 2023 and 2022, the median and average expected share price volatilities for the peer group companies are 29.0% and 34.1%, 29.0% and 34.0%, 47.0% and 50.6%, respectively.
The expected share price volatilities for awards subject to the Market Conditions 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.
2021, 2020 and 2019 Performance Awards
On December 31, 2024, 2023 and 2022, the three-year performance period for the 2021, 2020 and 2019 Performance Awards ended. Based on the Company’s TSR on an absolute and relative basis and the Company’s Core FFO per share growth over each award’s three-year performance period, the compensation committee certified that 121,129, 219,607 and 231,453 Performance Units were earned and vested for the 2021, 2020 and 2019 Performance Awards, respectively.
Restricted Common Stock
The compensation committee periodically grants awards 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 grant date, 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, 2024, 2023 and 2022, we granted 215,905, 188,468 and 120,662 shares, respectively, of restricted common stock to non-executive employees. The grant date fair value of these awards was $11.9 million, $11.2 million and $8.3 million based on the closing share price of the Company’s common stock on the date of grant, which ranged from $44.68 and $55.08 per share, $47.10 to $64.39 per share and $52.97 to $76.55 per share, for the years ended December 31, 2024, 2023 and 2022, respectively. On November 18, 2024, Mr. Michael Fitzmaurice was granted 12,880 shares of restricted common stock as a sign-on incentive award, which vests in three equal annual installments on each of the first three anniversaries of the grant date. The grant date fair value of this award was $0.55 million based on the Company’s closing share price of $42.70 on the grant date.
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, 2024, 2023 and 2022, each of our non-employee directors were granted 3,357, 2,843 and 2,387 shares of restricted common stock with a grant date fair value of $149,991, $149,997 and $139,998 based on the Company’s closing share price on the grant date of $44.68, $52.76 and $58.65, respectively.
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The following table sets forth our unvested restricted stock activity for the years ended December 31, 2024, 2023 and 2022:
 Number of Unvested Shares of Restricted Common StockWeighted-Average Grant Date Fair Value per Share
Balance at December 31, 2021249,179 $45.62 
Granted134,984 $67.98 
Forfeited(11,442)$56.24 
Vested(1)(2)
(98,305)$43.55 
Balance at December 31, 2022274,416 $56.92 
Granted205,526 $58.93 
Forfeited(21,532)$62.84 
Vested(1)(2)
(109,970)$52.69 
Balance at December 31, 2023348,440 $59.07 
Granted248,927 $53.55 
Forfeited(49,099)$58.55 
Vested(1)(2)
(132,145)$56.47 
Balance at December 31, 2024416,123 $56.64 
(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 $6.7 million, $6.4 million and $6.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.
(2)Total shares vested include 41,649, 32,507 and 31,576 shares of common stock that were tendered by employees during the years ended December 31, 2024, 2023 and 2022, 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,
2024 2023 2022
Expensed share-based compensation(1)
$41,602 $33,638 $28,426 
Capitalized share-based compensation(2)
1,355 1,017 610 
Total share-based compensation$42,957 $34,655 $29,036 
(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, 2024, 2023 and 2022, Messrs. Schwimmer and Frankel elected to receive 100%, 30% and 50% of their annual bonuses in LTIP Units and the remainder in cash, if applicable. Accordingly, on January 17, 2025, January 17, 2024 and January 17, 2023, at the time the annual bonuses were paid to executives, Messrs. Schwimmer and Frankel were each granted 70,512, 15,340 and 19,367 fully-vested LTIP Units for the years ended December 31, 2024, 2023 and 2022, respectively. Share-based compensation expense for the years ended December 31, 2024, 2023 and 2022 includes $5.5 million, $1.7 million and $2.3 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, 2024, total unrecognized compensation cost related to all unvested share-based awards was $61.5 million and is expected to be recognized over a weighted average remaining period of 26 months.
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15.    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,
 202420232022
Numerator:  
Net income$285,926 $249,591 $177,157 
Less: Preferred stock dividends(9,258)(9,258)(9,258)
Less: Net income attributable to noncontrolling interests(12,124)(11,575)(9,573)
Less: Net income attributable to participating securities(1,679)(1,309)(845)
Net income attributable to common stockholders$262,865 $227,449 $157,481 
Denominator:   
Weighted average shares of common stock outstanding - basic218,279,597 202,883,704 170,467,365 
Effect of dilutive securities187,357 227,289 510,907 
Weighted average shares of common stock outstanding - diluted218,466,954 203,110,993 170,978,272 
Earnings per share - Basic
Net income attributable to common stockholders$1.20 $1.12 $0.92 
Earnings per share - Diluted   
Net income attributable to common stockholders$1.20 $1.12 $0.92 
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. Additionally, as of December 31, 2024, the Exchangeable Notes were not included in the computation of diluted earnings per share as they were anti-dilutive for the year ended December 31, 2024.
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16.    Segment Reporting
We operate as one operating segment. We are engaged in the business of investing in, operating and repositioning/redeveloping industrial real estate properties located in Southern California infill markets. Our operating results depend primarily upon generating rental revenue from leasing and operating our industrial properties. As a group, our Co-Chief Executive Officers, Chief Operating Officer and Chief Financial Officer collectively act as the CODM of the Company. Our CODM reviews financial information presented on a consolidated basis when making decisions related to assessing our operating performance and allocating resources.
Segment Profitability Measure and Total Assets
Consolidated net income, which is reported in the accompanying consolidated statements of operations, is the measure of segment profit or loss that is regularly reviewed by the CODM. Consolidated net income is used by the CODM in assessing the operating performance of the segment and to monitor budget versus actual results.
Refer to the accompanying consolidated statements of operations for the presentation of consolidated net income for the years ended December 31, 2024, 2023 and 2022.
The measure of segment assets is reported in the accompanying consolidated balance sheets as “Total assets.” The accounting policies of our single reportable segment are the same as those described in the summary of significant accounting policies.
Significant Segment Expenses
The following table sets forth the significant expenses that comprise the line item “Property expenses” in our calculation of consolidated net income (in the accompanying consolidated statements of operations) for the years ended December 31, 2024, 2023 and 2022 (in thousands).
Year Ended December 31,
2024 2023 2022
Recoverable property expenses(1)
$179,592 $157,537 $128,260 
Non-recoverable property expenses(2)
30,668 26,942 22,243 
Property expenses$210,260 $184,479 $150,503 
(1)Recoverable property expenses include real estate taxes, insurance, repairs and maintenance, utilities and management fee expenses which can be billed back to tenants as a form of additional revenue.
(2)Non-recoverable property expenses include overhead allocation expenses and other property expenses directly associated with operating our properties which cannot be billed back to tenants.
17.    Subsequent Events
Dividends Declared
On February 3, 2025, our board of directors declared the following quarterly cash dividends/distributions:
SecurityAmount per Share/UnitRecord DatePayment Date
Common stock$0.43 March 31, 2025April 15, 2025
OP Units$0.43 March 31, 2025April 15, 2025
5.875% Series B Cumulative Redeemable Preferred Stock
$0.367188 March 17, 2025March 31, 2025
5.625% Series C Cumulative Redeemable Preferred Stock
$0.351563 March 17, 2025March 31, 2025
4.00% Cumulative Redeemable Convertible Preferred Units
See Note (1)
3.00% Cumulative Redeemable Convertible Preferred Units
$0.545462 March 17, 2025March 31, 2025
(1)Holders of these Series 2 CPOP units are entitled to cumulative cash distributions at the rate of 4.00% per annum through March 4, 2025, and 5.00% per annum thereafter. We have the option to convert the Series 2 CPOP units into OP units at any time after March 5, 2025. See “Note 13 – Noncontrolling Interests” for additional details.
F-45

Partial Settlement of March 2024 Forward Sale Agreement
In January 2025, we partially settled the March 2024 Forward Sale Agreement by issuing 1,543,191 shares of common stock in exchange for net proceeds of $75.0 million, based on a weighted average forward price of $48.60 per share at settlement. After this settlement, there are 8,233,577 shares of common stock, or approximately $401.1 million of net forward proceeds remaining for settlement prior to the scheduled maturity date of March 27, 2025.
Stock Repurchase Program
On February 3, 2025, our board of directors authorized a stock repurchase program for up to $300.0 million of our outstanding common stock (the “Stock Repurchase Program”). Under the Stock Repurchase Program, we may purchase our shares from time to time in the open market, in privately negotiated transactions or in other transactions as permitted by federal securities laws. The amount and timing of the purchase will depend on a number of factors including the price and availability of our shares, trading volume and general market conditions. The Stock Repurchase Program expires on February 3, 2027.
F-46

REXFORD INDUSTRIAL REALTY, INC.
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(Dollars in thousands)
   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
15241 - 15277, 15317 - 15339 Don Julian Rd.City of Industry, CA$— 
(4)
$3,875 $2,407 $11,303 $3,875 $13,710 $17,585 $(9,471)1965, 2005 / 20032002
300 South Lewis RoadCamarillo, CA— 
(4)
4,150 3,050 11,153 4,150 14,203 18,353 (9,793)1960-1963 / 20062003
1400 South Shamrock Ave.Monrovia, CA— 2,317 2,534 1,407 2,317 3,941 6,258 (3,018)1957, 1962 / 20042003
2220-2260 Camino del SolOxnard, CA— 
(4)
868 — 5,474 868 5,474 6,342 (2,865)20052003
14250-14278 Valley Blvd.La Puente, CA— 2,539 2,020 3,929 2,539 5,949 8,488 (4,260)1974 / 20072003
2300-2386 East Walnut Ave.Fullerton, CA— 
(4)
6,817 6,089 3,510 6,817 9,599 16,416 (6,303)1985-1986 / 20052004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.Sylmar, CA— 2,525 3,380 7,466 2,525 10,846 13,371 (6,862)1969, 2008 / 20162004
28340 - 28400 Avenue CrockerValencia, CA— 2,666 3,343 4,366 2,666 7,709 10,375 (4,887)1987 / 2006 / 20152004
21-29 West Easy St.Simi Valley, CA— 2,346 4,522 3,529 2,346 8,051 10,397 (5,349)1991 / 20062004
10439-10477 Roselle St.San Diego, CA— 4,711 3,199 5,962 4,711 9,161 13,872 (3,909)1970 / 20072013
2575 Pioneer Ave.Vista, CA— 1,784 2,974 2,769 1,784 5,743 7,527 (3,646)1988 / 20062004
9641 - 9657 Santa Fe Springs Rd.Santa Fe Springs, CA— 3,740 260 7,200 3,740 7,460 11,200 (3,664)1982 / 20092006
15715 Arrow HighwayIrwindale, CA— 
(4)
3,604 5,056 1,331 3,604 6,387 9,991 (3,421)19892006
2431-2465 Impala Dr.Carlsbad, CA— 5,470 7,308 7,576 5,470 14,884 20,354 (9,011)1983 / 20062006
6200 & 6300 Yarrow Dr.Carlsbad, CA— 5,001 7,658 5,351 5,001 13,009 18,010 (8,870)1977-1988 / 20062005
6231 & 6241 Yarrow Dr.Carlsbad, CA— 3,473 5,119 3,340 3,473 8,459 11,932 (5,089)1977 / 20062006
9160 - 9220 Cleveland Ave., 10860 6th St.Rancho Cucamonga, CA— 3,647 11,867 3,650 3,647 15,517 19,164 (10,844)1988-1989 / 20062006
18118-18120 S. Broadway St.Carson, CA— 3,013 2,161 1,235 3,013 3,396 6,409 (1,597)1957 / 1989, 20172013
901 W. Alameda Ave.Burbank, CA— 6,304 2,996 7,121 6,304 10,117 16,421 (5,757)1969 / 20092007
1938-1946 E. 46th St.Vernon, CA— 7,015 7,078 3,615 7,015 10,693 17,708 (5,700)1961, 1983 / 2008-20102007
F-47

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
9220-9268 Hall Rd.Downey, CA— 6,974 2,902 1,389 6,974 4,291 11,265 (2,445)20082009
929, 935, 939 & 951 Poinsettia Ave.Vista, CA— 4,213 5,584 1,877 2,678 5,605 8,283 (3,216)1989 / 20072008
6750 Unit C - 6780 Central Ave.Riverside, CA— 1,564 584 911 678 1,248 1,926 (663)19782007
1050 Arroyo Ave.San Fernando, CA— 3,092 1,900 815 3,092 2,715 5,807 (1,234)1969 / 20122010
600-650 South Grand Ave.Santa Ana, CA— 4,298 5,075 2,778 4,298 7,853 12,151 (3,722)19882010
121-125 N. Vinedo Ave.Pasadena, CA— 3,481 3,530 3,603 3,481 7,133 10,614 (1,729)1953, 1993 / 20242011
3441 West MacArthur Blvd.Santa Ana, CA— 4,179 5,358 2,801 4,179 8,159 12,338 (2,093)1973 / 20222011
6701 & 6711 Odessa Ave.Van Nuys, CA— 1,582 1,856 1,202 1,582 3,058 4,640 (1,434)1970-1972 / 20122011
10700 Jersey Blvd.Rancho Cucamonga, CA— 3,158 4,860 2,654 3,158 7,514 10,672 (3,592)1988-19892011
15705, 15709 Arrow Highway & 5220 Fourth St.Irwindale, CA— 3,608 2,699 1,768 3,608 4,467 8,075 (2,030)19872011
20920-20950 Normandie Ave.Torrance, CA— 3,253 1,605 913 3,253 2,518 5,771 (1,294)19892011
14944, 14946, 14948 Shoemaker Ave.Santa Fe Springs, CA— 3,720 2,641 1,497 3,720 4,138 7,858 (1,844)1978 / 20122011
1400 S. Campus Ave.Ontario, CA— 3,266 2,961 10 3,266 2,971 6,237 (1,887)1964-1966, 1973, 19872012
15041 Calvert St.Van Nuys, CA— 4,096 1,570 283 4,096 1,853 5,949 (778)19712012
701 Del Norte Blvd.Oxnard, CA— 3,082 6,230 2,042 3,082 8,272 11,354 (3,635)20002012
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.Los Angeles, CA— 17,978 39,471 8,367 17,978 47,838 65,816 (19,652)1966, 1992, 1993, 19942013
1661 240th St.Los Angeles, CA— 3,043 2,550 3,999 3,043 6,549 9,592 (3,143)1975 / 19952013
18310-18330 Oxnard St.Tarzana, CA— 2,497 5,494 2,161 2,497 7,655 10,152 (3,521)19732013
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.Anaheim, CA1,538 4,582 5,135 3,504 4,582 8,639 13,221 (4,091)1972 / 1990 / 20132013
280 Bonita Ave., 2743 Thompson Creek Rd.Pomona, CA— 8,001 17,734 409 8,001 18,143 26,144 (7,355)19832013
2950 Madera Rd.Simi Valley, CA— 
(4)
3,601 8,033 191 3,601 8,224 11,825 (3,357)1988 / 20052013
10635 Vanowen St.Burbank, CA— 1,517 1,833 1,326 1,517 3,159 4,676 (1,522)19772013
7110 Rosecrans Ave.Paramount, CA— 3,117 1,894 2,461 3,117 4,355 7,472 (1,620)1972 / 2015, 20192014
F-48

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.Ontario, CA— 2,260 6,043 1,411 2,260 7,454 9,714 (3,429)19852014
1500-1510 W. 228th St.Torrance, CA— 2,428 4,271 6,576 2,428 10,847 13,275 (3,719)1963 / 1968, 20172014
24105 Frampton Ave.Torrance, CA— 2,315 1,553 2,083 2,315 3,636 5,951 (1,521)1974 / 20162014
1700 Saturn WaySeal Beach, CA— 7,935 10,525 371 7,935 10,896 18,831 (4,437)20062014
2980 & 2990 N San Fernando RoadBurbank, CA— 6,373 7,356 1,094 6,373 8,450 14,823 (3,570)1950 / 20042014
20531 Crescent Bay Dr.Lake Forest, CA— 2,181 4,012 509 2,181 4,521 6,702 (1,947)19982014
2610 & 2701 S. Birch StreetSanta Ana, CA— 9,305 2,115 4,717 9,305 6,832 16,137 (2,975)1965 / 20162014
710 South Dupont Avenue & 4051 Santa Ana StreetOntario, CA— 3,725 6,145 2,004 3,725 8,149 11,874 (2,921)20012014
9755 Distribution Ave.San Diego, CA— 1,863 3,211 1,879 1,863 5,090 6,953 (1,499)1974 / 20242014
9855 Distribution AveSan Diego, CA— 2,733 5,041 861 2,733 5,902 8,635 (2,308)19832014
9340 Cabot DriveSan Diego, CA— 4,311 6,126 1,537 4,311 7,663 11,974 (3,167)1975 / 19762014
9404 Cabot DriveSan Diego, CA— 2,413 3,451 652 2,413 4,103 6,516 (1,615)1975 / 19762014
9455 Cabot DriveSan Diego, CA— 4,423 6,799 1,132 4,423 7,931 12,354 (3,304)1975 / 19762014
14955-14971 E Salt Lake AveCity of Industry, CA— 5,125 5,009 1,950 5,125 6,959 12,084 (2,847)19792014
5235 East Hunter Ave.Anaheim, CA— 5,240 5,065 3,840 5,240 8,905 14,145 (3,378)19872014
3880 West Valley Blvd.Pomona, CA— 3,982 4,796 3,600 3,982 8,396 12,378 (3,483)1980 / 20172014
1601 Alton Pkwy.Irvine, CA— 7,638 4,946 8,808 7,638 13,754 21,392 (5,171)1974 / 20182014
3116 W. Avenue 32Los Angeles, CA— 3,761 6,729 3,489 3,761 10,218 13,979 (4,159)19742014
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne StreetChatsworth, CA— 7,230 9,058 6,473 7,230 15,531 22,761 (5,630)1979 / 19802014
24935 & 24955 Avenue KearnySanta Clarita, CA— 4,773 5,970 1,304 4,773 7,274 12,047 (3,072)19882014
605 8th StreetSan Fernando, CA— 2,393 2,742 2,036 2,393 4,778 7,171 (1,779)1991 / 2015, 20202014
9120 Mason Ave.Chatsworth, CA— 9,224 19,346 874 9,224 20,220 29,444 (7,653)1967 / 19992014
7900 Nelson Rd.Los Angeles, CA— 8,495 15,948 2,650 8,495 18,598 27,093 (7,088)1998 / 20152014
F-49

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
679-691 S Anderson St.Los Angeles, CA— 1,723 4,767 1,955 1,723 6,722 8,445 (2,423)1992 / 20172014
10509 Business DriveFontana, CA— 3,505 5,237 1,726 3,505 6,963 10,468 (2,773)19892014
13231 Slover AvenueFontana, CA— 2,812 4,739 1,194 2,812 5,933 8,745 (2,379)19902014
240 W Ivy AvenueInglewood, CA— 2,064 3,675 4,604 2,064 8,279 10,343 (3,122)19812014
3000 Paseo Mercado, 3120-3150 Paseo MercadoOxnard, CA— 2,616 8,311 2,200 2,616 10,511 13,127 (4,497)19882014
1800 Eastman Ave.Oxnard, CA— 842 2,209 91 842 2,300 3,142 (989)20092014
201 Rice Ave. & 2400-2420 CelsiusOxnard, CA— 3,487 9,589 2,536 3,487 12,125 15,612 (4,425)20082014
11120, 11160, 11200 Hindry AveLos Angeles, CA— 3,478 7,834 767 3,478 8,601 12,079 (3,414)1992 / 19942014
6970-7170 & 7310-7374 Convoy Ct.San Diego, CA— 10,805 18,426 4,911 10,805 23,337 34,142 (9,648)19712014
12907 Imperial HighwaySanta Fe Springs, CA— 5,462 6,678 3,135 5,462 9,813 15,275 (2,365)1997 / 20242015
8902-8940 Activity RoadSan Diego, CA— 9,427 8,103 4,270 9,427 12,373 21,800 (4,657)1987 / 1997 / 20242015
1210 N Red Gum St.Anaheim, CA— 3,326 4,020 1,510 3,326 5,530 8,856 (2,028)1985 / 20202015
9615 Norwalk Blvd.Santa Fe Springs, CA— 8,508 1,134 40,668 8,508 41,802 50,310 (324)19752015
16221 Arthur St.Cerritos, CA— 2,979 3,204 1,828 2,979 5,032 8,011 (1,658)1979 / 20212015
2588 & 2605 Industry WayLynwood, CA— 8,738 9,415 — 8,738 9,415 18,153 (3,884)1969 / 19712015
425 S. Hacienda Blvd.City of Industry, CA— 4,010 3,050 247 4,010 3,297 7,307 (1,352)19972015
6700 S Alameda St.Huntington Park, CA— 3,502 9,279 304 3,502 9,583 13,085 (3,998)1990 / 20082015
12720-12860 Danielson Ct.Poway, CA— 6,902 8,949 2,394 6,902 11,343 18,245 (4,569)19992015
10950 Norwalk Blvd & 12241 Lakeland Rd.Santa Fe Springs, CA— 3,446 1,241 487 3,446 1,728 5,174 (825)19822015
610-760 W Hueneme Rd. & 5651-5721 Perkins Rd.Oxnard, CA— 3,310 5,806 3,312 3,310 9,118 12,428 (4,132)19852015
10701-10719 Norwalk Blvd.Santa Fe Springs, CA— 3,357 3,527 305 3,357 3,832 7,189 (1,473)20042015
6020 Sheila St.Commerce, CA— 4,590 7,772 1,121 4,590 8,893 13,483 (3,212)20002015
9805 6th St.Rancho Cucamonga, CA— 3,503 3,204 1,544 3,503 4,748 8,251 (2,111)19862015
16321 Arrow Hwy.Irwindale, CA— 3,087 4,081 461 3,087 4,542 7,629 (1,648)1955 / 20012015
601-605 S. Milliken Ave.Ontario, CA— 5,479 7,036 2,411 5,479 9,447 14,926 (3,798)1987 / 19882015
F-50

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
1065 E. Walnut Ave.Carson, CA— 10,038 4,380 5,635 10,038 10,015 20,053 (3,510)19742015
12247 Lakeland Rd.Santa Fe Springs, CA— 3,481 776 1,340 3,481 2,116 5,597 (757)1971 / 20162015
17311 Nichols LaneHuntington Beach, CA— 7,988 8,728 1,669 7,988 10,397 18,385 (3,010)1993 / 2014, 20242015
8525 Camino Santa FeSan Diego, CA— 4,038 4,055 2,544 4,038 6,599 10,637 (2,407)19862016
28454 Livingston AvenueValencia, CA— 5,150 9,666 785 5,150 10,451 15,601 (3,722)20072016
20 IconLake Forest, CA— 12,576 8,817 943 12,576 9,760 22,336 (4,265)1999 / 20152016
16425 Gale AvenueCity of Industry, CA— 18,803 6,029 2,015 18,803 8,044 26,847 (2,645)19762016
12131 Western AvenueGarden Grove, CA— 15,077 11,149 4,861 15,077 16,010 31,087 (5,800)1987 / 2007, 20172016
9 HollandIrvine, CA— 13,724 9,365 1,393 13,724 10,758 24,482 (3,840)1980 / 20132016
15996 Jurupa AvenueFontana, CA— 7,855 12,056 153 7,855 12,209 20,064 (4,364)20152016
11127 Catawba AvenueFontana, CA— 5,562 8,094 127 5,562 8,221 13,783 (2,939)20152016
13550 Stowe DrivePoway, CA— 9,126 8,043 — 9,126 8,043 17,169 (3,259)19912016
10750-10826 Lower Azusa RoadEl Monte, CA— 4,433 2,961 2,190 4,433 5,151 9,584 (1,855)19752016
525 Park AvenueSan Fernando, CA— 3,830 3,887 706 3,830 4,593 8,423 (1,552)20032016
3233 Mission Oaks Blvd.Camarillo, CA— 13,791 10,017 42,601 13,791 52,618 66,409 (8,844)1980-1982 / 2014, 2018, 20192016
1600 Orangethorpe Ave. & 1335-1375 Acacia Ave.Fullerton, CA— 26,659 12,673 5,980 26,659 18,653 45,312 (7,371)1968 / 19852016
14742-14750 Nelson AvenueCity of Industry, CA— 13,463 1,680 17,621 13,463 19,301 32,764 (5,763)1969 / 20182016
301-445 Figueroa StreetWilmington, CA— 7,126 5,728 5,550 7,126 11,278 18,404 (3,437)1972 / 20182016
12320 4th StreetRancho Cucamonga, CA— 12,642 14,179 39 12,642 14,218 26,860 (5,571)1997/20032016
9190 Activity RoadSan Diego, CA— 8,497 5,622 954 8,497 6,576 15,073 (2,628)19862016
28903-28903 Avenue PaineValencia, CA— 10,620 6,510 20,252 10,620 26,762 37,382 (4,962)1999 / 2018, 20222017
2390 Ward AvenueSimi Valley, CA— 5,624 10,045 3,337 5,624 13,382 19,006 (4,359)19892017
Safari Business Center(5)
Ontario, CA— 50,807 86,065 21,197 50,807 107,262 158,069 (35,555)19892017
4175 Conant StreetLong Beach, CA— 13,785 13,440 — 13,785 13,440 27,225 (4,634)20152017
F-51

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
5421 Argosy AvenueHuntington Beach, CA— 3,577 1,490 2 3,577 1,492 5,069 (666)19762017
14820-14830 Carmenita RoadNorwalk, CA— 22,938 6,738 2,125 22,938 8,863 31,801 (2,819)1970, 20002017
3002-3072 Inland Empire Blvd.Ontario, CA— 11,980 14,439 3,550 11,980 17,989 29,969 (6,731)19812017
17000 Kingsview Avenue & 800 Sandhill AvenueCarson, CA— 7,988 5,472 2,699 7,988 8,171 16,159 (1,884)19842017
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho WayRancho Dominguez, CA— 121,329 86,776 26,993 121,329 113,769 235,098 (30,126)1989 / 20212017
11190 White Birch DriveRancho Cucamonga, CA— 9,405 9,840 730 9,405 10,570 19,975 (3,563)19862017
4832-4850 Azusa Canyon RoadIrwindale, CA— 5,330 8,856 597 5,330 9,453 14,783 (2,718)20162017
1825 Soto StreetLos Angeles, CA— 2,129 1,315 215 2,129 1,530 3,659 (499)19932017
19402 Susana RoadRancho Dominguez, CA— 3,524 357 26 3,524 383 3,907 (172)19572017
13225 Western AvenueGardena, CA— 1,918 355 363 1,918 718 2,636 (216)19552017
8542 Slauson AvenuePico Rivera, CA— 8,681 576 1,089 8,681 1,665 10,346 (710)19642017
687 Eucalyptus AvenueInglewood, CA— 37,035 15,120 275 37,035 15,395 52,430 (4,351)20172017
302 Rockefeller AvenueOntario, CA— 6,859 7,185 881 6,859 8,066 14,925 (2,249)20002017
4355 Brickell StreetOntario, CA— 7,295 5,616 573 7,295 6,189 13,484 (1,941)20042017
12622-12632 Monarch StreetGarden Grove, CA— 11,691 8,290 2,005 11,691 10,295 21,986 (3,399)19672017
8315 Hanan WayPico Rivera, CA— 8,714 4,751 193 8,714 4,944 13,658 (1,532)19762017
13971 Norton AvenueChino, CA— 5,293 6,377 2,847 5,293 9,224 14,517 (2,139)19902018
1900 Proforma AvenueOntario, CA— 10,214 5,127 1,736 10,214 6,863 17,077 (2,608)19892018
16010 Shoemaker AvenueCerritos, CA— 9,927 6,948 647 9,927 7,595 17,522 (2,198)19852018
4039 Calle PlatinoOceanside, CA— 9,476 11,394 4,951 9,476 16,345 25,821 (3,881)1991 / 20242018
851 Lawrence DriveThousand Oaks, CA— 6,717 — 13,504 6,717 13,504 20,221 (2,273)1968 / 20212018
1581 North Main StreetOrange, CA— 4,230 3,313 276 4,230 3,589 7,819 (1,000)19942018
1580 West Carson StreetLong Beach, CA— 5,252 2,496 2,254 5,252 4,750 10,002 (1,412)1982 / 20182018
660 & 664 North Twin Oaks Valley RoadSan Marcos, CA— 6,307 6,573 351 6,307 6,924 13,231 (2,162)1978 - 19882018
1190 Stanford CourtAnaheim, CA— 3,583 2,430 271 3,583 2,701 6,284 (796)19792018
F-52

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
5300 Sheila StreetCommerce, CA— 90,568 54,086 311 90,568 54,397 144,965 (16,146)19752018
15777 Gateway CircleTustin, CA— 3,815 4,292 63 3,815 4,355 8,170 (1,163)20052018
1998 Surveyor AvenueSimi Valley, CA— 3,670 2,263 4,906 3,670 7,169 10,839 (1,838)20182018
3100 Fujita StreetTorrance, CA— 7,723 5,649 1,239 7,723 6,888 14,611 (1,758)19702018
4416 Azusa Canyon RoadIrwindale, CA— 10,762 1,567 16,737 10,762 18,304 29,066 (4)19562018
1420 McKinley AvenueCompton, CA— 17,053 13,605 143 17,053 13,748 30,801 (3,805)20172018
12154 Montague StreetPacoima, CA— 10,114 12,767 959 10,114 13,726 23,840 (3,402)19742018
10747 Norwalk BoulevardSanta Fe Springs, CA— 5,646 4,966 1,016 5,646 5,982 11,628 (1,447)19992018
29003 Avenue ShermanValencia, CA— 3,094 6,467 1,826 3,094 8,293 11,387 (1,748)2000 / 20192018
16121 Carmenita RoadCerritos, CA— 10,013 3,279 4,364 10,013 7,643 17,656 (1,651)1969/1983, 20202018
1332-1340 Rocky Point DriveOceanside, CA— 3,816 6,148 980 3,816 7,128 10,944 (1,746)2009 / 20192018
6131-6133 Innovation WayCarlsbad, CA— 10,545 11,859 535 10,545 12,394 22,939 (3,370)20172018
263-321 Gardena BoulevardCarson, CA— 14,302 1,960 2,451 14,302 4,411 18,713 (825)1977 - 1982 / 20242018
9200 Mason AvenueChatsworth, CA— 4,887 4,080 238 4,887 4,318 9,205 (1,042)19682018
9230 Mason AvenueChatsworth, CA— 4,454 955 69 4,454 1,024 5,478 (319)19742018
9250 Mason AvenueChatsworth, CA— 4,034 2,464 78 4,034 2,542 6,576 (665)19772018
9171 Oso AvenueChatsworth, CA— 5,647 2,801 29 5,647 2,830 8,477 (810)19802018
5593-5595 Fresca DriveLa Palma, CA— 11,414 2,502 711 11,414 3,213 14,627 (944)19732018
6100 Sheila StreetCommerce, CA— 11,789 5,214 2,265 11,789 7,479 19,268 (2,128)19602018
14421-14441 Bonelli StreetCity of Industry, CA— 12,191 7,489 330 12,191 7,819 20,010 (2,076)19712018
12821 Knott StreetGarden Grove, CA— 17,896 2,824 17,426 17,896 20,250 38,146 (1,558)1971 / 20232019
28510 Industry DriveValencia, CA— 2,395 5,466 126 2,395 5,592 7,987 (1,353)20172019
Conejo Spectrum Business ParkThousand Oaks, CA— 38,877 64,721 2,154 38,877 66,875 105,752 (15,863)2018 / 20202019
2455 Ash StreetVista, CA— 4,273 1,966 325 4,273 2,291 6,564 (777)19902019
25413 Rye Canyon RoadSanta Clarita, CA— 3,245 2,352 3,323 3,245 5,675 8,920 (1,043)19812019
1515 15th StreetLos Angeles, CA— 23,363 5,208 2,442 23,363 7,650 31,013 (1,649)19772019
F-53

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
13890 Nelson AvenueCity of Industry, CA— 25,642 14,616 344 25,642 14,960 40,602 (3,652)19822019
445-449 Freedom AvenueOrange, CA— 9,084 8,286 531 9,084 8,817 17,901 (2,222)19802019
2270 Camino Vida RobleCarlsbad, CA— 8,102 8,179 3,156 8,102 11,335 19,437 (3,506)19812019
980 Rancheros DriveSan Marcos, CA— 2,901 4,245 346 2,901 4,591 7,492 (1,140)19822019
1145 Arroyo AvenueSan Fernando, CA— 19,556 9,567 1,578 19,556 11,145 30,701 (2,617)19892019
1150 Aviation PlaceSan Fernando, CA— 18,989 10,067 40 18,989 10,107 29,096 (2,770)19892019
1175 Aviation PlaceSan Fernando, CA— 12,367 4,858 284 12,367 5,142 17,509 (1,417)19892019
1245 Aviation PlaceSan Fernando, CA— 16,407 9,572 88 16,407 9,660 26,067 (2,458)19892019
635 8th StreetSan Fernando, CA— 8,787 5,922 2,125 8,787 8,047 16,834 (1,521)19892019
10015 Waples CourtSan Diego, CA— 12,280 9,198 5,463 12,280 14,661 26,941 (2,766)1988 / 20202019
19100 Susana RoadRancho Dominguez, CA— 11,576 2,265 449 11,576 2,714 14,290 (877)19562019
15385 Oxnard StreetVan Nuys, CA— 11,782 5,212 235 11,782 5,447 17,229 (1,354)19882019
9750-9770 San Fernando RoadSun Valley, CA— 6,718 543 226 6,718 769 7,487 (316)19522019
218 S. Turnbull CanyonCity of Industry, CA— 19,075 8,061 1,443 19,075 9,504 28,579 (2,404)19992019
Limonite Ave. & Archibald Ave.Eastvale, CA— 23,848 — 31,698 23,848 31,698 55,546 (6,030)20202019
3340 San Fernando RoadLos Angeles, CA— 2,885 147 (115)2,770 147 2,917 (100)n/a2019
5725 Eastgate DriveSan Diego, CA— 6,543 1,732 332 6,543 2,064 8,607 (723)19952019
18115 Main StreetCarson, CA— 7,142 776 327 7,142 1,103 8,245 (341)19882019
3150 Ana StreetRancho Dominguez, CA— 15,997 3,036 27 15,997 3,063 19,060 (814)19572019
1402 Avenida Del OroOceanside, CA— 33,006 34,439 39 33,006 34,478 67,484 (8,463)20162019
9607-9623 Imperial HighwayDowney, CA— 9,766 865 2,291 9,766 3,156 12,922 (764)19742019
12200 Bellflower BoulevardDowney, CA— 14,960 2,057 425 14,960 2,482 17,442 (773)19552019
Storm ParkwayTorrance, CA— 42,178 21,987 5,246 42,178 27,233 69,411 (5,262)1982 - 2008 / 20242019
F-54

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
2328 Teller RoadNewbury Park, CA— 8,330 14,304 2,166 8,330 16,470 24,800 (3,811)1970 / 20182019
6277-6289 Slauson AvenueCommerce, CA— 27,809 11,454 3,103 27,809 14,557 42,366 (3,087)1962 - 19772019
750 Manville Street    Compton, CA— 8,283 2,784 649 8,283 3,433 11,716 (810)19772019
8985 Crestmar PointSan Diego, CA— 6,990 1,350 2,620 6,990 3,970 10,960 (624)19882019
404-430 Berry WayBrea, CA— 21,047 4,566 2,483 21,047 7,049 28,096 (1,785)1964 - 19672019
415-435 Motor AvenueAzusa, CA— 7,364 — 10,880 7,364 10,880 18,244 (1,173)1956 / 20222019
508 East E StreetWilmington, CA— 10,742 4,380 (4,380)10,742 — 10,742 — 1988 / 20242019
12752-12822 Monarch StreetGarden Grove, CA— 29,404 4,262 22,926 29,404 27,188 56,592 (2,575)1971 / 20232019
1601 Mission Blvd.Pomona, CA— 67,623 18,962 1,246 67,623 20,208 87,831 (5,631)19522019
2757 Del Amo Blvd.Rancho Dominguez, CA— 10,035 2,073 584 10,035 2,657 12,692 (733)19672019
18250 Euclid StreetFountain Valley, CA— 11,116 3,201 — 11,116 3,201 14,317 (747)19742019
701-751 Kingshill PlaceCarson, CA6,852 23,016 10,344 4,069 23,016 14,413 37,429 (2,918)1979 / 20202020
2601-2641 Manhattan Beach BlvdRedondo Beach, CA— 30,333 9,427 5,967 30,333 15,394 45,727 (3,376)19782020
2410-2420 Santa Fe AvenueRedondo Beach, CA10,300 24,310 13,128 6 24,310 13,134 37,444 (2,671)19772020
11600 Los Nietos RoadSanta Fe Springs, CA— 12,033 4,666 6,165 12,033 10,831 22,864 (904)1976 / 20222020
5160 Richton StreetMontclair, CA— 7,199 8,203 1,068 7,199 9,271 16,470 (1,914)20042020
2205 126th StreetHawthorne, CA5,200 11,407 6,834 1,343 11,407 8,177 19,584 (1,936)19982020
11832-11954 La Cienega BlvdHawthorne, CA3,772 13,625 5,721 1,236 13,625 6,957 20,582 (1,731)19992020
7612-7642 Woodwind DriveHuntington Beach, CA— 10,634 2,901 421 10,634 3,322 13,956 (736)20012020
960-970 Knox StreetTorrance, CA— 7,324 2,380 1,228 7,324 3,608 10,932 (1,054)19762020
25781 Atlantic Ocean DriveLake Forest, CA— 4,358 1,067 852 4,358 1,919 6,277 (357)19962020
720-750 Vernon AvenueAzusa, CA— 14,088 1,638 4 14,088 1,642 15,730 (577)19502020
6687 Flotilla StreetCommerce, CA— 14,501 6,053 626 14,501 6,679 21,180 (1,304)19562020
1055 Sandhill AvenueCarson, CA— 11,970 — 25,205 11,970 25,205 37,175 — 1973 / 20242020
22895 Eastpark DriveYorba Linda, CA— 5,337 1,370 199 5,337 1,569 6,906 (383)19862020
F-55

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
8745-8775 Production AvenueSan Diego, CA— 6,471 1,551 1,935 6,471 3,486 9,957 (835)1974 / 20212020
15850 Slover AvenueFontana, CA— 3,634 6,452 55 3,634 6,507 10,141 (1,154)20202020
15650-15700 Avalon BlvdLos Angeles, CA— 22,353 5,988 9,441 22,353 15,429 37,782 (1,249)1962 - 1978 / 20222020
11308-11350 Penrose StreetSun Valley, CA— 15,884 11,169 5,159 15,884 16,328 32,212 (2,351)1974 / 20242020
11076-11078 Fleetwood StreetSun Valley, CA— 3,217 1,446 1,407 3,217 2,853 6,070 (450)19742020
12133 Greenstone AvenueSanta Fe Springs, CA— 5,900 891 6,541 5,900 7,432 13,332 (687)1967 / 20232020
12772 San Fernando RoadSylmar, CA— 17,302 3,832 18,370 17,302 22,202 39,504 (21)1964 / 20132020
15601 Avalon BlvdLos Angeles, CA— 15,776 — 13,581 15,776 13,581 29,357 (1,178)1984 / 20232020
Gateway PointeWhittier, CA— 132,659 154,250 1,561 132,659 155,811 288,470 (24,934)2005 - 20062020
13943-13955 Balboa BlvdSylmar, CA14,213 26,795 18,484 2,132 26,795 20,616 47,411 (3,579)20002020
Van Nuys Airport Industrial CenterVan Nuys, CA— 91,894 58,625 10,581 91,894 69,206 161,100 (11,174)1961 - 20072020
4039 State StreetMontclair, CA— 12,829 15,485 72 12,829 15,557 28,386 (2,628)20202020
10156 Live Oak AvenueFontana, CA— 19,779 27,186 848 19,779 28,034 47,813 (4,713)20202020
10694 Tamarind AvenueFontana, CA— 8,878 12,325 190 8,878 12,515 21,393 (2,060)20202020
2520 Baseline RoadRialto, CA— 12,513 16,377 172 12,513 16,549 29,062 (2,696)20202020
12211 Greenstone AvenueSanta Fe Springs, CA— 15,729 1,636 46 15,729 1,682 17,411 (543)N/A2020
East 27th StreetLos Angeles, CA— 40,332 21,842 9,584 40,332 31,426 71,758 (3,710)1961 - 2004 / 20242020
2750 Alameda StreetLos Angeles, CA— 24,644 5,771 1,332 24,644 7,103 31,747 (1,532)1961 - 19802020
29010 Avenue PaineValencia, CA— 7,401 8,168 1,067 7,401 9,235 16,636 (1,555)20002020
29010 Commerce Center DriveValencia, CA— 10,499 13,832 3 10,499 13,835 24,334 (2,245)20022020
13369 Valley BlvdFontana, CA— 9,675 10,393 943 9,675 11,336 21,011 (1,848)20052020
6635 Caballero BlvdBuena Park, CA— 14,288 7,919 615 14,288 8,534 22,822 (1,389)20032020
1235 South Lewis StreetAnaheim, CA— 16,984 1,519 1,997 16,984 3,516 20,500 (583)1956 / 20222020
15010 Don Julian RoadCity of Industry, CA— 24,017 — 18,051 24,017 18,051 42,068 (4)19632021
5002-5018 Lindsay CourtChino, CA— 6,996 5,658 1,923 6,996 7,581 14,577 (1,140)19862021
514 East C StreetLos Angeles, CA— 9,114 1,205 4 9,114 1,209 10,323 (273)20192021
17907-18001 Figueroa StreetLos Angeles, CA— 18,065 1,829 15,958 18,065 17,787 35,852 (77)1954 - 19602021
F-56

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
7817 Woodley AvenueVan Nuys, CA2,747 5,496 4,615 — 5,496 4,615 10,111 (171)19602021
8888-8992 Balboa AvenueSan Diego, CA— 20,033 — 26,244 20,033 26,244 46,277 (4)1967 / 20242021
9920-10020 Pioneer BlvdSanta Fe Springs, CA— 21,345 2,118 35,216 21,345 37,334 58,679 — 1973 - 1978 / 20242021
6655 East 26th StreetCommerce, CA— 5,195 1,780 536 5,195 2,316 7,511 (371)19652021
560 Main StreetOrange, CA— 2,660 432 408 2,660 840 3,500 (170)19732021
4225 Etiwanda AvenueJurupa Valley, CA— 16,287 15,537 1,184 16,287 16,721 33,008 (2,589)19982021
12118 Bloomfield AvenueSanta Fe Springs, CA— 16,809 — 21,073 16,809 21,073 37,882 (4)19552021
256 Alondra BlvdCarson, CA— 10,377 371 250 10,377 621 10,998 (223)19542021
19007 Reyes AvenueRancho Dominguez, CA— 16,673 — 2,329 16,673 2,329 19,002 (193)1969 / 20212021
19431 Santa Fe AvenueRancho Dominguez, CA— 10,066 638 2,817 10,066 3,455 13,521 (239)1963 / 20232021
4621 Guasti RoadOntario, CA— 8,198 5,231 492 8,198 5,723 13,921 (908)19882021
12838 Saticoy StreetNorth Hollywood, CA— 25,550 2,185 — 25,550 2,185 27,735 (606)19542021
19951 Mariner AvenueTorrance, CA— 17,009 7,674 3 17,009 7,677 24,686 (1,692)19862021
2425-2535 East 12th StreetLos Angeles, CA— 48,409 40,756 10,838 48,409 51,594 100,003 (6,465)19882021
29120 Commerce Center DriveValencia, CA— 11,121 15,799 3,126 11,121 18,925 30,046 (2,392)20022021
20304 Alameda StreetRancho Dominguez, CA— 11,987 1,663 82 11,987 1,745 13,732 (381)19742021
4181 Ruffin RoadSan Diego, CA— 30,395 3,530 1,243 30,395 4,773 35,168 (1,094)19872021
12017 Greenstone AvenueSanta Fe Springs, CA— 13,408 205 3,741 13,408 3,946 17,354 (143)n/a2021
1901 Via BurtonFullerton, CA— 24,461 — 24,286 24,461 24,286 48,747 (149)1960 / 20242021
1555 Cucamonga AvenueOntario, CA— 20,153 2,134 308 20,153 2,442 22,595 (662)19732021
1800 Lomita BlvdWilmington, CA— 89,711 542 347 89,711 889 90,600 (329)n/a2021
8240 Haskell AvenueVan Nuys, CA— 4,822 3,682 — 4,822 3,682 8,504 (325)1962 - 1964 / 20232021
3100 Lomita BlvdTorrance, CA— 124,313 65,282 (298)124,313 64,984 189,297 (12,332)1967 - 19982021
2401-2421 Glassell StreetOrange, CA— 54,554 16,599 425 54,554 17,024 71,578 (3,830)19872021
2390-2444 American WayOrange, CA— 17,214 — 21,712 17,214 21,712 38,926 (232)20242021
F-57

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
500 Dupont AvenueOntario, CA— 36,810 26,489 13,933 36,810 40,422 77,232 (1,842)1987 / 20242021
1801 St Andrew PlaceSanta Ana, CA— 75,978 24,522 2,896 75,978 27,418 103,396 (5,421)19872021
5772 Jurupa StreetOntario, CA— 36,590 20,010 24 36,590 20,034 56,624 (2,902)19922021
2500 Victoria StreetLos Angeles, CA— 232,902 — — 232,902 — 232,902 — n/a2021
1010 Belmont StreetOntario, CA— 9,078 5,751 254 9,078 6,005 15,083 (793)19872021
21515 Western AvenueTorrance, CA— 19,280 — 15,356 19,280 15,356 34,636 (1)19912021
12027 Greenstone AvenueSanta Fe Springs, CA— 8,952 469 824 8,952 1,293 10,245 (136)19752021
6027 Eastern AvenueCommerce, CA— 23,494 — 24,913 23,494 24,913 48,407 — 19462021
340-344 Bonnie CircleCorona, CA— 18,044 9,506 637 18,044 10,143 28,187 (1,332)19942021
14100 Vine PlaceCerritos, CA— 40,458 8,660 3,936 40,458 12,596 53,054 (1,634)1979 / 20222021
2280 Ward AvenueSimi Valley, CA— 23,301 24,832 1,147 23,301 25,979 49,280 (3,509)19952021
20481 Crescent Bay DriveLake Forest, CA— 16,164 6,054 3 16,164 6,057 22,221 (867)19962021
334 El Encanto RoadCity of Industry, CA— 9,227 1,272 253 9,227 1,525 10,752 (249)19602021
17031-17037 Green DriveCity of Industry, CA— 10,781 3,302 648 10,781 3,950 14,731 (602)1968 / 20242021
13512 Marlay AvenueFontana, CA— 37,018 15,365 184 37,018 15,549 52,567 (2,205)19602021
14940 Proctor RoadCity of Industry, CA— 28,861 — 3,175 28,861 3,175 32,036 (9)19622021
2800 Casitas AvenueLos Angeles, CA— 33,154 10,833 9,887 33,154 20,720 53,874 (1,330)1999 / 20232021
4240 190th StreetTorrance, CA— 67,982 9,882 142 67,982 10,024 78,006 (1,533)19662021
2391-2393 Bateman AvenueIrwindale, CA— 13,363 9,811 111 13,363 9,922 23,285 (1,164)20052021
1168 Sherborn StreetCorona, CA— 13,747 9,796 7 13,747 9,803 23,550 (1,170)20042021
3071 Coronado StreetAnaheim, CA— 29,862 — 17,759 29,862 17,759 47,621 (490)1973 / 20242021
8911 Aviation BlvdLos Angeles, CA— 27,138 4,780 648 27,138 5,428 32,566 (759)19712021
1020 Bixby DriveCity of Industry, CA— 10,067 6,046 3,168 10,067 9,214 19,281 (594)1977 / 20242021
444 Quay AvenueLos Angeles, CA— 10,926 — 9,817 10,926 9,817 20,743 (261)1992 / 20242022
18455 Figueroa StreetLos Angeles, CA— 57,186 7,420 640 57,186 8,060 65,246 (1,341)19782022
24903 Avenue KearnySanta Clarita, CA— 22,468 34,074 325 22,468 34,399 56,867 (3,961)19882022
19475 Gramercy PlaceTorrance, CA— 9,753 1,678 1,733 9,753 3,411 13,164 (389)1982 / 20222022
F-58

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
14005 Live Oak AvenueIrwindale, CA— 20,387 4,324 1,268 20,387 5,592 25,979 (1,254)19922022
13700-13738 Slover AvenueFontana, CA— 14,457 — 446 14,457 446 14,903 (18)19822022
Meggitt Simi ValleySimi Valley, CA— 32,102 26,338 — 32,102 26,338 58,440 (3,113)1984 / 20052022
21415-21605 Plummer StreetChatsworth, CA— 33,119 4,724 1,383 33,119 6,107 39,226 (1,215)19862022
1501-1545 Rio Vista AvenueLos Angeles, CA— 16,138 11,951 963 16,138 12,914 29,052 (1,573)20032022
17011-17027 Central AvenueCarson, CA— 22,235 8,241 — 22,235 8,241 30,476 (941)19792022
2843 Benet RoadOceanside, CA— 3,459 11,559 — 3,459 11,559 15,018 (1,223)19872022
14243 Bessemer StreetVan Nuys, CA— 5,229 1,807 — 5,229 1,807 7,036 (215)19872022
2970 East 50th StreetVernon, CA— — 6,082 7 — 6,089 6,089 (678)19492022
19900 Plummer StreetChatsworth, CA— 13,845 890 12,550 13,845 13,440 27,285 (2)19832022
Long Beach Business ParkLong Beach, CA— 21,664 2,960 635 21,664 3,595 25,259 (623)1973 - 19762022
13711 Freeway DriveSanta Fe Springs, CA— 34,175 892 1,307 34,175 2,199 36,374 (140)19632022
6245 Providence WayEastvale, CA— 6,075 3,777 120 6,075 3,897 9,972 (466)20182022
7815 Van Nuys BlvdPanorama City, CA— 19,837 6,450 808 19,837 7,258 27,095 (800)19602022
13535 Larwin CircleSanta Fe Springs, CA— 14,580 2,750 21 14,580 2,771 17,351 (388)19872022
1154 Holt BlvdOntario, CA— 7,222 7,009 19 7,222 7,028 14,250 (723)20212022
900-920 Allen AvenueGlendale, CA— 20,499 6,176 270 20,499 6,446 26,945 (791)1942 - 19952022
1550-1600 Champagne AvenueOntario, CA— 29,768 19,702 1,186 29,768 20,888 50,656 (2,187)19892022
10131 Banana AvenueFontana, CA— 25,795 1,248 607 25,795 1,855 27,650 (304)n/a2022
2020 Central AvenueCompton, CA— 11,402 676 — 11,402 676 12,078 (173)19722022
14200-14220 Arminta StreetPanorama, CA— 50,184 33,691 57 50,184 33,748 83,932 (3,557)20062022
1172 Holt BlvdOntario, CA— 9,439 8,504 90 9,439 8,594 18,033 (898)20212022
1500 Raymond AvenueFullerton, CA— 46,117 — 25,855 46,117 25,855 71,972 — n/a2022
2400 Marine AvenueRedondo Beach, CA— 21,686 7,290 (58)21,686 7,232 28,918 (855)19642022
14434-14527 San Pedro StreetLos Angeles, CA— 50,239 1,985 14,108 50,239 16,093 66,332 (107)19712022
20900 Normandie AvenueTorrance, CA— 26,136 13,942 990 26,136 14,932 41,068 (1,496)n/a2022
15771 Red Hill AvenueTustin, CA— 31,853 8,431 551 31,853 8,982 40,835 (1,472)1979 / 20162022
14350 Arminta StreetPanorama City, CA— 5,715 2,880 — 5,715 2,880 8,595 (313)20062022
F-59

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
29125 Avenue PaineValencia, CA— 20,388 24,125 4,719 20,388 28,844 49,232 (2,625)20062022
3935-3949 Heritage Oak CourtSimi Valley, CA— 23,693 33,149 — 23,693 33,149 56,842 (3,425)19992022
620 Anaheim StreetLos Angeles, CA— 15,550 2,230 736 15,550 2,966 18,516 (330)19842022
400 Rosecrans AvenueGardena, CA— 8,642 — 439 8,642 439 9,081 — 19672022
3547-3555 Voyager StreetTorrance, CA— 19,809 924 1,256 19,809 2,180 21,989 (192)19862022
6996-7044 Bandini BlvdCommerce, CA— 39,403 1,574 — 39,403 1,574 40,977 (253)19682022
4325 Etiwanda AvenueJurupa Valley, CA— 31,286 18,730 1,209 31,286 19,939 51,225 (1,914)19982022
Merge-WestEastvale, CA— 251,443 206,055 1,549 251,443 207,604 459,047 (19,746)20222022
6000-6052 & 6027-6029 Bandini BlvdCommerce, CA— 69,162 25,490 741 69,162 26,231 95,393 (2,686)20162022
3901 Via Oro AvenueLong Beach, CA— 18,519 953 1,116 18,519 2,069 20,588 (449)19832022
15650 Don Julian RoadCity of Industry, CA— 9,867 5,818 846 9,867 6,664 16,531 (584)20032022
15700 Don Julian RoadCity of Industry, CA— 10,252 5,996 500 10,252 6,496 16,748 (608)20012022
17000 Gale AvenueCity of Industry, CA— 7,190 4,929 309 7,190 5,238 12,428 (490)20082022
17909 & 17929 Susana RoadCompton, CA— 26,786 — 832 26,786 832 27,618 (3)1970 - 19732022
2880 Ana StreetRancho Dominguez, CA— 34,987 — 6,720 34,987 6,720 41,707 (47)1970 / 20242022
920 Pacific Coast HighwayWilmington, CA— 80,121 21,516 10 80,121 21,526 101,647 (1,992)19542022
21022 & 21034 Figueroa StreetCarson, CA— 15,551 8,871 1,149 15,551 10,020 25,571 (842)20022022
13301 Main StreetLos Angeles, CA— 40,434 11,915 14 40,434 11,929 52,363 (1,098)19892022
20851 Currier RoadCity of Industry, CA— 12,549 9,471 2,385 12,549 11,856 24,405 (738)1999 / 20232022
3131 Harcourt Street & 18031 Susana RoadCompton, CA— 26,268 1,419 4,563 26,268 5,982 32,250 (127)19702022
14400 Figueroa StreetLos Angeles, CA— 43,929 6,011 6,818 43,929 12,829 56,758 (181)19672022
2130-2140 Del Amo BlvdCarson, CA— 35,494 5,246 1,030 35,494 6,276 41,770 (565)19802022
19145 Gramercy PlaceTorrance, CA— 32,965 5,894 — 32,965 5,894 38,859 (759)19772022
20455 Reeves AvenueCarson, CA— 40,291 6,050 404 40,291 6,454 46,745 (640)19822022
14874 Jurupa AvenueFontana, CA— 29,738 29,627 22 29,738 29,649 59,387 (2,293)20192022
10660 Mulberry AvenueFontana, CA— 8,744 3,024 283 8,744 3,307 12,051 (315)19902022
755 Trademark CircleCorona, CA— 5,685 4,910 6 5,685 4,916 10,601 (403)20012022
F-60

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
4500 Azusa Canyon RoadIrwindale, CA— 35,173 4,991 237 35,173 5,228 40,401 (616)19502022
7817 Haskell AvenueVan Nuys, CA— 10,565 976 28 10,565 1,004 11,569 (160)19602022
16752 Armstrong AvenueIrvine, CA— 29,662 8,699 36 29,662 8,735 38,397 (1,447)1970/20122023
10545 Production AvenueFontana, CA— 215,378 149,927 40 215,378 149,967 365,345 (11,451)20062023
3520 Challenger StreetTorrance, CA— 11,616 1,859 4 11,616 1,863 13,479 (436)19902023
9000 Airport BlvdLos Angeles, CA— 139,564 4,976 1,473 139,564 6,449 146,013 (825)19812023
9223 Balboa AvenueSan Diego, CA— 50,919 97,621 9 50,919 97,630 148,549 (6,699)20202023
9323 Balboa AvenueSan Diego, CA— 27,254 — 932 27,254 932 28,186 (9)1978-19802023
4285 Ponderosa AvenueSan Diego, CA— 16,495 8,207 7 16,495 8,214 24,709 (629)19692023
13925 Benson AvenueChino, CA— 26,442 1,446 915 26,442 2,361 28,803 (197)19892023
19301 Santa Fe AvenueRancho Dominguez, CA— 14,899 — 1,950 14,899 1,950 16,849 (1)1954/19892023
2395-2399 Bateman AvenueIrwindale, CA— 28,663 12,964 2,088 28,663 15,052 43,715 (1,023)20222023
27712 & 27756 Avenue MentrySanta Clarita, CA— 20,084 36,540 36 20,084 36,576 56,660 (2,025)19882023
422 Rosecrans AvenueGardena, CA— 3,067 — — 3,067 — 3,067 — 19682023
14650 Hoover StreetWestminster, CA— 13,814 8,721 883 13,814 9,604 23,418 (500)20012023
5630 Cerritos AvenueCypress, CA— 16,635 6,103 — 16,635 6,103 22,738 (393)19892023
9400-9500 Santa Fe Springs RoadSanta Fe Springs, CA— 132,157 67,189 126 132,157 67,315 199,472 (3,849)1980/19902023
2500 Thompson StreetLong Beach, CA— 19,567 5,268 6 19,567 5,274 24,841 (360)19702023
15801 West 1st StreetIrwindale, CA— 142,497 31,453 — 142,497 31,453 173,950 (1,909)1977/19802023
600-708 Vermont AvenueAnaheim, CA— 57,394 — 896 57,394 896 58,290 (2)19602023
11234 Rush StreetSouth El Monte, CA— 12,737 — 2,119 12,737 2,119 14,856 — 19602023
5000 & 5010 Azusa Canyon RdIrwindale, CA— 44,779 34,691 279 44,779 34,970 79,749 (1,327)20222024
9028 Dice RoadSanta Fe Springs, CA— 40,265 7,629 4 40,265 7,633 47,898 (307)19782024
1217 Saint Gertrude PlaceSanta Ana, CA— 21,996 3,423 3 21,996 3,426 25,422 (183)19612024
9140 Lurline AvenueChatsworth, CA— 34,508 10,743 4 34,508 10,747 45,255 (421)19742024
1500 Walnut AvenueFullerton, CA— 28,672 17,014 35 28,672 17,049 45,721 (557)20222024
4141 Palm StreetFullerton, CA— 19,494 2,563 25 19,494 2,588 22,082 (145)19812024
F-66
F-61

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
14407 Alondra BlvdLa Mirada, CA— 44,554 27,470 29 44,554 27,499 72,053 (901)19762024
7149 Fair AvenueNorth Hollywood, CA— 7,420 2,706 19 7,420 2,725 10,145 (105)19692024
7119 Fair AvenueNorth Hollywood, CA— 3,846 2,350 74 3,846 2,424 6,270 (73)19692024
7118 Fair AvenueNorth Hollywood, CA— 3,779 2,626 — 3,779 2,626 6,405 (87)19692024
7103 Fair AvenueNorth Hollywood, CA— 3,513 1,610 10 3,513 1,620 5,133 (58)19692024
7101 Fair AvenueNorth Hollywood, CA— 6,655 3,319 — 6,655 3,319 9,974 (113)19692024
7100 Fair AvenueNorth Hollywood, CA— 3,864 1,488 — 3,864 1,488 5,352 (56)19692024
11166 Gault StreetNorth Hollywood, CA— 3,967 1,845 105 3,967 1,950 5,917 (61)19702024
11150 Gault WayNorth Hollywood, CA— 3,807 2,212 28 3,807 2,240 6,047 (76)19702024
11128 Gault StreetNorth Hollywood, CA— 6,657 2,754 — 6,657 2,754 9,411 (102)19702024
7100 Case AvenueNorth Hollywood, CA— 6,753 4,030 19 6,753 4,049 10,802 (135)19702024
7121 Case AvenueNorth Hollywood, CA— 3,768 2,171 — 3,768 2,171 5,939 (74)19692024
11120 Sherman WaySun Valley, CA— 6,100 2,582 — 6,100 2,582 8,682 (97)19702024
11130 Sherman WaySun Valley, CA— 5,125 1,953 5 5,125 1,958 7,083 (74)19692024
11156 Sherman WaySun Valley, CA— 5,865 2,216 5 5,865 2,221 8,086 (84)19692024
7101 Case AvenueNorth Hollywood, CA— 4,012 1,334 72 4,012 1,406 5,418 (47)19692024
25172 Arctic Ocean DriveLake Forest, CA— 12,744 2,227 6 12,744 2,233 14,977 (104)19982024
20512 Crescent BayLake Forest, CA— 7,140 1,723 98 7,140 1,821 8,961 (69)19982024
F-62

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
20492 Crescent BayLake Forest, CA— 11,561 2,819 129 11,561 2,948 14,509 (119)19982024
20472 Crescent BayLake Forest, CA— 7,640 1,929 111 7,640 2,040 9,680 (82)19982024
20532 Crescent BayLake Forest, CA— 5,991 1,102 57 5,991 1,159 7,150 (63)19982024
1212 Howell AvenueAnaheim, CA— 6,503 1,119 5 6,503 1,124 7,627 (49)19922024
1222 Howell AvenueAnaheim, CA— 20,529 4,781 69 20,529 4,850 25,379 (193)19682024
200 Boysenberry LanePlacentia, CA— 52,847 8,160 — 52,847 8,160 61,007 (343)19852024
10712-10748 Bloomfield AvenueSanta Fe Springs, CA— 16,882 3,754 258 16,882 4,012 20,894 (146)19902024
12932-12958 Midway PlaceCerritos, CA— 35,276 15,012 22 35,276 15,034 50,310 (539)19802024
2910 Pacific Commerce Drive EastRancho Dominguez, CA— 40,056 6,333 8 40,056 6,341 46,397 (278)19852024
1715 West 132nd StreetGardena, CA— 4,677 727 (25)4,677 702 5,379 (27)19712024
4115 Schaefer AvenueChino, CA— 5,150 3,200 37 5,150 3,237 8,387 (116)20012024
437 Baldwin Park BlvdLa Puente, CA— 13,507 6,283 17 13,507 6,300 19,807 (223)19772024
433 Baldwin Park BlvdLa Puente, CA— 19,230 8,341 44 19,230 8,385 27,615 (297)19772024
421 Baldwin Park BlvdLa Puente, CA— 8,648 2,758 16 8,648 2,774 11,422 (105)19772024
17705-17709 Valley BlvdCity of Industry, CA— 6,981 3,152 — 6,981 3,152 10,133 (105)19852024
630-634 Hambledon AvenueCity of Industry, CA— 8,254 3,808 9 8,254 3,817 12,071 (133)19852024
620-628 Hambledon AvenueCity of Industry, CA— 8,523 3,830 171 8,523 4,001 12,524 (128)19852024
17755 Valley BlvdCity of Industry, CA— 6,544 3,193 16 6,544 3,209 9,753 (103)19852024
17745-17749 Valley BlvdCity of Industry, CA— 7,820 1,833 149 7,820 1,982 9,802 (70)19852024
14680-14700 Alondra BlvdLa Mirada, CA— 25,484 8,160 — 25,484 8,160 33,644 (294)19772024
14720-14750 Alondra BlvdLa Mirada, CA— 26,285 10,224 12 26,285 10,236 36,521 (359)19772024
14730-14750 Northam StreetLa Mirada, CA— 17,860 6,754 — 17,860 6,754 24,614 (241)19772024
14725 Northam StreetLa Mirada, CA— 20,039 8,182 162 20,039 8,344 28,383 (279)19782024
14647-14667 Northam StreetLa Mirada, CA— 35,429 19,776 127 35,429 19,903 55,332 (621)19782024
F-63

   Initial Cost
Costs Capitalized Subsequent to Acquisition(1)
Gross Amounts at Which Carried at Close of Period   
Property AddressLocationEncumbrances LandBuilding and ImprovementsBuilding and Improvements
Land (2)
Building & Improvements (2)
Total
Accumulated Depreciation (3)
Year Build / Year RenovatedYear Acquired
14710 Northam StreetLa Mirada, CA— 11,706 2,822 2 11,706 2,824 14,530 (99)19792024
4422 Airport DriveOntario, CA— 14,507 9,868 627 14,507 10,495 25,002 (309)19782024
1901 Rosslynn AvenueFullerton, CA— 57,830 30,705 — 57,830 30,705 88,535 (856)19892024
16203-16233 Arrow HighwayIrwindale, CA— 20,253 24,912 16 20,253 24,928 45,181 (1,442)20222024
950 West 190th StreetLos Angeles, CA— 41,757 — 426 41,757 426 42,183 (1)19802024
12900 Alondra BlvdCerritos, CA— 14,581 4,414 — 14,581 4,414 18,995 (64)19772024
13201 Dahlia StreetFontana, CA— 39,792 28,135 367 39,792 28,502 68,294 (240)19892024
2501 Rosecrans AvenueCompton, CA— 79,265 50,632 763 79,265 51,395 130,660 (86)19872024
Investments in real estate $44,622  $7,824,826 $3,911,211 $1,224,803 $7,822,290 $5,134,026 $12,956,316 $(977,133)  
Note: As of December 31, 2024, the aggregate cost for federal income tax purposes of investments in real estate was approximately $11.8 billion.

(1)Costs capitalized subsequent to acquisition are net of the write-off of fully depreciated assets and include construction in progress.
(2)During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $4.5 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $4.5 million, $2.4 million is included as a reduction of “Land” in the table above, with the remaining $2.1 million included as a reduction of “Buildings and Improvements”.
(3)The depreciable life for buildings and improvements 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 tenant improvements.
(4)As of December 31, 2024, these six properties secure the $60 Million Term Loan.
(5)Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street.
F-64

    The following tables reconcile the historical cost of total real estate held for investment and accumulated depreciation from January 1, 2022 to December 31, 2024 (in thousands):
 Year Ended December 31,
Total Real Estate Held for Investment202420232022
Balance, beginning of year$11,156,394 $9,470,387 $6,931,072 
Acquisition of investment in real estate1,450,087 1,419,817 2,395,518 
Construction costs and improvements386,501 293,850 146,508 
Disposition of investment in real estate(25,975)(11,360)— 
Properties held for sale— — — 
Write-off of fully depreciated assets(10,691)(16,300)(2,711)
Balance, end of year$12,956,316 $11,156,394 $9,470,387 
  Year Ended December 31,
Accumulated Depreciation202420232022
Balance, beginning of year$(782,461)$(614,332)$(473,382)
Depreciation of investment in real estate(208,372)(187,722)(143,661)
Disposition of investment in real estate3,009 3,293 — 
Properties held for sale— — — 
Write-off of fully depreciated assets10,691 16,300 2,711 
Balance, end of year$(977,133)$(782,461)$(614,332)

F-65

REXFORD INDUSTRIAL REALTY, INC.
SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2024
(Dollars in thousands)
DescriptionContractual Interest RateMaturity DatePeriodic Payment TermsPrior LiensFace Amount of Mortgages
Carrying Amount of Mortgages(1)
Principal Amount of Loans Subject to Delinquent Principal or Interest
First Mortgage Loan:
Industrial development site in California7.50 %
(2)
10/26/2028
(3)
None$125,000 $123,244 $— 
$125,000 $123,244 $— 
(1)The cost for federal income tax purposes was $125.0 million as of December 31, 2024.
(2)The loan has an effective interest rate of 8.0% including the impact of loan origination costs and fees.
(3)Interest is due monthly and principal is due at the maturity date.

The following table reconciles the carrying value of mortgage loans on real estate from January 1, 2023 to December 31, 2024 (in thousands):
 
Year Ended December 31,
20242023
Balance, beginning of year$122,784 $— 
Additions during period:
New loan originated
— 125,000 
Amortization of net deferred origination fees
460 84 
Deductions during period:
Deferred loan origination fees, net
— (2,300)
Balance, end of year$123,244 $122,784 
F-66
F-66