Toggle SGML Header (+)


Section 1: 10-K (10-K)

Document
false--12-31FY20190001571283P0Y6MP6MP0Y6M0.360.180.30.180.30.180.210.120.210.120.750.350.550.350.750.350.550.350.750.350.550.350.33330.33330.33330.33330.33330.33330.33330.33330.3333P3YP3YP3YP3YP3YP3YP3YP3YP3YP3Y0.580.640.740.010.01490000000489950000968105041137933000.01200.0150.0120.0110LIBORLIBORLIBORLIBORLIBOR1694000205300038600000.058750.058750.058750.056251.4687521.4687521.6645851.4687521.4687520.39453190000000750000009000000075000000862500000.010.01100000001005000036000003000000300000034500002251724641 0001571283 2019-01-01 2019-12-31 0001571283 2020-02-13 0001571283 2019-06-28 0001571283 us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:SeriesBPreferredStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:SeriesCPreferredStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001571283 2017-01-01 2017-12-31 0001571283 us-gaap:RevolvingCreditFacilityMember rexr:UnsecuredCreditFacilityMember 2019-12-31 0001571283 2019-12-31 0001571283 2018-12-31 0001571283 us-gaap:SeriesBPreferredStockMember 2019-12-31 0001571283 us-gaap:SeriesAPreferredStockMember 2018-12-31 0001571283 us-gaap:SeriesCPreferredStockMember 2019-12-31 0001571283 us-gaap:SeriesAPreferredStockMember 2019-12-31 0001571283 us-gaap:SeriesBPreferredStockMember 2018-12-31 0001571283 us-gaap:SeriesCPreferredStockMember 2018-12-31 0001571283 us-gaap:SeriesBPreferredStockMember 2018-01-01 2018-12-31 0001571283 us-gaap:SeriesAPreferredStockMember 2018-01-01 2018-12-31 0001571283 2018-01-01 2018-12-31 0001571283 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001571283 us-gaap:PreferredStockMember us-gaap:ParentMember 2017-01-01 2017-12-31 0001571283 us-gaap:ParentMember 2017-01-01 2017-12-31 0001571283 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-12-31 0001571283 us-gaap:PreferredStockMember us-gaap:PreferredStockMember 2017-01-01 2017-12-31 0001571283 us-gaap:ParentMember 2019-01-01 2019-12-31 0001571283 us-gaap:CommonStockMember 2016-12-31 0001571283 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001571283 us-gaap:CommonStockMember 2017-12-31 0001571283 us-gaap:CommonStockMember us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:CommonStockMember us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001571283 us-gaap:SeriesCPreferredStockMember us-gaap:PreferredStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:ParentMember 2018-01-01 2018-12-31 0001571283 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0001571283 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001571283 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:PreferredStockMember 2017-01-01 2017-12-31 0001571283 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001571283 us-gaap:CommonStockMember us-gaap:ParentMember 2019-01-01 2019-12-31 0001571283 us-gaap:CommonStockMember 2019-12-31 0001571283 us-gaap:CommonStockMember 2018-12-31 0001571283 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001571283 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001571283 us-gaap:PreferredStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001571283 us-gaap:NoncontrollingInterestMember 2017-01-01 2017-12-31 0001571283 2017-12-31 0001571283 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001571283 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-12-31 0001571283 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001571283 us-gaap:PreferredStockMember 2018-12-31 0001571283 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2017-12-31 0001571283 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001571283 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0001571283 us-gaap:NoncontrollingInterestMember 2018-12-31 0001571283 us-gaap:CommonStockMember us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0001571283 us-gaap:NoncontrollingInterestMember 2016-12-31 0001571283 2016-12-31 0001571283 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-01-01 2019-12-31 0001571283 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2016-12-31 0001571283 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-12-31 0001571283 us-gaap:PreferredStockMember 2018-01-01 2018-12-31 0001571283 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001571283 us-gaap:ParentMember 2018-12-31 0001571283 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 2018-12-31 0001571283 us-gaap:NoncontrollingInterestMember 2019-12-31 0001571283 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001571283 us-gaap:PreferredStockMember 2017-01-01 2017-12-31 0001571283 us-gaap:PreferredStockMember 2017-12-31 0001571283 us-gaap:PreferredStockMember 2019-12-31 0001571283 us-gaap:ParentMember 2016-12-31 0001571283 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2017-01-01 2017-12-31 0001571283 us-gaap:SeriesCPreferredStockMember us-gaap:ParentMember 2019-01-01 2019-12-31 0001571283 us-gaap:PreferredStockMember 2016-12-31 0001571283 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001571283 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001571283 us-gaap:ParentMember 2017-12-31 0001571283 us-gaap:CommonStockMember us-gaap:ParentMember 2017-01-01 2017-12-31 0001571283 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-12-31 0001571283 us-gaap:NoncontrollingInterestMember 2017-12-31 0001571283 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001571283 us-gaap:CommonStockMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001571283 us-gaap:ParentMember 2019-12-31 0001571283 us-gaap:SeriesAPreferredStockMember 2017-01-01 2017-12-31 0001571283 rexr:A3233MissionOaksMember 2017-01-01 2017-12-31 0001571283 srt:MinimumMember rexr:PropertyAverageLeaseUpPeriodMember 2019-01-01 2019-12-31 0001571283 rexr:ConstructionEmployeesMember 2018-01-01 2018-12-31 0001571283 srt:MinimumMember us-gaap:BuildingMember 2019-01-01 2019-12-31 0001571283 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember 2019-12-31 0001571283 rexr:LeasingEmployeesMember 2017-01-01 2017-12-31 0001571283 srt:MinimumMember us-gaap:LandImprovementsMember 2019-01-01 2019-12-31 0001571283 srt:MaximumMember us-gaap:MeasurementInputCapRateMember 2019-12-31 0001571283 rexr:ConstructionEmployeesMember 2017-01-01 2017-12-31 0001571283 srt:MaximumMember us-gaap:LandImprovementsMember 2018-01-01 2018-12-31 0001571283 srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember 2019-12-31 0001571283 rexr:ConstructionEmployeesMember 2019-01-01 2019-12-31 0001571283 srt:MaximumMember rexr:PropertyAverageLeaseUpPeriodMember 2019-01-01 2019-12-31 0001571283 srt:MinimumMember us-gaap:MeasurementInputCapRateMember 2019-12-31 0001571283 rexr:LeasingEmployeesMember 2018-01-01 2018-12-31 0001571283 srt:MaximumMember us-gaap:BuildingMember 2019-01-01 2019-12-31 0001571283 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 2019-01-01 0001571283 rexr:A3340NorthSanFernandoRoadMember 2019-01-01 2019-12-31 0001571283 rexr:StormParkwayMember 2019-01-01 2019-12-31 0001571283 rexr:A151515thStreetMember 2019-12-31 0001571283 rexr:A18250EuclidStreetMember 2019-12-31 0001571283 rexr:A2757E.DelAmoBoulevardMember 2019-12-31 0001571283 rexr:A25413RyeCanyonRoadMember 2019-12-31 0001571283 rexr:A13890NelsonAvenueMember 2019-12-31 0001571283 rexr:A1601W.MissionBoulevardMember 2019-12-31 0001571283 rexr:A3150AnaStreetMember 2019-12-31 0001571283 rexr:A445449FreedomAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A2455AshStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A445449FreedomAvenueMember 2019-12-31 0001571283 rexr:A1150AviationPlaceMember 2019-12-31 0001571283 rexr:A1175AviationPlaceMember 2019-01-01 2019-12-31 0001571283 rexr:A415435MotorAvenueMember 2019-12-31 0001571283 rexr:A2270CaminoVidaRobleMember 2019-12-31 0001571283 rexr:A508EastEStreetMember 2019-12-31 0001571283 rexr:A2757E.DelAmoBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A18250EuclidStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A1601W.MissionBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A15385OxnardStreetMember 2019-12-31 0001571283 rexr:A28510IndustryDriveMember 2019-12-31 0001571283 rexr:A1245AviationPlaceMember 2019-12-31 0001571283 rexr:TheMergeMember 2019-12-31 0001571283 rexr:A1275212822MonarchAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A3340NorthSanFernandoRoadMember 2019-12-31 0001571283 rexr:StormParkwayMember 2019-12-31 0001571283 rexr:A1402AvenidaDelOroMember 2019-12-31 0001571283 rexr:A10015WaplesCourtMember 2019-12-31 0001571283 rexr:A8985CrestmarPointMember 2019-01-01 2019-12-31 0001571283 rexr:A151515thStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A2455AshStreetMember 2019-12-31 0001571283 rexr:A980RancherosDriveMember 2019-12-31 0001571283 rexr:ConejoSpectrumBusinessParkMember 2019-12-31 0001571283 rexr:A5725EastgateDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A19100SusanaRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A1245AviationPlaceMember 2019-01-01 2019-12-31 0001571283 rexr:A404430BerryWayMember 2019-01-01 2019-12-31 0001571283 rexr:A5725EastgateDriveMember 2019-12-31 0001571283 rexr:A97509770SanFernandoRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A508EastEStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A12821KnottStreetMember 2019-12-31 0001571283 rexr:A8985CrestmarPointMember 2019-12-31 0001571283 rexr:A1275212822MonarchAvenueMember 2019-12-31 0001571283 rexr:A750ManvilleStreetMember 2019-12-31 0001571283 rexr:A980RancherosDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A62776289SlausonAvenueMember 2019-12-31 0001571283 rexr:A12200BellflowerBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A218TurnbullCanyonMember 2019-12-31 0001571283 rexr:A404430BerryWayMember 2019-12-31 0001571283 rexr:A19100SusanaRoadMember 2019-12-31 0001571283 rexr:A1145ArroyoAvenueMember 2019-12-31 0001571283 rexr:A96079623ImperialHighwayMember 2019-01-01 2019-12-31 0001571283 rexr:A10015WaplesCourtMember 2019-01-01 2019-12-31 0001571283 rexr:A96079623ImperialHighwayMember 2019-12-31 0001571283 rexr:A1150AviationPlaceMember 2019-01-01 2019-12-31 0001571283 rexr:A2328TellerRoadMember 2019-12-31 0001571283 rexr:A12200BellflowerBoulevardMember 2019-12-31 0001571283 rexr:A13890NelsonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A18115MainStreetMember 2019-12-31 0001571283 rexr:A1145ArroyoAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A97509770SanFernandoRoadMember 2019-12-31 0001571283 rexr:A3150AnaStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A750ManvilleStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A62776289SlausonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A1175AviationPlaceMember 2019-12-31 0001571283 rexr:A12821KnottStreetMember 2019-01-01 2019-12-31 0001571283 rexr:ConejoSpectrumBusinessParkMember 2019-01-01 2019-12-31 0001571283 rexr:A415435MotorAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A15385OxnardStreetMember 2019-01-01 2019-12-31 0001571283 rexr:TheMergeMember 2019-01-01 2019-12-31 0001571283 rexr:A6358thStreetMember 2019-12-31 0001571283 rexr:A1402AvenidaDelOroMember 2019-01-01 2019-12-31 0001571283 rexr:A2328TellerRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A6358thStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A2270CaminoVidaRobleMember 2019-01-01 2019-12-31 0001571283 rexr:A25413RyeCanyonRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A18115MainStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A28510IndustryDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A218TurnbullCanyonMember 2019-01-01 2019-12-31 0001571283 rexr:A1442114441BonelliStreetMember 2018-12-31 0001571283 rexr:A4416AzusaCanyonRoadMember 2018-12-31 0001571283 rexr:A851LawrenceDriveThousandOaksCaliforniaMember 2018-01-01 2018-12-31 0001571283 rexr:A9200MasonAvenueMember 2018-12-31 0001571283 rexr:A12154MontagueStreetMember 2018-12-31 0001571283 rexr:A1190StanfordCourtMember 2018-12-31 0001571283 rexr:A660664TwinOaksSanMarcosCaliforniaMember 2018-12-31 0001571283 rexr:A61316133InnovationWayMember 2018-12-31 0001571283 rexr:A9171OsoAveMember 2018-12-31 0001571283 rexr:A13321340RockyPointMember 2018-01-01 2018-12-31 0001571283 rexr:A55935595FrescaDriveMember 2018-01-01 2018-12-31 0001571283 rexr:A9250MasonAveMember 2018-01-01 2018-12-31 0001571283 rexr:A61316133InnovationWayMember 2018-01-01 2018-12-31 0001571283 rexr:A1581MainStreetOrangeCountyCaliforniaMember 2018-12-31 0001571283 rexr:OntarioAirportCommerceCenterMember 2018-12-31 0001571283 rexr:A13971NortonAvenueMember 2018-12-31 0001571283 rexr:A10747NorwalkBoulevardMember 2018-01-01 2018-12-31 0001571283 rexr:A16121CarmenitaMember 2018-01-01 2018-12-31 0001571283 rexr:A16010ShoemakerAvenueMember 2018-01-01 2018-12-31 0001571283 rexr:A9230MasonAveMember 2018-01-01 2018-12-31 0001571283 rexr:A16010ShoemakerAvenueMember 2018-12-31 0001571283 rexr:A4039CallePlatinoMember 2018-12-31 0001571283 rexr:A13321340RockyPointMember 2018-12-31 0001571283 rexr:A1998SurveyorAvenueMember 2018-01-01 2018-12-31 0001571283 rexr:A660664TwinOaksSanMarcosCaliforniaMember 2018-01-01 2018-12-31 0001571283 rexr:A6100SheilaStMember 2018-12-31 0001571283 rexr:A1998SurveyorAvenueMember 2018-12-31 0001571283 rexr:A6100SheilaStMember 2018-01-01 2018-12-31 0001571283 rexr:A9250MasonAveMember 2018-12-31 0001571283 rexr:A55935595FrescaDriveMember 2018-12-31 0001571283 rexr:A13971NortonAvenueMember 2018-01-01 2018-12-31 0001571283 rexr:A1580CarsonStreetLongBeachCaliforniaMember 2018-12-31 0001571283 rexr:A9200MasonAvenueMember 2018-01-01 2018-12-31 0001571283 rexr:A1420MckinleyAvenueMember 2018-01-01 2018-12-31 0001571283 rexr:A16121CarmenitaMember 2018-12-31 0001571283 rexr:A4416AzusaCanyonRoadMember 2018-01-01 2018-12-31 0001571283 rexr:A29003AvenueShermanMember 2018-12-31 0001571283 rexr:A15777GatewayCircleMember 2018-12-31 0001571283 rexr:A1420MckinleyAvenueMember 2018-12-31 0001571283 rexr:A3100FujitaStreetMember 2018-12-31 0001571283 rexr:A263321GardenaBlvdMember 2018-12-31 0001571283 rexr:A851LawrenceDriveThousandOaksCaliforniaMember 2018-12-31 0001571283 rexr:A29003AvenueShermanMember 2018-01-01 2018-12-31 0001571283 rexr:A1581MainStreetOrangeCountyCaliforniaMember 2018-01-01 2018-12-31 0001571283 rexr:A10747NorwalkBoulevardMember 2018-12-31 0001571283 rexr:A263321GardenaBlvdMember 2018-01-01 2018-12-31 0001571283 rexr:A1580CarsonStreetLongBeachCaliforniaMember 2018-01-01 2018-12-31 0001571283 rexr:A5300SheilaStreetMember 2018-12-31 0001571283 rexr:A1442114441BonelliStreetMember 2018-01-01 2018-12-31 0001571283 rexr:A15777GatewayCircleMember 2018-01-01 2018-12-31 0001571283 rexr:A9230MasonAveMember 2018-12-31 0001571283 rexr:A12154MontagueStreetMember 2018-01-01 2018-12-31 0001571283 rexr:A5300SheilaStreetMember 2018-01-01 2018-12-31 0001571283 rexr:A1190StanfordCourtMember 2018-01-01 2018-12-31 0001571283 rexr:A3100FujitaStreetMember 2018-01-01 2018-12-31 0001571283 rexr:A4039CallePlatinoMember 2018-01-01 2018-12-31 0001571283 rexr:OntarioAirportCommerceCenterMember 2018-01-01 2018-12-31 0001571283 rexr:A9171OsoAveMember 2018-01-01 2018-12-31 0001571283 rexr:LikeKindExchangeQualifiedUnderIRSSection1031Member rexr:A404430BerryWayMember 2019-11-05 2019-11-05 0001571283 us-gaap:AboveMarketLeasesMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:East157thStreet311329And319Member 2019-12-31 0001571283 rexr:LikeKindExchangeQualifiedUnderIRSSection1031Member rexr:A1580CarsonStreetLongBeachCaliforniaMember 2018-04-26 2018-04-26 0001571283 us-gaap:AboveMarketLeasesMember 2019-12-31 0001571283 rexr:LikeKindExchangeQualifiedUnderIRSSection1031Member rexr:OntarioAirportCommerceCenterMember 2018-02-23 2018-02-23 0001571283 us-gaap:LeasesAcquiredInPlaceMember 2019-01-01 2019-12-31 0001571283 us-gaap:AboveMarketLeasesMember 2018-12-31 0001571283 rexr:A1998SurveyorAvenueMember 2018-05-18 0001571283 rexr:LikeKindExchangeQualifiedUnderIRSSection1031Member rexr:A13971NortonAvenueMember 2018-01-17 2018-01-17 0001571283 rexr:ProformaAvenue1900AndArchibaldAvenue19101920Member 2019-12-31 0001571283 rexr:LikeKindExchangeQualifiedUnderIRSSection1031Member rexr:A1442114441BonelliStreetMember 2018-12-28 2018-12-28 0001571283 rexr:A1998SurveyorAvenueMember 2018-05-18 2018-05-18 0001571283 us-gaap:LeasesAcquiredInPlaceMember 2018-12-31 0001571283 rexr:LikeKindExchangeQualifiedUnderIRSSection1031Member rexr:A18250EuclidStreetMember 2019-12-27 2019-12-27 0001571283 rexr:A151515thStreetMember rexr:Series1CPOPUnitsMember 2019-04-10 2019-04-10 0001571283 us-gaap:AboveMarketLeasesMember 2019-01-01 2019-12-31 0001571283 rexr:A1998SurveyorAvenueMember us-gaap:ConstructionInProgressMember 2018-05-18 0001571283 rexr:LikeKindExchangeQualifiedUnderIRSSection1031Member rexr:A4039CallePlatinoMember 2018-04-04 2018-04-04 0001571283 rexr:LikeKindExchangeQualifiedUnderIRSSection1031Member rexr:A1402AvenidaDelOroMember 2019-08-30 2019-08-30 0001571283 us-gaap:LeasesAcquiredInPlaceMember 2019-12-31 0001571283 us-gaap:LeasesAcquiredInPlaceMember 2018-01-01 2018-12-31 0001571283 rexr:AboveMarketGroundLeaseMember 2017-01-01 2017-12-31 0001571283 rexr:AboveMarketGroundLeaseMember 2018-01-01 2018-12-31 0001571283 us-gaap:LeasesAcquiredInPlaceMember 2017-01-01 2017-12-31 0001571283 rexr:NetAboveBelowMarketTenantLeasesMember 2017-01-01 2017-12-31 0001571283 rexr:NetAboveBelowMarketTenantLeasesMember 2018-01-01 2018-12-31 0001571283 rexr:AboveMarketGroundLeaseMember 2019-01-01 2019-12-31 0001571283 rexr:NetAboveBelowMarketTenantLeasesMember 2019-01-01 2019-12-31 0001571283 rexr:NetAboveBelowMarketOperatingLeasesMember 2019-12-31 0001571283 rexr:AboveMarketGroundLeaseMember 2019-12-31 0001571283 rexr:BelowMarketOperatingLeasesMember 2018-12-31 0001571283 us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember 2019-12-31 0001571283 rexr:AboveMarketGroundLeaseMember 2018-12-31 0001571283 us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember 2018-12-31 0001571283 rexr:BelowMarketOperatingLeasesMember 2019-12-31 0001571283 us-gaap:AccountingStandardsUpdate201602Member rexr:AboveMarketGroundLeaseMember 2019-01-01 0001571283 rexr:TermLoanMember rexr:A100MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0001571283 rexr:Series2019BGuaranteedSeniorNotesMember us-gaap:SeniorNotesMember 2019-12-31 0001571283 rexr:FixedRateDebtMember rexr:GilbertLaPalmaMember 2018-12-31 0001571283 us-gaap:RevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2018-12-31 0001571283 rexr:TermLoanMember rexr:A225MillionTermLoanFacilityMember 2018-12-31 0001571283 rexr:TermLoanMember rexr:A150MillionTermLoanFacilityMember 2019-01-01 2019-12-31 0001571283 us-gaap:RevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2019-12-31 0001571283 rexr:Series2019BGuaranteedSeniorNotesMember us-gaap:SeniorNotesMember 2018-12-31 0001571283 rexr:TermLoanMember rexr:A60MillionTermLoanMember 2018-12-31 0001571283 rexr:TermLoanMember rexr:A150MillionTermLoanFacilityMember 2019-12-31 0001571283 rexr:A125MillionNotesMember us-gaap:SeniorNotesMember 2019-01-01 2019-12-31 0001571283 rexr:A100MillionNotesMember us-gaap:SeniorNotesMember 2019-12-31 0001571283 rexr:TermLoanMember rexr:A100MillionTermLoanMember 2019-12-31 0001571283 rexr:Series2019AGuaranteedSeniorNotesMember us-gaap:SeniorNotesMember 2019-12-31 0001571283 rexr:TermLoanMember rexr:A150MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0001571283 rexr:Series2019AGuaranteedSeniorNotesMember us-gaap:SeniorNotesMember 2018-12-31 0001571283 rexr:TermLoanMember rexr:A225MillionTermLoanFacilityMember 2019-12-31 0001571283 rexr:TermLoanMember rexr:A100MillionTermLoanMember 2018-12-31 0001571283 rexr:TermLoanMember rexr:A225MillionTermLoanFacilityMember 2019-01-01 2019-12-31 0001571283 rexr:FixedRateDebtMember rexr:GilbertLaPalmaMember 2019-12-31 0001571283 rexr:A125MillionNotesMember us-gaap:SeniorNotesMember 2019-12-31 0001571283 rexr:TermLoanMember rexr:A60MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0001571283 rexr:A100MillionNotesMember us-gaap:SeniorNotesMember 2018-12-31 0001571283 rexr:A125MillionNotesMember us-gaap:SeniorNotesMember 2018-12-31 0001571283 rexr:FixedRateDebtMember rexr:GilbertLaPalmaMember 2019-01-01 2019-12-31 0001571283 rexr:TermLoanMember rexr:A150MillionTermLoanFacilityMember 2018-12-31 0001571283 rexr:TermLoanMember rexr:A60MillionTermLoanMember 2019-12-31 0001571283 rexr:TermLoanMember rexr:A60MillionTermLoanMember 2019-01-01 2019-12-31 0001571283 rexr:TermLoanMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0001571283 rexr:A100MillionNotesMember us-gaap:SeniorNotesMember 2019-01-01 2019-12-31 0001571283 us-gaap:RevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0001571283 rexr:TermLoanMember rexr:A100MillionTermLoanMember 2019-01-01 2019-12-31 0001571283 rexr:Series2019AGuaranteedSeniorNotesMember us-gaap:SeniorNotesMember 2019-01-01 2019-12-31 0001571283 rexr:Series2019BGuaranteedSeniorNotesMember us-gaap:SeniorNotesMember 2019-01-01 2019-12-31 0001571283 us-gaap:RevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-12-31 0001571283 rexr:TheCreditFacility225MillionTermLoanFacility150MillionTermLoanFacility100MillionNotes125MillionNotesSeries2019AandSeries2019BNotesMember 2019-01-01 2019-12-31 0001571283 srt:MinimumMember rexr:UnsecuredRevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-02-14 2017-02-14 0001571283 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 rexr:Series2019Aand2019BNotesMember 2019-07-16 0001571283 srt:MaximumMember rexr:A150MillionTermLoanFacilityMember us-gaap:BaseRateMember 2018-05-22 2018-05-22 0001571283 rexr:TheCreditFacility225MillionTermLoanFacility150MillionTermLoanFacility100MillionNotes125MillionNotesSeries2019AandSeries2019BNotesMember 2019-12-31 0001571283 srt:MinimumMember rexr:A100MillionTermLoanMember us-gaap:BaseRateMember 2017-02-14 2017-02-14 0001571283 rexr:A60MillionTermLoanMember 2018-06-27 2018-06-27 0001571283 srt:MinimumMember rexr:A150MillionTermLoanFacilityMember us-gaap:BaseRateMember 2018-05-22 2018-05-22 0001571283 srt:MaximumMember rexr:A150MillionTermLoanFacilityMember us-gaap:EurodollarMember 2018-05-22 2018-05-22 0001571283 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-12-31 0001571283 rexr:A60MillionTermLoanMember 2019-01-01 2019-12-31 0001571283 srt:MinimumMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-12-31 0001571283 rexr:A60MillionTermLoanMember 2019-12-31 0001571283 srt:MaximumMember rexr:UnsecuredRevolvingCreditFacilityMember us-gaap:BaseRateMember 2017-02-14 2017-02-14 0001571283 srt:MinimumMember rexr:UnsecuredRevolvingCreditFacilityMember us-gaap:BaseRateMember 2017-02-14 2017-02-14 0001571283 rexr:Series2019BGuaranteedSeniorNotesMember us-gaap:SeniorNotesMember 2019-07-16 0001571283 rexr:UnsecuredRevolvingCreditFacilityMember us-gaap:EurodollarMember 2017-02-14 2017-02-14 0001571283 rexr:SeniorNotes100Million125MillionSeries2019AandSeries2019BMember 2019-12-31 0001571283 srt:MaximumMember rexr:A100MillionTermLoanMember us-gaap:BaseRateMember 2017-02-14 2017-02-14 0001571283 rexr:TermLoanMember rexr:A100MillionTermLoanMember us-gaap:LineOfCreditMember 2017-02-14 0001571283 srt:MaximumMember rexr:UnsecuredRevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-02-14 2017-02-14 0001571283 srt:MinimumMember rexr:A225MillionTermLoanFacilityMember us-gaap:BaseRateMember 2018-01-01 2018-12-31 0001571283 rexr:ExternalCreditRatingAdditionalInvestmentGradeRatingMember srt:MinimumMember rexr:A225MillionTermLoanFacilityMember us-gaap:BaseRateMember 2018-01-16 2018-01-16 0001571283 rexr:CreditFacilityAndTermLoanFacility225and150MillionMember 2019-12-31 0001571283 rexr:TermLoanMember rexr:A60MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 srt:MinimumMember rexr:TermLoanMember rexr:A100MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 rexr:ExternalCreditRatingAdditionalInvestmentGradeRatingMember srt:MinimumMember rexr:A225MillionTermLoanFacilityMember us-gaap:BaseRateMember 2019-01-01 2019-12-31 0001571283 rexr:ExternalCreditRatingAdditionalInvestmentGradeRatingMember srt:MinimumMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-16 2018-01-16 0001571283 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 rexr:ExternalCreditRatingAdditionalInvestmentGradeRatingMember srt:MaximumMember rexr:A225MillionTermLoanFacilityMember us-gaap:BaseRateMember 2019-01-01 2019-12-31 0001571283 rexr:A225MillionTermLoanFacilityMember 2019-12-31 0001571283 rexr:ExternalCreditRatingAdditionalInvestmentGradeRatingMember srt:MaximumMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-16 2018-01-16 0001571283 rexr:Series2019AGuaranteedSeniorNotesMember us-gaap:SeniorNotesMember 2019-07-16 0001571283 srt:MinimumMember rexr:A150MillionTermLoanFacilityMember us-gaap:EurodollarMember 2018-05-22 2018-05-22 0001571283 rexr:A150MillionTermLoanFacilityMember 2019-05-22 2019-05-22 0001571283 rexr:A150MillionTermLoanFacilityMember us-gaap:FederalFundsEffectiveSwapRateMember 2018-05-22 2018-05-22 0001571283 rexr:ExternalCreditRatingAdditionalInvestmentGradeRatingMember srt:MaximumMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 srt:MaximumMember rexr:TermLoanMember rexr:A100MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 srt:MaximumMember rexr:A100MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-02-14 2017-02-14 0001571283 rexr:UnsecuredCreditFacilityMember rexr:A450MillionSeniorCreditFacilityMember us-gaap:LineOfCreditMember 2017-02-14 0001571283 srt:MaximumMember rexr:A225MillionTermLoanFacilityMember us-gaap:BaseRateMember 2018-01-01 2018-12-31 0001571283 rexr:UnsecuredRevolvingCreditFacilityMember us-gaap:FederalFundsEffectiveSwapRateMember 2017-02-14 2017-02-14 0001571283 us-gaap:RevolvingCreditFacilityMember rexr:UnsecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2017-02-14 0001571283 srt:MaximumMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-12-31 0001571283 srt:MinimumMember rexr:A100MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-02-14 2017-02-14 0001571283 srt:MaximumMember rexr:UnsecuredRevolvingCreditFacilityMember 2017-02-14 2017-02-14 0001571283 rexr:TermLoanMember rexr:A225MillionTermLoanFacilityMember 2018-01-16 0001571283 srt:MinimumMember rexr:UnsecuredRevolvingCreditFacilityMember 2017-02-14 2017-02-14 0001571283 srt:MinimumMember rexr:TermLoanMember rexr:A150MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-05-22 2018-05-22 0001571283 srt:MinimumMember rexr:A225MillionTermLoanFacilityMember us-gaap:BaseRateMember 2018-01-16 2018-01-16 0001571283 rexr:A60MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2013-07-24 2013-07-24 0001571283 srt:ScenarioForecastMember rexr:A150MillionTermLoanFacilityMember 2020-05-22 2020-05-22 0001571283 rexr:A100MillionTermLoanMember rexr:AmortizingSwapMember rexr:FixedRateDebtMember 2019-12-31 0001571283 rexr:A150MillionTermLoanFacilityMember 2018-05-22 0001571283 srt:MaximumMember rexr:TermLoanMember rexr:A150MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-05-22 2018-05-22 0001571283 srt:MaximumMember rexr:TermLoanMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 srt:MaximumMember rexr:A225MillionTermLoanFacilityMember us-gaap:BaseRateMember 2018-01-16 2018-01-16 0001571283 rexr:ExternalCreditRatingAdditionalInvestmentGradeRatingMember srt:MinimumMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 rexr:A60MillionTermLoanMember 2018-06-27 0001571283 rexr:ExternalCreditRatingAdditionalInvestmentGradeRatingMember srt:MaximumMember rexr:A225MillionTermLoanFacilityMember us-gaap:BaseRateMember 2018-01-16 2018-01-16 0001571283 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-12-31 0001571283 srt:MinimumMember rexr:TermLoanMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 us-gaap:RevolvingCreditFacilityMember rexr:UnsecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2017-02-14 2017-02-14 0001571283 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 rexr:TermLoanMember rexr:A150MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 rexr:TermLoanMember rexr:A225MillionTermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 rexr:TermLoanMember rexr:A100MillionTermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001571283 rexr:OfficeLeaseMember 2017-01-01 2017-12-31 0001571283 2019-01-01 0001571283 us-gaap:LandMember 2019-01-01 2019-07-02 0001571283 srt:MaximumMember srt:OfficeBuildingMember 2019-12-31 0001571283 rexr:CoronaCAMember rexr:GroundLeaseMember 2016-09-14 0001571283 rexr:CoronaCAMember rexr:GroundLeaseMember 2017-03-13 2017-03-13 0001571283 rexr:OfficeLeaseMember 2018-01-01 2018-12-31 0001571283 srt:MinimumMember srt:OfficeBuildingMember 2019-01-01 2019-12-31 0001571283 rexr:CoronaCAMember rexr:GroundLeaseMember 2016-09-14 2016-09-14 0001571283 srt:MaximumMember srt:OfficeBuildingMember 2019-01-01 2019-12-31 0001571283 srt:MinimumMember srt:OfficeBuildingMember 2019-12-31 0001571283 rexr:GroundLeaseMember 2018-01-01 2018-12-31 0001571283 rexr:GroundLeaseMember 2017-01-01 2017-12-31 0001571283 srt:OfficeBuildingMember 2018-12-31 0001571283 us-gaap:LandMember 2018-12-31 0001571283 rexr:InterestRateSwap30MNotionalEffectiveJanuary152015Member 2019-01-01 2019-12-31 0001571283 rexr:InterestRateSwap150MNotionalEffectiveJuly222019Member 2018-12-31 0001571283 rexr:InterestRateSwap30MNotionalEffectiveJuly152015Member 2018-12-31 0001571283 rexr:InterestRateSwap100MNotionalEffectiveDecember142018Member 2018-12-31 0001571283 rexr:InterestRateSwap125MNotionalEffectiveFebruary142018Member 2019-12-31 0001571283 rexr:InterestRateSwap125MNotionalEffectiveFebruary142018Member 2018-12-31 0001571283 rexr:InterestRateSwap30MNotionalEffectiveJanuary152015Member 2018-12-31 0001571283 rexr:InterestRateSwap100MNotionalEffectiveAugust142018Member 2019-12-31 0001571283 rexr:InterestRateSwap30MNotionalEffectiveJanuary152015Member 2019-12-31 0001571283 rexr:InterestRateSwap30MNotionalEffectiveJuly152015Member 2019-12-31 0001571283 rexr:InterestRateSwap150MNotionalEffectiveJuly222019Member 2019-12-31 0001571283 rexr:InterestRateSwap100MNotionalEffectiveDecember142018Member 2019-12-31 0001571283 rexr:InterestRateSwap100MNotionalEffectiveAugust142018Member 2018-12-31 0001571283 rexr:InterestRateSwap30MNotionalEffectiveJuly152015Member 2019-01-01 2019-12-31 0001571283 rexr:InterestRateSwap125MNotionalEffectiveFebruary142018Member 2019-01-01 2019-12-31 0001571283 rexr:InterestRateSwap100MNotionalEffectiveAugust142018Member 2019-01-01 2019-12-31 0001571283 rexr:InterestRateSwap100MNotionalEffectiveDecember142018Member 2019-01-01 2019-12-31 0001571283 rexr:InterestRateSwap150MNotionalEffectiveJuly222019Member 2019-01-01 2019-12-31 0001571283 us-gaap:FairValueInputsLevel2Member 2019-12-31 0001571283 us-gaap:FairValueInputsLevel12And3Member 2018-12-31 0001571283 us-gaap:FairValueInputsLevel12And3Member 2019-12-31 0001571283 us-gaap:FairValueInputsLevel3Member 2018-12-31 0001571283 us-gaap:FairValueInputsLevel3Member 2019-12-31 0001571283 us-gaap:FairValueInputsLevel1Member 2018-12-31 0001571283 us-gaap:FairValueInputsLevel2Member 2018-12-31 0001571283 us-gaap:FairValueInputsLevel1Member 2019-12-31 0001571283 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001571283 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001571283 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001571283 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001571283 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001571283 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001571283 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001571283 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001571283 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001571283 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001571283 srt:ChiefExecutiveOfficerMember 2019-01-01 2019-12-31 0001571283 srt:ChiefExecutiveOfficerMember 2017-01-01 2017-12-31 0001571283 srt:ChiefExecutiveOfficerMember 2018-01-01 2018-12-31 0001571283 rexr:SouthGrandAveMember us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember 2018-03-07 0001571283 2014-02-25 0001571283 us-gaap:OtherAssetsMember 2019-12-31 0001571283 us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2018-12-31 0001571283 rexr:TotalRentalRevenuesMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001571283 us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2019-12-31 0001571283 us-gaap:OtherAssetsMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:ArchibaldAveMember 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A700AllenAvenueand1851and1830FlowerStreetMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A311East157thStreetMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:EastmanAveMember 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A12345FirstAmericanWayMember 2017-01-01 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A1391413932EastValleyBoulevardMember 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2019-01-01 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A89008980BensonAveand5637ArrowHighwayMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A1391413932EastValleyBoulevardMember 2019-01-01 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:ArchibaldAve19101920Member 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A2811HarborBoulevardMember 2017-01-01 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A9401DeSotoAvenueMember 2017-01-01 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A12345FirstAmericanWayMember 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A700AllenAvenueand1851and1830FlowerStreetMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A23502384OrangethorpeAvenueAnd1631PlacentiaAvenueMember 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A6770CentralAveUnitBRiversideCaliforniaMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A311East157thStreetMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A2811HarborBoulevardMember 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A2535MidwayDriveMember 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A23502384OrangethorpeAvenueAnd1631PlacentiaAvenueMember 2019-01-01 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A329East157thStreetMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:ArchibaldAve19101920Member 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A939PoinsettiaAvenueUnit301Member 2019-01-01 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:SouthGrandAveMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A329East157thStreetMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2017-01-01 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A89008980BensonAveand5637ArrowHighwayMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A2535MidwayDriveMember 2017-01-01 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:EnfieldLaneMember 2017-01-01 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A9401DeSotoAvenueMember 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A6770CentralAveUnitBRiversideCaliforniaMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:ArchibaldAveMember 2017-01-01 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:EnfieldLaneMember 2017-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:SouthGrandAveMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A319East157thStreetMember 2018-01-01 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:EastmanAveMember 2019-01-01 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A319East157thStreetMember 2018-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember rexr:A939PoinsettiaAvenueUnit301Member 2019-12-31 0001571283 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2019-12-31 0001571283 rexr:CapitalGainMember us-gaap:SeriesCPreferredStockMember 2019-01-01 2019-12-31 0001571283 rexr:CapitalGainMember us-gaap:SeriesBPreferredStockMember 2019-01-01 2019-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:SeriesBPreferredStockMember 2019-01-01 2019-12-31 0001571283 rexr:CapitalGainMember us-gaap:SeriesBPreferredStockMember 2018-01-01 2018-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:SeriesBPreferredStockMember 2018-01-01 2018-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:SeriesBPreferredStockMember 2019-01-01 2019-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:SeriesCPreferredStockMember 2019-01-01 2019-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:SeriesCPreferredStockMember 2019-01-01 2019-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:SeriesBPreferredStockMember 2018-01-01 2018-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001571283 rexr:CapitalGainMember us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001571283 rexr:CapitalGainMember us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001571283 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001571283 rexr:CapitalGainMember us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001571283 rexr:AtTheMarketEquityOfferingProgram125MMember 2015-04-17 2015-04-17 0001571283 rexr:Series1CPOPUnitsMember 2019-12-31 0001571283 us-gaap:PreferredStockMember 2019-09-20 0001571283 rexr:AtTheMarketEquityOfferingProgram550Millionand450MillionMember 2019-12-31 0001571283 rexr:Series1CPOPUnitsMember 2019-01-01 2019-12-31 0001571283 us-gaap:SeriesBPreferredStockMember 2017-11-13 0001571283 rexr:REITPortfolioAcquisitionMember rexr:A12.5PercentPreferredStockMember 2016-04-15 0001571283 rexr:A151515thStreetMember 2019-04-10 0001571283 rexr:SeriesAPreferredUnitsMember 2019-01-01 2019-12-31 0001571283 rexr:AtTheMarketEquityOfferingProgram400And300MillionMember 2018-01-01 2018-12-31 0001571283 rexr:REITPortfolioAcquisitionMember rexr:A12.5PercentPreferredStockMember 2017-12-31 0001571283 rexr:A151515thStreetMember 2019-04-10 2019-04-10 0001571283 rexr:REITPortfolioAcquisitionMember us-gaap:CommonStockMember 2016-04-15 0001571283 rexr:REITPortfolioAcquisitionMember 2016-04-11 0001571283 us-gaap:SeriesBPreferredStockMember 2017-11-13 2017-11-13 0001571283 rexr:AtTheMarketEquityOfferingProgram550MillionMember 2019-12-31 0001571283 rexr:AtTheMarketEquityOfferingProgram450MillionMember 2019-02-19 2019-02-19 0001571283 rexr:AtTheMarketEquityOfferingProgram550MillionMember 2019-06-13 2019-06-13 0001571283 rexr:OperatingPartnershipMember us-gaap:NoncontrollingInterestMember 2019-12-31 0001571283 us-gaap:SeriesCPreferredStockMember 2019-09-20 2019-09-20 0001571283 rexr:AtTheMarketEquityOfferingProgram550Millionand450MillionMember 2019-01-01 2019-12-31 0001571283 rexr:AtTheMarketEquityOfferingProgram150MMember 2017-06-12 2017-06-12 0001571283 rexr:OperatingPartnershipMember rexr:LTIPUnitsMember us-gaap:NoncontrollingInterestMember 2019-12-31 0001571283 us-gaap:SeriesCPreferredStockMember 2019-09-20 0001571283 rexr:AtTheMarketEquityOfferingProgram125150and300MillionMember 2017-12-31 0001571283 rexr:AtTheMarketEquityOfferingProgram125150and300MillionMember 2017-01-01 2017-12-31 0001571283 rexr:AtTheMarketEquityOfferingProgram400And300MillionMember 2018-12-31 0001571283 rexr:A12.5PercentPreferredStockMember us-gaap:NoncontrollingInterestMember 2017-01-01 2017-12-31 0001571283 rexr:AtTheMarketEquityOfferingProgram300MMember 2017-09-21 2017-09-21 0001571283 rexr:AtTheMarketEquityOfferingProgram400MMember 2018-06-13 2018-06-13 0001571283 rexr:REITPortfolioAcquisitionMember rexr:A12.5PercentPreferredStockMember 2016-04-15 2016-04-15 0001571283 rexr:CapitalGainMember us-gaap:SeriesAPreferredStockMember 2017-01-01 2017-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:SeriesAPreferredStockMember 2017-01-01 2017-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:SeriesAPreferredStockMember 2018-01-01 2018-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-12-31 0001571283 rexr:CapitalGainMember us-gaap:SeriesAPreferredStockMember 2018-01-01 2018-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:SeriesAPreferredStockMember 2017-01-01 2017-12-31 0001571283 rexr:OrdinaryIncomeMember us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-12-31 0001571283 rexr:ReturnOfCapitalMember us-gaap:SeriesAPreferredStockMember 2018-01-01 2018-12-31 0001571283 rexr:CapitalGainMember us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001571283 us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001571283 us-gaap:RestrictedStockMember 2017-01-01 2017-12-31 0001571283 us-gaap:RestrictedStockMember 2019-12-31 0001571283 us-gaap:RestrictedStockMember 2018-12-31 0001571283 us-gaap:RestrictedStockMember 2016-12-31 0001571283 us-gaap:RestrictedStockMember 2017-12-31 0001571283 rexr:AmendedandRestated2013IncentiveAwardPlanMember 2018-01-01 2018-12-31 0001571283 rexr:AmendedandRestated2013IncentiveAwardPlanMember 2017-01-01 2017-12-31 0001571283 rexr:AmendedandRestated2013IncentiveAwardPlanMember 2019-01-01 2019-12-31 0001571283 rexr:FFOBaseUnitsMember rexr:FFOGrowthPerShareVestingPercentageRangeOneZeroVestingLevelMember 2018-12-15 2018-12-15 0001571283 rexr:FFOBaseUnitsMember rexr:FFOGrowthPerShareVestingPercentageRangeThreeMember 2018-12-15 2018-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeTwoThresholdLevelMember 2017-12-15 2017-12-15 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeOneZeroVestingLevelMember 2018-12-15 2018-12-15 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeTwoThresholdLevelMember 2017-12-15 2017-12-15 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeTwoThresholdLevelMember 2019-12-16 2019-12-16 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeTwoThresholdLevelMember 2018-12-15 2018-12-15 0001571283 rexr:FFOBaseUnitsMember rexr:FFOGrowthPerShareVestingPercentageRangeTwoMember 2018-12-15 2018-12-15 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeThreeTargetLevelMember 2017-12-15 2017-12-15 0001571283 rexr:FFOBaseUnitsMember rexr:FFOGrowthPerShareVestingPercentageRangeTwoMember 2019-12-16 2019-12-16 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeTwoThresholdLevelMember 2019-12-16 2019-12-16 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeOneZeroVestingLevelMember 2017-12-15 2017-12-15 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeFourMaximumLevelMember 2019-12-16 2019-12-16 0001571283 rexr:FFOBaseUnitsMember rexr:FFOGrowthPerShareVestingPercentageRangeThreeMember 2019-12-16 2019-12-16 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeFourMaximumLevelMember 2017-12-15 2017-12-15 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeThreeTargetLevelMember 2018-12-15 2018-12-15 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeFourMaximumLevelMember 2018-12-15 2018-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeOneZeroVestingLevelMember 2019-12-16 2019-12-16 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeThreeTargetLevelMember 2019-12-16 2019-12-16 0001571283 rexr:FFOBaseUnitsMember rexr:FFOPerShareGrowthPercentageRangeThreeMember 2018-12-15 2018-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeThreeTargetLevelMember 2018-12-15 2018-12-15 0001571283 rexr:FFOBaseUnitsMember rexr:FFOGrowthPerShareVestingPercentageRangeOneZeroVestingLevelMember 2019-12-16 2019-12-16 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeTwoThresholdLevelMember 2018-12-15 2018-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeFourMaximumLevelMember 2019-12-16 2019-12-16 0001571283 rexr:FFOBaseUnitsMember rexr:FFOPerShareGrowthPercentageRangeThreeMember 2019-12-16 2019-12-16 0001571283 rexr:FFOBaseUnitsMember rexr:FFOGrowthPerShareVestingPercentageRangeFourMember 2018-12-15 2018-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeOneZeroVestingLevelMember 2018-12-15 2018-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeThreeTargetLevelMember 2019-12-16 2019-12-16 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeOneZeroVestingLevelMember 2019-12-16 2019-12-16 0001571283 rexr:FFOBaseUnitsMember rexr:FFOGrowthPerShareVestingPercentageRangeFourMember 2019-12-16 2019-12-16 0001571283 rexr:FFOBaseUnitsMember rexr:FFOPerShareGrowthPercentageRangeTwoMember 2018-12-15 2018-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeThreeTargetLevelMember 2017-12-15 2017-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeFourMaximumLevelMember 2018-12-15 2018-12-15 0001571283 rexr:FFOBaseUnitsMember rexr:FFOPerShareGrowthPercentageRangeTwoMember 2019-12-16 2019-12-16 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeFourMaximumLevelMember 2017-12-15 2017-12-15 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeOneZeroVestingLevelMember 2017-12-15 2017-12-15 0001571283 us-gaap:PerformanceSharesMember 2017-12-15 2017-12-15 0001571283 us-gaap:PerformanceSharesMember 2018-12-15 2018-12-15 0001571283 us-gaap:PerformanceSharesMember 2019-12-16 2019-12-16 0001571283 rexr:LTIPUnitsMember 2016-12-31 0001571283 rexr:LTIPUnitsMember 2017-01-01 2017-12-31 0001571283 rexr:LTIPUnitsMember 2019-01-01 2019-12-31 0001571283 rexr:LTIPUnitsMember 2018-12-31 0001571283 rexr:LTIPUnitsMember 2017-12-31 0001571283 rexr:LTIPUnitsMember 2019-12-31 0001571283 rexr:LTIPUnitsMember 2018-01-01 2018-12-31 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember us-gaap:CommonStockMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember us-gaap:CommonStockMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember us-gaap:CommonStockMember 2017-12-15 2017-12-15 0001571283 us-gaap:PerformanceSharesMember rexr:A2013IncentiveAwardPlanMember 2019-01-01 2019-12-31 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeFourMaximumLevelMember 2018-12-14 2018-12-14 0001571283 rexr:FFOBaseUnitsMember 2018-12-14 2018-12-14 0001571283 rexr:RelativeTSRBaseUnitsMember 2018-12-14 2018-12-14 0001571283 srt:MaximumMember rexr:OtherEmployeesMember us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001571283 srt:ExecutiveOfficerMember us-gaap:PerformanceSharesMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember 2018-02-21 2018-02-21 0001571283 rexr:DistributionEquivalentsMember 2018-12-14 2018-12-14 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember 2018-01-01 2018-12-31 0001571283 rexr:DistributionEquivalentsMember 2019-12-28 2019-12-28 0001571283 rexr:ChiefExecutiveOfficerIIMember rexr:LTIPUnitsMember 2019-02-15 2019-02-15 0001571283 rexr:MarketPerformanceAward2017Member 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember 2019-01-01 2019-12-31 0001571283 rexr:MarketPerformanceAward2018Member 2018-12-15 2018-12-15 0001571283 rexr:RelativeTSRBaseUnitsMember rexr:RelativeTSRVestingPercentageRangeFourMaximumLevelMember 2019-12-28 2019-12-28 0001571283 rexr:OtherEmployeesMember us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001571283 srt:MinimumMember rexr:OtherEmployeesMember us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001571283 rexr:MarketPerformanceAward2019Member 2019-12-16 2019-12-16 0001571283 us-gaap:PerformanceSharesMember 2019-12-28 2019-12-28 0001571283 us-gaap:PerformanceSharesMember 2019-01-01 2019-12-31 0001571283 srt:BoardOfDirectorsChairmanMember us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001571283 rexr:AbsoluteTSRBaseUnitMember 2018-12-14 2018-12-14 0001571283 rexr:NonEmployeeDirectorMember us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001571283 srt:ExecutiveOfficerMember us-gaap:PerformanceSharesMember rexr:AmendedandRestated2013IncentiveAwardPlanMember 2019-12-16 2019-12-16 0001571283 rexr:AmendedandRestated2013IncentiveAwardPlanMember 2018-06-11 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeFourMaximumLevelMember 2019-12-28 2019-12-28 0001571283 rexr:AbsoluteTSRBaseUnitMember 2019-12-28 2019-12-28 0001571283 rexr:AmendedandRestated2013IncentiveAwardPlanMember 2019-12-31 0001571283 srt:ExecutiveOfficerMember us-gaap:PerformanceSharesMember 2017-12-15 2017-12-15 0001571283 us-gaap:PerformanceSharesMember 2018-12-14 2018-12-14 0001571283 rexr:FFOBaseUnitsMember 2019-12-16 2019-12-16 0001571283 rexr:AbsoluteTSRBaseUnitMember rexr:AbsoluteTSRVestingPercentageRangeFourMaximumLevelMember 2018-12-14 2018-12-14 0001571283 rexr:RelativeTSRBaseUnitsMember 2019-12-28 2019-12-28 0001571283 rexr:ChiefExecutiveOfficerIIMember rexr:LTIPUnitsMember 2018-02-21 2018-02-21 0001571283 srt:ExecutiveOfficerMember us-gaap:PerformanceSharesMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:AbsoluteTSRBaseUnitMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:FFOBaseUnitsMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:DistributionEquivalentsMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:RelativeTSRBaseUnitsMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:RelativeTSRBaseUnitsMember 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:DistributionEquivalentsMember 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:DistributionEquivalentsMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:AbsoluteTSRBaseUnitMember 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:FFOBaseUnitsMember 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:RelativeTSRBaseUnitsMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:FFOBaseUnitsMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:AbsoluteTSRBaseUnitMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:A2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:AmendedandRestated2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:A2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:AmendedandRestated2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:A2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2017-12-15 2017-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:AmendedandRestated2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:AmendedandRestated2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:AmendedandRestated2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2018-12-15 2018-12-15 0001571283 srt:ExecutiveOfficerMember rexr:LTIPUnitsMember rexr:AmendedandRestated2013IncentiveAwardPlanMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2018-12-15 2018-12-15 0001571283 srt:ChiefExecutiveOfficerMember rexr:LTIPUnitsMember 2019-02-15 2019-02-15 0001571283 srt:ChiefExecutiveOfficerMember rexr:LTIPUnitsMember 2018-02-21 2018-02-21 0001571283 rexr:FFOBaseUnitsMember rexr:FFOPerShareGrowthPercentageRangeOneMember 2019-12-16 2019-12-16 0001571283 rexr:FFOBaseUnitsMember rexr:FFOPerShareGrowthPercentageRangeOneMember 2018-12-15 2018-12-15 0001571283 rexr:FFOBaseUnitsMember rexr:FFOPerShareGrowthPercentageRangeFourMember 2018-12-15 2018-12-15 0001571283 rexr:FFOBaseUnitsMember rexr:FFOPerShareGrowthPercentageRangeFourMember 2019-12-16 2019-12-16 0001571283 srt:ExecutiveOfficerMember rexr:AbsoluteTSRBaseUnitMember 2019-01-01 2019-12-31 0001571283 srt:ExecutiveOfficerMember rexr:FFOBaseUnitsMember 2019-01-01 2019-12-31 0001571283 srt:ExecutiveOfficerMember rexr:RelativeTSRBaseUnitsMember 2019-01-01 2019-12-31 0001571283 srt:ExecutiveOfficerMember rexr:DistributionEquivalentsMember 2019-01-01 2019-12-31 0001571283 rexr:PerformanceAward2016Member rexr:A2013IncentiveAwardPlanMember 2019-12-28 2019-12-28 0001571283 rexr:PerformanceAward2015Member rexr:A2013IncentiveAwardPlanMember 2018-12-14 2018-12-14 0001571283 2018-10-01 2018-12-31 0001571283 2018-01-01 2018-03-31 0001571283 2018-07-01 2018-09-30 0001571283 2018-04-01 2018-06-30 0001571283 2019-07-01 2019-09-30 0001571283 2019-10-01 2019-12-31 0001571283 2019-04-01 2019-06-30 0001571283 2019-01-01 2019-03-31 0001571283 us-gaap:RevolvingCreditFacilityMember rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2020-02-13 0001571283 srt:MaximumMember rexr:AmendedTermLoanFacility100MillionMember us-gaap:SubsequentEventMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-02-13 2020-02-13 0001571283 srt:MaximumMember rexr:AmendedTermLoanFacility100MillionMember us-gaap:SubsequentEventMember us-gaap:BaseRateMember 2020-02-13 2020-02-13 0001571283 srt:MinimumMember rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:SubsequentEventMember us-gaap:BaseRateMember 2020-02-13 2020-02-13 0001571283 srt:MinimumMember rexr:AmendedTermLoanFacility100MillionMember us-gaap:SubsequentEventMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-02-13 2020-02-13 0001571283 srt:MaximumMember rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:SubsequentEventMember 2020-02-13 2020-02-13 0001571283 srt:MaximumMember rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:SubsequentEventMember us-gaap:BaseRateMember 2020-02-13 2020-02-13 0001571283 rexr:UnsecuredCreditFacilityMember rexr:SeniorUnsecuredCreditFacility600MillionMember us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2020-02-13 0001571283 rexr:Series1CPOPUnitsMember rexr:Series1CPOPUnitsMember us-gaap:SubsequentEventMember 2020-02-10 2020-02-10 0001571283 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2020-02-13 2020-02-13 0001571283 rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:SubsequentEventMember us-gaap:FederalFundsEffectiveSwapRateMember 2020-02-13 2020-02-13 0001571283 rexr:OperatingPartnershipUnitsMember us-gaap:SubsequentEventMember 2020-02-10 2020-02-10 0001571283 us-gaap:SeriesCPreferredStockMember us-gaap:SubsequentEventMember 2020-02-10 2020-02-10 0001571283 srt:MinimumMember rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:SubsequentEventMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-02-13 2020-02-13 0001571283 srt:MaximumMember rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:SubsequentEventMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-02-13 2020-02-13 0001571283 srt:MinimumMember rexr:AmendedTermLoanFacility100MillionMember us-gaap:SubsequentEventMember us-gaap:BaseRateMember 2020-02-13 2020-02-13 0001571283 us-gaap:SeriesBPreferredStockMember us-gaap:SubsequentEventMember 2020-02-10 2020-02-10 0001571283 srt:MinimumMember rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:SubsequentEventMember 2020-02-13 2020-02-13 0001571283 us-gaap:SeriesAPreferredStockMember us-gaap:SubsequentEventMember 2020-02-10 2020-02-10 0001571283 rexr:TermLoanMember rexr:AmendedTermLoanFacility100MillionMember us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2020-02-13 0001571283 us-gaap:CommonStockMember us-gaap:SubsequentEventMember 2020-02-10 2020-02-10 0001571283 rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:SubsequentEventMember us-gaap:EurodollarMember 2020-02-13 2020-02-13 0001571283 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2020-02-13 2020-02-13 0001571283 us-gaap:RevolvingCreditFacilityMember rexr:UnsecuredRevolvingCreditFacility500MillionMember us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2020-02-13 2020-02-13 0001571283 rexr:LaPalmaAveMember 2019-12-31 0001571283 rexr:TermLoanMember rexr:SixPropertiesSecuredMember 2019-12-31 0001571283 srt:MaximumMember us-gaap:LandImprovementsMember 2019-01-01 2019-12-31 0001571283 us-gaap:BuildingAndBuildingImprovementsMember 2019-12-31 0001571283 rexr:LimoniteAveAndArchibaldAveMember 2019-12-31 0001571283 rexr:SafariBusinessCenterMember 2019-01-01 2019-12-31 0001571283 2009-12-31 0001571283 us-gaap:LandMember 2019-12-31 0001571283 rexr:JerseyBlvdMember 2019-12-31 0001571283 rexr:A28454LivingstonAvenueMember 2019-12-31 0001571283 rexr:A1210NorthRedGumStreetMember 2019-01-01 2019-12-31 0001571283 rexr:WAlamedaAveMember 2019-01-01 2019-12-31 0001571283 rexr:A1581MainStreetOrangeCountyCaliforniaMember 2019-12-31 0001571283 rexr:A5421ArgosyAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A2455AshStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A28454LivingstonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A11190WhiteBirchDriveMember 2019-01-01 2019-12-31 0001571283 rexr:ArrowHighwayMember 2019-12-31 0001571283 rexr:A9200MasonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A1442114441BonelliStreetMember 2019-12-31 0001571283 rexr:SloverAvenueMember 2019-12-31 0001571283 rexr:A9250MasonAveMember 2019-12-31 0001571283 rexr:A9190ActivityRoadMember 2019-01-01 2019-12-31 0001571283 rexr:SantaAnaStAndDupontAveMember 2019-01-01 2019-12-31 0001571283 rexr:SouthLewisRdMember 2019-01-01 2019-12-31 0001571283 rexr:A3100FujitaStreetMember 2019-01-01 2019-12-31 0001571283 rexr:NSanGabrielBlvd26702674WalnutAve2675NinaStMember 2019-12-31 0001571283 rexr:A3150AnaStreetMember 2019-12-31 0001571283 rexr:A151515thStreetMember 2019-12-31 0001571283 rexr:SaturnWayMember 2019-12-31 0001571283 rexr:A15401FigueroaStreetMember 2019-12-31 0001571283 rexr:NineThousandSevenHundredFiftyFiveDistributionAvenueMember 2019-12-31 0001571283 rexr:EastSaltLakeCityMember 2019-01-01 2019-12-31 0001571283 rexr:PioneerAveMember 2019-01-01 2019-12-31 0001571283 rexr:NorthSanFernandoRdMember 2019-12-31 0001571283 rexr:A13971NortonAvenueMember 2019-12-31 0001571283 rexr:ConejoSpectrumBusinessParkMember 2019-12-31 0001571283 rexr:WestEasyStMember 2019-01-01 2019-12-31 0001571283 rexr:A12907ImperialHighwayMember 2019-01-01 2019-12-31 0001571283 rexr:MasonAvenueMember 2019-12-31 0001571283 rexr:A15996JurupaAvenueMember 2019-12-31 0001571283 rexr:TyburnStreetNorthSanFernandoRoadMember 2019-12-31 0001571283 rexr:WestValleyBlvdMember 2019-01-01 2019-12-31 0001571283 rexr:A1272012860DanielsonCourtMember 2019-01-01 2019-12-31 0001571283 rexr:RosecransAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A1150AviationPlaceMember 2019-12-31 0001571283 rexr:NineThousandFourHundredFiftyFiveCabotDriveMember 2019-12-31 0001571283 rexr:A29003AvenueShermanMember 2019-01-01 2019-12-31 0001571283 rexr:A1825SotoStreetMember 2019-12-31 0001571283 rexr:A4039CallePlatinoMember 2019-12-31 0001571283 rexr:DelNorteBlvdMember 2019-01-01 2019-12-31 0001571283 rexr:A601605MillikenAvenueMember 2019-12-31 0001571283 rexr:ConvoyCourtMember 2019-12-31 0001571283 rexr:CalvertStMember 2019-01-01 2019-12-31 0001571283 rexr:A3100FujitaStreetMember 2019-12-31 0001571283 rexr:NineThousandFourHundredFourCabotDriveMember 2019-12-31 0001571283 rexr:A8985CrestmarPointMember 2019-12-31 0001571283 rexr:A1601W.MissionBoulevardMember 2019-12-31 0001571283 rexr:CentralAveMember 2019-12-31 0001571283 rexr:A1245AviationPlaceMember 2019-12-31 0001571283 rexr:NormandieAveMember 2019-01-01 2019-12-31 0001571283 rexr:ShoemakerAveMember 2019-01-01 2019-12-31 0001571283 rexr:NineThousandSevenHundredFiftyFiveDistributionAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A1262212632MonarchStreetMember 2019-12-31 0001571283 rexr:A5300SheilaStreetMember 2019-12-31 0001571283 rexr:PaseoMercadoMember 2019-01-01 2019-12-31 0001571283 rexr:AvenueCrockerMember 2019-12-31 0001571283 rexr:A123204thStreetMember 2019-12-31 0001571283 rexr:A9615NorwalkBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A1600Orangethorpe13351375AcaciaMember 2019-12-31 0001571283 rexr:NorthMaderaRoad2950Member 2019-12-31 0001571283 rexr:NewtonDrMember 2019-01-01 2019-12-31 0001571283 rexr:EastSaltLakeCityMember 2019-12-31 0001571283 rexr:A98056thStreetMember 2019-12-31 0001571283 rexr:A3340NorthSanFernandoRoadMember 2019-12-31 0001571283 rexr:SantaFeSpringsRdMember 2019-12-31 0001571283 rexr:A16121CarmenitaMember 2019-12-31 0001571283 rexr:A19402SusanaStreetMember 2019-12-31 0001571283 rexr:CalvertStMember 2019-12-31 0001571283 rexr:ChatsworthIndustrialParkMember 2019-12-31 0001571283 rexr:A1402AvenidaDelOroMember 2019-01-01 2019-12-31 0001571283 rexr:A28903to28903AvenuePaineMember 2019-01-01 2019-12-31 0001571283 rexr:SCampusAveMember 2019-12-31 0001571283 rexr:HallRdMember 2019-12-31 0001571283 rexr:A5421ArgosyAvenueMember 2019-12-31 0001571283 rexr:NelsonRdMember 2019-12-31 0001571283 rexr:NormandieAveMember 2019-12-31 0001571283 rexr:A263321GardenaBlvdMember 2019-12-31 0001571283 rexr:A97509770SanFernandoRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A1402AvenidaDelOroMember 2019-12-31 0001571283 rexr:A404430BerryWayMember 2019-01-01 2019-12-31 0001571283 rexr:A2757E.DelAmoBoulevardMember 2019-12-31 0001571283 rexr:SCampusAveMember 2019-01-01 2019-12-31 0001571283 rexr:A3150AnaStreetMember 2019-01-01 2019-12-31 0001571283 rexr:SouthBirchStreetMember 2019-12-31 0001571283 rexr:WAlamedaAveMember 2019-12-31 0001571283 rexr:SouthShamrockMember 2019-01-01 2019-12-31 0001571283 rexr:A1272012860DanielsonCourtMember 2019-12-31 0001571283 rexr:TyburnStreetNorthSanFernandoRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A27002722FairviewStreetMember 2019-12-31 0001571283 rexr:NVinedoAveMember 2019-12-31 0001571283 rexr:A980RancherosDriveMember 2019-12-31 0001571283 rexr:ChatsworthIndustrialParkMember 2019-01-01 2019-12-31 0001571283 rexr:A1245AviationPlaceMember 2019-01-01 2019-12-31 0001571283 rexr:NorthSanFernandoRdMember 2019-01-01 2019-12-31 0001571283 rexr:A28903to28903AvenuePaineMember 2019-12-31 0001571283 rexr:ThompsonCreekRdMember 2019-12-31 0001571283 rexr:A2588And2605IndustryWayMember 2019-01-01 2019-12-31 0001571283 rexr:ArroyoAveMember 2019-12-31 0001571283 rexr:W33rdStMember 2019-12-31 0001571283 rexr:A1580CarsonStreetLongBeachCaliforniaMember 2019-12-31 0001571283 rexr:A1070910719NorwalkBoulevardMember 2019-12-31 0001571283 rexr:A13321340RockyPointMember 2019-01-01 2019-12-31 0001571283 rexr:HindryAvenueMember 2019-12-31 0001571283 rexr:ThompsonCreekRdMember 2019-01-01 2019-12-31 0001571283 rexr:WestVanowenStreetMember 2019-12-31 0001571283 rexr:A12131WesternAvenueMemberMember 2019-12-31 0001571283 rexr:A17311NicholsLaneMember 2019-12-31 0001571283 rexr:PioneerAveMember 2019-12-31 0001571283 rexr:MasonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A98056thStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A13890NelsonAvenueMember 2019-12-31 0001571283 rexr:WestMacArthurBlvdMember 2019-01-01 2019-12-31 0001571283 rexr:A9230MasonAveMember 2019-12-31 0001571283 rexr:SBroadwayMember 2019-12-31 0001571283 rexr:A12200BellflowerBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A2390WardAvenueMember 2019-12-31 0001571283 rexr:AvenueStanfordMember 2019-01-01 2019-12-31 0001571283 rexr:NineThousandThreeHundredFortyCabotDriveMember 2019-12-31 0001571283 rexr:A301445NorthFigueroainWilmingtonCaliforniaMember 2019-12-31 0001571283 rexr:A687EucalyptusAvenueMember 2019-12-31 0001571283 rexr:RiceAveAndCelsiusMember 2019-12-31 0001571283 rexr:A508EastEStreetMember 2019-01-01 2019-12-31 0001571283 rexr:EastWalnutAveMember 2019-01-01 2019-12-31 0001571283 rexr:FramptonAvenueMember 2019-12-31 0001571283 rexr:CaminoDelSolMember 2019-12-31 0001571283 rexr:RosecransAvenueMember 2019-12-31 0001571283 rexr:A4355BrickellStreetMember 2019-01-01 2019-12-31 0001571283 rexr:FourteenThousandSevenHundredAndTwentyThreeToFourteenThousandEightHundredAndTwentyFiveOxnardStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A16221ArthurStreetMember 2019-12-31 0001571283 rexr:ClevelandAve108606thStMember 2019-12-31 0001571283 rexr:ArrowHighwayMember 2019-01-01 2019-12-31 0001571283 rexr:OxnardStreetMember 2019-12-31 0001571283 rexr:A1075010826LowerAzusaRoadMember 2019-12-31 0001571283 rexr:A6700AlamedaStreetMember 2019-12-31 0001571283 rexr:A29003AvenueShermanMember 2019-12-31 0001571283 rexr:DelNorteBlvdMember 2019-12-31 0001571283 rexr:A6100SheilaStMember 2019-01-01 2019-12-31 0001571283 rexr:OntarioAirportCommerceCenterMember 2019-12-31 0001571283 rexr:ArrowHighway5220FourthStMember 2019-12-31 0001571283 rexr:A55935595FrescaDriveMember 2019-01-01 2019-12-31 0001571283 rexr:SAndersonStMember 2019-12-31 0001571283 rexr:BusinessDriveMember 2019-12-31 0001571283 rexr:West228thStreetMember 2019-12-31 0001571283 rexr:A19100SusanaRoadMember 2019-01-01 2019-12-31 0001571283 rexr:SturgisRoadMember 2019-12-31 0001571283 rexr:A1275212822MonarchAvenueMember 2019-12-31 0001571283 rexr:TwoFourZeroStMember 2019-01-01 2019-12-31 0001571283 rexr:A1175AviationPlaceMember 2019-12-31 0001571283 rexr:A11127CatawbaAvenueMember 2019-12-31 0001571283 rexr:A6020SheilaStreetMember 2019-12-31 0001571283 rexr:A1262212632MonarchStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A89028940ActivityRoadMember 2019-12-31 0001571283 rexr:A4175ConantStreetMember 2019-12-31 0001571283 rexr:ShoemakerAveMember 2019-12-31 0001571283 rexr:A16010ShoemakerAvenueMember 2019-12-31 0001571283 rexr:A61316133InnovationWayMember 2019-01-01 2019-12-31 0001571283 rexr:WestVanowenStreetMember 2019-01-01 2019-12-31 0001571283 rexr:GilbertStreetLaPalmaAvenueMember 2019-12-31 0001571283 rexr:A97509770SanFernandoRoadMember 2019-12-31 0001571283 rexr:A2455AshStreetMember 2019-12-31 0001571283 rexr:A2270CaminoVidaRobleMember 2019-12-31 0001571283 rexr:A1581MainStreetOrangeCountyCaliforniaMember 2019-01-01 2019-12-31 0001571283 rexr:WIvyAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A18115MainStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A1190StanfordCourtMember 2019-12-31 0001571283 rexr:StormParkwayMember 2019-01-01 2019-12-31 0001571283 rexr:A2588And2605IndustryWayMember 2019-12-31 0001571283 rexr:A12821KnottStreetMember 2019-12-31 0001571283 rexr:A10950NorwalkBlvdAnd12241LakelandRdMember 2019-01-01 2019-12-31 0001571283 rexr:A1580CarsonStreetLongBeachCaliforniaMember 2019-01-01 2019-12-31 0001571283 rexr:EastHunterAvenueMember 2019-12-31 0001571283 rexr:TwoFourZeroStMember 2019-12-31 0001571283 rexr:A16321ArrowHwyMember 2019-12-31 0001571283 rexr:A2328TellerRoadMember 2019-12-31 0001571283 rexr:A12200BellflowerBoulevardMember 2019-12-31 0001571283 rexr:YarrowDrMember 2019-12-31 0001571283 rexr:OrionAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A2328TellerRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A18250EuclidStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A2270CaminoVidaRobleMember 2019-01-01 2019-12-31 0001571283 rexr:A9171OsoAveMember 2019-12-31 0001571283 rexr:A8315HananWayMember 2019-12-31 0001571283 rexr:A3233MissionOaksMember 2019-12-31 0001571283 rexr:NSanGabrielBlvd26702674WalnutAve2675NinaStMember 2019-01-01 2019-12-31 0001571283 rexr:A20IconMember 2019-12-31 0001571283 rexr:A851LawrenceDriveThousandOaksCaliforniaMember 2019-12-31 0001571283 rexr:A17000KingsviewAvenueand800SandhillAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A425SouthHaciendaBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A13225WesternAvenueMember 2019-12-31 0001571283 rexr:A89028940ActivityRoadMember 2019-01-01 2019-12-31 0001571283 rexr:OdessaAveMember 2019-12-31 0001571283 rexr:A8525CaminoSantaFeMember 2019-12-31 0001571283 rexr:ImpalaDrMember 2019-12-31 0001571283 rexr:A4175ConantStreetMember 2019-01-01 2019-12-31 0001571283 rexr:BledsoeSt1306513081BradleyAveMember 2019-12-31 0001571283 rexr:WestValleyBlvdMember 2019-12-31 0001571283 rexr:A15777GatewayCircleMember 2019-12-31 0001571283 rexr:A218TurnbullCanyonMember 2019-01-01 2019-12-31 0001571283 rexr:W33rdStMember 2019-01-01 2019-12-31 0001571283 rexr:A15777GatewayCircleMember 2019-01-01 2019-12-31 0001571283 rexr:RanchoPacificaIndustrialParkMember 2019-12-31 0001571283 rexr:A15401FigueroaStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A1275212822MonarchAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A19100SusanaRoadMember 2019-12-31 0001571283 rexr:WestEasyStMember 2019-12-31 0001571283 rexr:A9250MasonAveMember 2019-01-01 2019-12-31 0001571283 rexr:A6358thStreetMember 2019-12-31 0001571283 rexr:A12247LakelandRoadMember 2019-12-31 0001571283 rexr:WestMacArthurBlvdMember 2019-12-31 0001571283 rexr:A508EastEStreetMember 2019-12-31 0001571283 rexr:A9615NorwalkBoulevardMember 2019-12-31 0001571283 rexr:WestAvenueMember 2019-12-31 0001571283 rexr:CentralAveMember 2019-01-01 2019-12-31 0001571283 rexr:CrescentBayDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A96079623ImperialHighwayMember 2019-12-31 0001571283 rexr:DonJulianRdMember 2019-12-31 0001571283 rexr:SouthLewisRdMember 2019-12-31 0001571283 rexr:HindryAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A17000KingsviewAvenueand800SandhillAvenueMember 2019-12-31 0001571283 rexr:EastWalnutAveMember 2019-12-31 0001571283 rexr:A218TurnbullCanyonMember 2019-12-31 0001571283 rexr:A12131WesternAvenueMemberMember 2019-01-01 2019-12-31 0001571283 rexr:OneEightZeroZeroEastmanAveMember 2019-12-31 0001571283 rexr:ArroyoAveMember 2019-01-01 2019-12-31 0001571283 rexr:A1150AviationPlaceMember 2019-01-01 2019-12-31 0001571283 rexr:A10747NorwalkBoulevardMember 2019-12-31 0001571283 rexr:A525ParkAvenueMember 2019-12-31 0001571283 rexr:WestAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A16425GaleAvenueMember 2019-12-31 0001571283 rexr:A1210NorthRedGumStreetMember 2019-12-31 0001571283 rexr:ConejoSpectrumBusinessParkMember 2019-01-01 2019-12-31 0001571283 rexr:A301445NorthFigueroainWilmingtonCaliforniaMember 2019-01-01 2019-12-31 0001571283 rexr:A1998SurveyorAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A1601W.MissionBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A15385OxnardStreetMember 2019-12-31 0001571283 rexr:A10015WaplesCourtMember 2019-12-31 0001571283 rexr:A123204thStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A9200MasonAvenueMember 2019-12-31 0001571283 rexr:SouthShamrockMember 2019-12-31 0001571283 rexr:A13550StoweDriveMember 2019-12-31 0001571283 rexr:A62776289SlausonAvenueMember 2019-12-31 0001571283 rexr:AlondraBlvdMember 2019-12-31 0001571283 rexr:A13971NortonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A28510IndustryDriveMember 2019-12-31 0001571283 rexr:A15996JurupaAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A302RockefellerAveMember 2019-12-31 0001571283 rexr:NineThousandThreeHundredFortyCabotDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A425SouthHaciendaBoulevardMember 2019-12-31 0001571283 rexr:RanchoPacificaIndustrialParkMember 2019-01-01 2019-12-31 0001571283 rexr:A660664TwinOaksSanMarcosCaliforniaMember 2019-12-31 0001571283 rexr:A445449FreedomAvenueMember 2019-12-31 0001571283 rexr:A5300SheilaStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A15385OxnardStreetMember 2019-01-01 2019-12-31 0001571283 rexr:AltonParkwayMember 2019-12-31 0001571283 rexr:AvenueStanfordMember 2019-12-31 0001571283 rexr:CrescentBayDriveMember 2019-12-31 0001571283 rexr:NorthMaderaRoad2950Member 2019-01-01 2019-12-31 0001571283 rexr:A16321ArrowHwyMember 2019-01-01 2019-12-31 0001571283 rexr:A1065E.WalnutStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A6700AlamedaStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A20IconMember 2019-01-01 2019-12-31 0001571283 rexr:NelsonRdMember 2019-01-01 2019-12-31 0001571283 rexr:NineThousandEightHundredFiftyFiveDistributionAvenueMember 2019-12-31 0001571283 rexr:SturgisRoadMember 2019-01-01 2019-12-31 0001571283 rexr:WIvyAvenueMember 2019-12-31 0001571283 rexr:A30023072InlandEmpireBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:SAndersonStMember 2019-01-01 2019-12-31 0001571283 rexr:SixTwoFourOneYarrowDrMember 2019-01-01 2019-12-31 0001571283 rexr:WWarnerAveMember 2019-12-31 0001571283 rexr:SixZeroFiveEighthStMember 2019-01-01 2019-12-31 0001571283 rexr:ValleyBlvdMember 2019-12-31 0001571283 rexr:A8542SlausonAvenueMember 2019-12-31 0001571283 rexr:MillikenAvenueAndSantaAnaStreetInOntarioCAMember 2019-12-31 0001571283 rexr:HallRdMember 2019-01-01 2019-12-31 0001571283 rexr:RoselleStMember 2019-12-31 0001571283 rexr:CaminoDelSolMember 2019-01-01 2019-12-31 0001571283 rexr:A8315HananWayMember 2019-01-01 2019-12-31 0001571283 rexr:A61316133InnovationWayMember 2019-12-31 0001571283 rexr:SafariBusinessCenterMember 2019-12-31 0001571283 rexr:A25413RyeCanyonRoadMember 2019-12-31 0001571283 rexr:StormParkwayMember 2019-12-31 0001571283 rexr:SixTwoFourOneYarrowDrMember 2019-12-31 0001571283 rexr:A27002722FairviewStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A55935595FrescaDriveMember 2019-12-31 0001571283 rexr:A1474214750NelsonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A9171OsoAveMember 2019-01-01 2019-12-31 0001571283 rexr:SixFiveZeroSouthGrandAveMember 2019-12-31 0001571283 rexr:SantaAnaStAndDupontAveMember 2019-12-31 0001571283 rexr:A601605MillikenAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:NVinedoAveMember 2019-01-01 2019-12-31 0001571283 rexr:A19402SusanaStreetMember 2019-01-01 2019-12-31 0001571283 rexr:NineThousandEightHundredFiftyFiveDistributionAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:RoselleStMember 2019-01-01 2019-12-31 0001571283 rexr:A151515thStreetMember 2019-01-01 2019-12-31 0001571283 rexr:E46thStMember 2019-12-31 0001571283 rexr:A5725EastgateDriveMember 2019-12-31 0001571283 rexr:RiceAveAndCelsiusMember 2019-01-01 2019-12-31 0001571283 rexr:A2757E.DelAmoBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A6020SheilaStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A1474214750NelsonAvenueMember 2019-12-31 0001571283 rexr:NewtonDrMember 2019-12-31 0001571283 rexr:A17311NicholsLaneMember 2019-01-01 2019-12-31 0001571283 rexr:A851LawrenceDriveThousandOaksCaliforniaMember 2019-01-01 2019-12-31 0001571283 rexr:A4832AzusaCanyonRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A1190StanfordCourtMember 2019-01-01 2019-12-31 0001571283 rexr:A404430BerryWayMember 2019-12-31 0001571283 rexr:A9HollandMember 2019-12-31 0001571283 rexr:OrionAvenueMember 2019-12-31 0001571283 rexr:A4039CallePlatinoMember 2019-01-01 2019-12-31 0001571283 rexr:AlondraBlvdMember 2019-01-01 2019-12-31 0001571283 rexr:OdessaAveMember 2019-01-01 2019-12-31 0001571283 rexr:A750ManvilleStreetMember 2019-12-31 0001571283 rexr:A1065E.WalnutStreetMember 2019-12-31 0001571283 rexr:A660664TwinOaksSanMarcosCaliforniaMember 2019-01-01 2019-12-31 0001571283 rexr:A12821KnottStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A1145ArroyoAvenueMember 2019-12-31 0001571283 rexr:A30023072InlandEmpireBoulevardMember 2019-12-31 0001571283 rexr:ClevelandAve108606thStMember 2019-01-01 2019-12-31 0001571283 rexr:A6100SheilaStMember 2019-12-31 0001571283 rexr:A415435MotorAvenueMember 2019-12-31 0001571283 rexr:A1998SurveyorAvenueMember 2019-12-31 0001571283 rexr:AvenueCrockerMember 2019-01-01 2019-12-31 0001571283 rexr:A4416AzusaCanyonRoadMember 2019-12-31 0001571283 rexr:A10747NorwalkBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A62776289SlausonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A13321340RockyPointMember 2019-12-31 0001571283 rexr:A12907ImperialHighwayMember 2019-12-31 0001571283 rexr:A5725EastgateDriveMember 2019-01-01 2019-12-31 0001571283 rexr:ImpalaDrMember 2019-01-01 2019-12-31 0001571283 rexr:A6358thStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A18115MainStreetMember 2019-12-31 0001571283 rexr:A28510IndustryDriveMember 2019-01-01 2019-12-31 0001571283 rexr:OntarioAirportCommerceCenterMember 2019-01-01 2019-12-31 0001571283 rexr:SixZeroFiveEighthStMember 2019-12-31 0001571283 rexr:A25413RyeCanyonRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A445449FreedomAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:LimoniteAveAndArchibaldAveMember 2019-01-01 2019-12-31 0001571283 rexr:A687EucalyptusAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A12154MontagueStreetMember 2019-12-31 0001571283 rexr:ArrowHighway5220FourthStMember 2019-01-01 2019-12-31 0001571283 rexr:PaseoMercadoMember 2019-12-31 0001571283 rexr:SloverAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A13550StoweDriveMember 2019-01-01 2019-12-31 0001571283 rexr:JerseyBlvdMember 2019-01-01 2019-12-31 0001571283 rexr:A3927OceanicDriveinOceansideCaliforniaMember 2019-01-01 2019-12-31 0001571283 rexr:A16221ArthurStreetMember 2019-01-01 2019-12-31 0001571283 rexr:FourteenThousandSevenHundredAndTwentyThreeToFourteenThousandEightHundredAndTwentyFiveOxnardStreetMember 2019-12-31 0001571283 rexr:A4355BrickellStreetMember 2019-12-31 0001571283 rexr:A16425GaleAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:FramptonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A525ParkAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A11190WhiteBirchDriveMember 2019-12-31 0001571283 rexr:A10950NorwalkBlvdAnd12241LakelandRdMember 2019-12-31 0001571283 rexr:EastHunterAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A1482014830CarmenitaRoadMember 2019-12-31 0001571283 rexr:A9HollandMember 2019-01-01 2019-12-31 0001571283 rexr:BusinessDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A8985CrestmarPointMember 2019-01-01 2019-12-31 0001571283 rexr:NineThousandFourHundredFourCabotDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A1075010826LowerAzusaRoadMember 2019-01-01 2019-12-31 0001571283 rexr:PoinsettiaAveMember 2019-12-31 0001571283 rexr:A9190ActivityRoadMember 2019-12-31 0001571283 rexr:A4832AzusaCanyonRoadMember 2019-12-31 0001571283 rexr:GilbertStreetLaPalmaAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:WWarnerAveMember 2019-01-01 2019-12-31 0001571283 rexr:BledsoeSt1306513081BradleyAveMember 2019-01-01 2019-12-31 0001571283 rexr:SixFiveZeroSouthGrandAveMember 2019-01-01 2019-12-31 0001571283 rexr:NineThousandFourHundredFiftyFiveCabotDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A1420MckinleyAvenueMember 2019-12-31 0001571283 rexr:A610760WHuenemeRdAnd56515721PerkinsRdMember 2019-12-31 0001571283 rexr:A2390WardAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A3927OceanicDriveinOceansideCaliforniaMember 2019-12-31 0001571283 rexr:A750ManvilleStreetMember 2019-01-01 2019-12-31 0001571283 rexr:DonJulianRdMember 2019-01-01 2019-12-31 0001571283 rexr:West228thStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A13890NelsonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:OneEightZeroZeroEastmanAveMember 2019-01-01 2019-12-31 0001571283 rexr:ValleyBlvdMember 2019-01-01 2019-12-31 0001571283 rexr:A1070910719NorwalkBoulevardMember 2019-01-01 2019-12-31 0001571283 rexr:A1175AviationPlaceMember 2019-01-01 2019-12-31 0001571283 rexr:A610760WHuenemeRdAnd56515721PerkinsRdMember 2019-01-01 2019-12-31 0001571283 rexr:A415435MotorAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:AvenueKearneyMember 2019-12-31 0001571283 rexr:A1825SotoStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A9230MasonAveMember 2019-01-01 2019-12-31 0001571283 rexr:A96079623ImperialHighwayMember 2019-01-01 2019-12-31 0001571283 rexr:AltonParkwayMember 2019-01-01 2019-12-31 0001571283 rexr:A3233MissionOaksMember 2019-01-01 2019-12-31 0001571283 rexr:A8525CaminoSantaFeMember 2019-01-01 2019-12-31 0001571283 rexr:A10015WaplesCourtMember 2019-01-01 2019-12-31 0001571283 rexr:A12154MontagueStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A8542SlausonAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:MillikenAvenueAndSantaAnaStreetInOntarioCAMember 2019-01-01 2019-12-31 0001571283 rexr:PoinsettiaAveMember 2019-01-01 2019-12-31 0001571283 rexr:SBroadwayMember 2019-01-01 2019-12-31 0001571283 rexr:A16010ShoemakerAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A11127CatawbaAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:SaturnWayMember 2019-01-01 2019-12-31 0001571283 rexr:A263321GardenaBlvdMember 2019-01-01 2019-12-31 0001571283 rexr:A302RockefellerAveMember 2019-01-01 2019-12-31 0001571283 rexr:AvenueKearneyMember 2019-01-01 2019-12-31 0001571283 rexr:YarrowDrMember 2019-01-01 2019-12-31 0001571283 rexr:SouthBirchStreetMember 2019-01-01 2019-12-31 0001571283 rexr:E46thStMember 2019-01-01 2019-12-31 0001571283 rexr:OxnardStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A1145ArroyoAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A18250EuclidStreetMember 2019-12-31 0001571283 rexr:A13225WesternAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:A1442114441BonelliStreetMember 2019-01-01 2019-12-31 0001571283 rexr:A12247LakelandRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A4416AzusaCanyonRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A1600Orangethorpe13351375AcaciaMember 2019-01-01 2019-12-31 0001571283 rexr:A980RancherosDriveMember 2019-01-01 2019-12-31 0001571283 rexr:A3340NorthSanFernandoRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A1482014830CarmenitaRoadMember 2019-01-01 2019-12-31 0001571283 rexr:A16121CarmenitaMember 2019-01-01 2019-12-31 0001571283 rexr:SantaFeSpringsRdMember 2019-01-01 2019-12-31 0001571283 rexr:A1420MckinleyAvenueMember 2019-01-01 2019-12-31 0001571283 rexr:ConvoyCourtMember 2019-01-01 2019-12-31 xbrli:pure iso4217:USD rexr:property utreg:sqft iso4217:USD xbrli:shares xbrli:shares rexr:building rexr:swap rexr:extension utreg:acre rexr:installment


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, 2019
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 1000
Los Angeles
California
90025
(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 class
 
Trading symbols
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
REXR
 
New York Stock Exchange
5.875% Series A Cumulative Redeemable Preferred Stock
 
REXR-PA
 
New York Stock Exchange
5.875% Series B Cumulative Redeemable Preferred Stock
 
REXR-PB
 
New York Stock Exchange
5.625% Series C Cumulative Redeemable Preferred Stock
 
REXR-PC
 
New 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 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 28, 2019, as reported on the New York Stock Exchange (“NYSE”) was approximately $4,416 million. The registrant had no non-voting common equity outstanding on such date. This amount excludes 356,712 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 13, 2020 was 113,939,438.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement with respect to its 2020 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,” “result,” “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;
acquisition risks, including failure of such acquisitions to perform in accordance with expectations;
the timing of acquisitions and dispositions;
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;
the general level of interest rates;
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 rating by Fitch;
litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes; and
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.
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.

1



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.
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 own, manage, lease, acquire and develop 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, 2019, our consolidated portfolio consisted of 213 properties with approximately 26.6 million rentable square feet.  In addition, we currently manage an additional 19 properties with approximately 1.0 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 industrial property by renovating, modernizing or increasing functionality 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 leasing department 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 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:

2



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 scarcity and diminishment of supply. We have a portfolio of interests in 213 properties totaling approximately 26.6 million square feet, which are all 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, 2019, we had 1,394 leases, with no single tenant accounting for more than 2.9% of our total annualized base rent.  Our portfolio is also geographically diversified within the Southern California market across the following submarkets: Los Angeles (53%); San Bernardino (14%); Orange County (13%); San Diego (11%); and Ventura (9%).
Superior Access to Deal Flow: 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-driven 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 development, property management, sales and leasing, design, construction management, as well as finance, accounting, legal 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. These 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.
Growth-Oriented, Flexible and Conservative Capital Structure: Our capital structure provides 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 three public offerings of our common stock, three public offerings of preferred stock and through sales of common stock under our at-the-market equity offering programs. We currently have an at-the-market equity offering program pursuant to which we may sell from time to time up to an aggregate of $550.0 million of our common stock through sales agents. As of the filing date of this Annual Report on Form 10-K, we have sold $205.9 million of our common stock under this at-the-market equity offering program, leaving us with the capacity to issue up to $344.1 million of additional shares. On February 13, 2020, we amended our $450 million credit facility by entering into a Third Amended and Restated Credit Agreement, which provides for a $600 million unsecured credit facility, comprised of a $500 million unsecured revolving credit facility and a $100 million unsecured term loan facility. As of the filing date of this Annual Report on Form 10-K, we did not have any borrowings outstanding under the unsecured revolving credit facility, leaving $500 million available. The amended credit agreement has an accordion feature that permits us to request additional lender commitments up to an additional $900 million, which may be comprised of additional revolving commitments, term loan commitments or any combination thereof, subject to certain conditions. As of December 31, 2019, our ratio of net debt to total market capitalization was 12.3%.


3



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
We carry commercial property, liability, environmental, earthquake and terrorism coverage on all the properties in our portfolio under blanket 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 a flood plain), 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. 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.
Employees
As of December 31, 2019, we employed 123 full-time employees. We believe that relations with our employees are good. None of our employees are represented by a labor union.
Principal Executive Offices
Our principal executive offices are located at 11620 Wilshire Boulevard, Suite 1000, Los Angeles, California 90025 (telephone 310-966-1680). We believe that our current facilities are adequate for our present and future operations.
Available Information
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—Company Information—Governance—Governance Documents.”
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.
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

4



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. 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.
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 a blanket environmental insurance policy. In addition, we hold other environmental policies 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 require 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 typically recommends 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. We generally expect to continue to obtain a Phase I or similar environmental site assessments by independent environmental consultants on each property prior to acquiring it. However, these environmental assessments may not reveal all environmental costs that might have a materially adverse 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.

5



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 included a more significant portion of other 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 carry insurance for losses resulting from earthquakes, the amount of our coverage may not be sufficient to fully cover losses from earthquakes and associated disasters, 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. 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 regarded as more litigious and 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. Any adverse economic or real estate developments in the Southern California market, 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.
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, 2019, included the following (and accounted for the percentage of our total annualized base rent indicated): Wholesale Trade (22.9%); Warehousing (17.0%); Manufacturing (16.8%); Retail Trade (9.3%); and Transportation Services (7.1%). 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 enter into new leases, which could materially and adversely affect us.
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:

6



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, which could, among other things, adversely affect our ability to meet operational needs;
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.”
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 industrial properties meeting 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 slow our growth.
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 face significant competition for acquisitions of real properties, which may reduce the number of acquisition opportunities available to us and increase the costs of these acquisitions.
The current market for acquisitions of industrial properties in Southern California continues to be extremely competitive. This competition may increase the demand for our target properties and, therefore, reduce the number of suitable acquisition opportunities available to us and increase the prices paid for such acquisition properties.
We may be unable to source off-market or lightly marketed deal flow in the future.
As of December 31, 2019, approximately 71% 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 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.

7



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 to meet our expectations;
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, and as a result our results of operations and financial condition could be adversely affected;
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 as a result of any of the foregoing factors and/or factors cause a reduction in property income, our results of operations may be adversely affected.
High mortgage rates and/or unavailability of mortgage debt may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire, our net income and the amount of cash distributions we can make.
If mortgage debt is unavailable at reasonable rates, we may not be able to finance the purchase of properties. If we place mortgage debt on properties, we may be unable to refinance the properties when the loans become due, or to refinance on favorable terms. If interest rates are higher when we refinance our properties, our income could be reduced. If any of these events occur, our cash flow could be reduced. This, in turn, could reduce cash available for distribution to our stockholders and may hinder our ability to raise more capital by issuing more stock or by borrowing more money. In addition, to the extent we are unable to refinance the properties when the loans become due, we will have fewer debt guarantee opportunities available to offer under our Tax Matters Agreements, previously filed with the SEC.  
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 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.
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.”

8



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. The effect of a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets. In addition, payments of principal and interest made to service our debts may leave us with insufficient cash to pay the distributions that we are required to pay to maintain our qualification as a REIT.
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, 2019, we have four interest rate swaps in place for the purpose of mitigating our exposure to fluctuations in short-term interest rates. For a summary of our interest rate swaps, see Note 7 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.
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.
Adverse changes in our credit rating could impair our ability to obtain future debt and equity financing on favorable terms, if at all.
Our credit rating is 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. Our credit rating can affect the amount and type of capital we can access, as well as the terms of any financings we may obtain. There can be no assurance that we will be able to maintain our current credit rating. In the event our current credit rating is downgraded, it may become difficult or expensive to obtain additional financing or refinance existing obligations and commitments.  At December 31, 2019, the credit rating for our unsecured debt was BBB (investment grade) from Fitch, with a stable outlook, and the credit rating for our preferred stock was BB+ from Fitch, with a stable outlook. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization.

9



We may be subject to litigation or threatened litigation, which may divert management time and attention, require us to pay damages and expenses or restrict the operation of our business.
We may be subject to litigation or threatened litigation. In particular, we are subject to the risk of complaints by our tenants involving premises liability claims and alleged violations of landlord-tenant laws, which may give rise to litigation or governmental investigations, as well as claims and litigation relating to real estate rights, access, legal compliance or uses of our properties, stockholder claims or claims by limited partners in our Operating Partnership, vendor contractual claims and asset purchase and sale related claims. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. Additionally, whether or not any dispute actually proceeds to litigation, we may be required to devote significant management time and attention to its successful resolution (through litigation, settlement or otherwise), which would detract from our management’s ability to focus on our business. Any such resolution could involve the payment of damages or expenses by us, which may be significant, or involve our agreement with terms that restrict the operation of our business. We generally intend to vigorously defend ourselves; however, we cannot be certain of the ultimate outcomes of currently asserted claims or of those that may arise in the future. Resolution of these types of matters against us may result in our having to pay significant fines, judgments, or settlements, which, if uninsured, or if the fines, judgments, and settlements exceed insured levels, could adversely impact our earnings and cash flows, thereby having an adverse effect on us and our stockholders. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage and could expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract directors, officers and other key employees. Certain litigation or threatened litigation may also adversely affect the alienability, marketability and sale of our properties.
The potential impacts of 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 possible future climate change that could result in physical and regulatory impacts and catastrophic weather events and fires, increasing our operating costs and impairing our tenants’ ability to lease property and pay rent. Laws and regulations targeting climate change could result in stricter energy efficiency standards and 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.
Adverse U.S. and global market, economic and political conditions, global health issues 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, 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. As was the case from 2008 through 2010, these factors, combined with volatile oil prices and fluctuating business and consumer confidence, can precipitate a steep economic decline.
Additionally, political uncertainty may contribute to potential risks beyond our control, such as:
changes in governmental policy on a variety of matters such as trade and manufacturing policies;
trade disputes and tariffs on goods from China and other countries;
possible restructuring of trade agreements;
geopolitical matters such as the exit of the United Kingdom from the European Union;
shutdowns of the U.S. federal government; and
uncertainties associated with political gridlock and the results of investigations and efforts to impeach the president.
Major health issues and pandemics, such as the coronavirus that has impacted China’s population, commerce and travel and has spread to other countries, may adversely affect trade and global and local economies. Should major public health issues, including pandemics, arise, the Company could be adversely affected by actions limiting trade and population movement, the movement of goods through the supply chain, and other impacts to business and consumer demand that may diminish the demand and rents for our properties.
It is not possible to predict whether these economic, political and global occurrences might negatively impact the economies around the world, including the U.S. and Southern California or impact financing opportunities and increase borrowing costs, all of which may exert downward pressure on the market price of our common stock.

10



Global market, political and economic challenges, including dislocations and volatility in the credit markets and general global economic uncertainty, may adversely affect 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 as a result of the following potential consequences, among others:
decreased demand for industrial space, which would cause market rental rates and property values to be negatively impacted;
reduced values of our properties may limit our ability to dispose of assets at attractive prices, or at all, or to obtain debt financing secured by our properties and may reduce the availability of unsecured loans; and
our ability to obtain financing on terms and conditions that we find acceptable, or at all, may be limited, which could reduce our ability to pursue acquisition and redevelopment opportunities and refinance existing debt, reduce our returns from our acquisition and redevelopment activities and increase our future interest expense.
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.
Failure of the U.S. federal government to manage its fiscal matters may negatively impact the economic environment and adversely impact our results of operations.
An inability of the U.S. federal government to manage its fiscal matters, or manage its debt may result in the loss of economic confidence domestically and globally, reduce investment spending, increase borrowing costs, impact availability and cost of capital, and significantly reduce economic activity. Furthermore, a failure by the U.S. federal government to enact appropriate fiscal legislation may significantly impact the national and global economic and financial environment and affect our business and the businesses of our tenants. If economic conditions severely deteriorate as a result of government fiscal gridlock, our ability to lease space to our tenants may be significantly impacted.
An increase in interest rates could adversely impact our financial condition, results of operations and cash flows.
Our financial condition, results of operations and cash flows could be significantly affected by changes in interest rates and actions taken by the Federal Reserve or changes in the London Interbank Offered Rate (“LIBOR”) or its replacement. Future increases in market interest rates would increase our interest expense under our unhedged variable rate borrowings and would increase the costs of refinancing existing indebtedness or obtaining new debt. In addition, increases in market interest rates may result in a decrease in the value of our real estate and a decrease in the market price of our common stock. Increases in market interest rates may also adversely affect the securities markets generally, which could reduce the market price of our common stock without regard to our operating performance. Accordingly, unfavorable changes to our borrowing costs and stock price could significantly impact our ability to access new debt and equity capital going forward.
Changes in laws, regulations, and financial accounting standards may adversely affect our reported results of operations.
Legislative, regulatory, and accounting standard-setting bodies in the U.S., California and globally may promulgate new and modified laws, regulations, and accounting standards focused on financial, banking and real estate sectors.
A high degree of regulatory uncertainty, coupled with considerable additional uncertainty regarding the underlying condition and prospects of global, domestic, and local economies, has created a business environment that makes business planning and projections even more uncertain than is ordinarily the case for businesses in the financial and real estate sectors. Proposals have been made at the federal level and state laws enacted in California to interject certain governmental controls over board composition and actions, which may have unintended and uncertain consequences for companies.
We prepare our financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the commercial real estate sector in which we operate, the uncertainties posed by various initiatives of accounting standard-setting authorities to fundamentally rewrite major bodies of accounting literature constitute a significant source of uncertainty as to the basic rules of business engagement.  Changes in accounting standards, requirements and valuations may have a significant effect on our financial results and on the results of our client tenants, which would have a secondary impact on us.  New accounting pronouncements and interpretations of existing pronouncements are likely to continue to occur at an accelerated pace as a result of recent Congressional and regulatory actions and continuing efforts by the accounting profession itself to reform and modernize its principles and procedures.
We may be adversely affected by new or amended laws or regulations, including legislation commonly known as the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Reform Act”) and other changes in federal, state, or foreign tax laws and regulations, and by changes in the interpretation or enforcement of existing laws and regulations.  It is possible that the long term effects of the

11



2017 Tax Reform Act’s reduced federal deductions for state and local taxes and mortgage interest for individual taxpayers, which may result in higher taxes for the principals and employees of our California-based tenants, will impact our tenants in a manner that limits their ability to pay rent or higher rent, retain employees or maintain operations in California. Any economic slowdowns may prompt a variety of legislative, regulatory, and accounting profession responses.
Regulation of the banking and investment banking industries, has and may continue to result in, substantial changes and dislocations in the banking industry and the financial services sector in ways that could have significant effects on, for example, the availability and pricing of unsecured credit, commercial mortgage credit, and derivatives, such as interest rate swaps, which are important aspects of our business.
We are subject to financial reporting and other requirements for which our accounting, internal audit and other management systems and resources may not be adequately prepared, and we may not be able to accurately report our financial results.
We are subject to reporting and other obligations under the Exchange Act, including the requirements of Section 404 of the Sarbanes-Oxley Act of 2002. Section 404 requires annual management assessments of the effectiveness of our internal controls over financial reporting and a report by our independent registered public accounting firm addressing these assessments. These reporting and other obligations place significant demands on our management, administrative, operational, internal audit and accounting resources and cause us to incur significant expenses, and changes to our business will necessitate ongoing changes to our internal control systems and processes. We may need to upgrade our systems or create new systems; implement additional financial and management controls, reporting systems and procedures; expand our internal audit function; and hire additional accounting, internal audit and finance staff. If we are unable to accomplish these objectives in a timely and effective fashion, our ability to comply with the financial reporting requirements and other rules that apply to reporting companies could be impaired. Any failure to maintain effective internal controls could have a material adverse effect on our business, operating results and price of our common stock.
While management continually reviews the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all control objectives all of the time. Deficiencies, including any material weakness, in our internal control over financial reporting that may occur in the future could result in misstatements or restatements of our financial statements or a decline in the price of our securities.
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.
As of December 31, 2019, 2.6% of the rentable square footage of our portfolio was available for lease and leases representing 0.5% of the rentable square footage of our portfolio expired on December 31, 2019. In addition, leases representing 14.7% and 19.8% of the rentable square footage of the properties in our portfolio will expire in 2020 and 2021. 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. 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 prevent increases of 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 when our tenants’ leases expire or to 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

12



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 to us 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 to us cannot be considered as well assured 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 to us. 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 occur with tenants in the future, and we are particularly at risk because of the 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. 
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 be favorable absent such restrictions.
Our real estate development, redevelopment and repositioning activities are subject to risks particular to development, redevelopment and repositioning.
We may engage in development, redevelopment or repositioning activities with respect to certain of our properties. To the extent that we do so, we will be subject to the following risks associated with such development, redevelopment and repositioning activities:
construction, redevelopment or repositioning may be unsuccessful and/or costs of a project may exceed original estimates, 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;
contractor and subcontractor disputes, strikes, labor disputes or supply disruptions, which may cause delays or increase costs;
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;
occupancy rates and rents of a completed project may not be sufficient to make the project profitable;
our ability to dispose of properties developed, redeveloped or repositioned with the intent to sell could be impacted by the ability of prospective buyers to obtain financing given the current state of the credit markets; and
the availability and pricing of financing to fund our development activities on favorable terms or at all.
These risks could result in substantial unanticipated delays or expenses and, under certain circumstances, could prevent completion of development, redevelopment or repositioning activities once undertaken.

13



Our success depends on key personnel whose continued service is not guaranteed, and the loss of one or more of our key personnel could adversely affect our ability to manage our business and to implement our growth strategies, or could create a negative perception in the capital markets.
Our continued success and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel, who have extensive market knowledge and relationships and exercise substantial influence over our operational, financing, acquisition and disposition activity.
We have not obtained and do not expect to obtain key man life insurance on any of our key personnel. The loss of services of one or more members of our senior management team and key personnel, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and weaken our relationships with lenders, business partners, existing and prospective tenants and industry participants. Further, the loss of a member of our senior management team could be negatively perceived in the capital markets.
Potential losses, including from adverse weather conditions and natural disasters, may not be covered by insurance.
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 are appropriate for certain of our properties. We will select policy specifications and insured limits that we believe to be appropriate and adequate 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 addition, we may discontinue terrorism or other insurance 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 cost prohibitive or 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.
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.
All of the properties in our portfolio are located in areas that are prone to earthquake activity.
All of the properties in our portfolio are located in Southern California, an area that is particularly prone to seismic activity.  According to the U.S. Geological Service, in places where fault systems do not experience frequent tiny shocks and a few moderate earth tremors, strain can build up, producing earthquakes when the strain on tectonic plates releases. In Southern California, the largest most recent quake occurred in 1994 in Northridge, over 20 years ago. 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 and self-insured retention. 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.
We may not be able to rebuild our existing properties to their existing specifications if we experience a substantial or comprehensive loss of such properties.
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.
Existing conditions at some of our properties may expose us to liability related to environmental matters.
Phase I or similar environmental site assessments, which are limited in scope, conducted by independent environmental consultants on most of our properties at the time of their acquisition or in connection with subsequent financings may not include or identify all potential environmental liabilities or risks associated with the relevant properties and are not updated in the

14



ordinary course of business absent a specific need. 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 Is 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.
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.
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 income tax at regular corporate rates 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, 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.
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 associated with security breaches, whether through cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, attachments to e‑mails, persons inside our organization or persons with access to systems inside our

15



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. 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 certain of our tenants. 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 any vulnerabilities, implementation of software and systems intended to reduce the risk of IT security breaches, and ongoing cyber security education and training for employees throughout the year, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases, are designed to not be detected and, in fact, may not be detected. 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. 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 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 Protection Act of 2018.

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.
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.  

16



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 harm 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. We cannot predict the various market conditions affecting the industrial real estate market which will exist at any particular time in the future. 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 well as weakness in or even the lack of an established market for a 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, 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 intend to review the carrying value of our properties when circumstances, such as adverse market conditions, indicate a potential impairment may exist. We intend to 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 intend to 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.
Adverse economic conditions and the dislocation in the credit markets could materially adversely affect us.
Economic conditions can be unpredictable and vary greatly, creating uncertainty and in some cases severely impacted the lending and capital markets, particularly for real estate. When occurring, these conditions may limit the amount of indebtedness we are able to obtain and our ability to refinance our indebtedness, and may impede our ability to develop new properties and to replace construction financing with permanent financing, which could result in our having to sell properties at inopportune times and on unfavorable terms.
Any lack of availability of debt financing may require us to rely more heavily on additional equity issuances, which may be dilutive to our current stockholders, or on less efficient forms of debt financing.
Acquired properties may be located in new markets where we may face risks associated with investing in an unfamiliar market.
We have acquired properties 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 four other 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.

17



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.
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, commonly referred to as Proposition 13 Protections. A measure proposing to remove certain Proposition 13 Protections for commercial real estate owners qualified as a November 2020 California ballot measure. Therefore, the amount of property taxes we pay in the future may increase substantially from what we have paid in the past, some of which we may be unable to pass through to our tenants. 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.
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.
Some of our properties have been or may be impacted by contamination arising from current or prior 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. In addition to a blanket environmental insurance policy, as needed, we may

18



obtain environmental insurance policies on 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 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 or 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. 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 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 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.
The properties in our portfolio 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 or 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

19



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.
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.
Changes in the method of determining LIBOR, or the replacement of LIBOR with an alternative reference rate, may adversely affect interest expense related to outstanding debt.
We hold certain debt instruments on which interest rates move in direct relation to LIBOR, depending on our selection of borrowing options. Governance and oversight bodies have instituted rules and reforms directed at minimizing the risk of LIBOR manipulation, which may have occurred in the past and could have an adverse impact on the level of the index.
In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to U.S. dollar LIBOR (“USD LIBOR”) for use in derivatives and other financial contracts that are currently indexed to USD LIBOR. ARRC has proposed a paced market transition plan to SOFR from USD LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to USD LIBOR. Whether or not SOFR will attain market traction as a USD LIBOR replacement tool remains in question. As such, the future of LIBOR at this time is uncertain. If LIBOR ceases to exist, the interest rates on our debt which is indexed to LIBOR will be determined using a different successor rate, which may adversely affect interest expense and may result in interest obligations which are more than or do not otherwise correlate over time with the payments that would have been made on such debt if USD LIBOR was available in its current form. We are currently monitoring this activity and evaluating the related risks.
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.

20



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.
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.

21



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;
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).

22



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 with certain limited partners of our Operating Partnership, including Messrs. Ziman, Schwimmer and Frankel in connection with the IPO, 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 (in the case of the IPO, the period from the completion of the IPO (July 24, 2013) through the seventh anniversary of such completion (July 24, 2020)), our Operating Partnership will indemnify such limited partners for their tax liabilities attributable to their share of the built-in gain that exists with respect to such property interest as of the time of the applicable transaction and tax liabilities incurred as a result of the indemnification payment; provided that, subject to certain exceptions and limitations, such indemnification rights 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 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 provides 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 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 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.
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

23



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, 2019, we own 97.7% 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. In addition, 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.
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

24



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.  
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.
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 as a dealer. In addition, our taxable REIT subsidiary will 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 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

25



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 the 2017 Tax Reform Act, 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 after December 31, 2017 and 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, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual determination 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

26



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.
The 2017 Tax Reform Act has significantly changed the U.S. federal income taxation of U.S. businesses and their owners, including REITs and their stockholders.
The legislation remains unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the U.S. Department of the Treasury and IRS, any of which could lessen or increase the impact of the legislation. In addition, it remains unclear how these U.S. federal income tax changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities.
While some of the changes made by the 2017 Tax Reform Act may adversely affect the Company in one or more reporting periods and prospectively, other changes may be beneficial on a going forward basis. The Company continues to work with its tax advisors and auditors to determine the full impact that the 2017 Tax Reform Act as a whole will have on the Company.

Item 1B. Unresolved Staff Comments
None.



Item 2. Properties
As of December 31, 2019, our consolidated portfolio consists of 213 wholly-owned properties located in Southern California infill markets totaling approximately 26.6 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, 2019.
Property Address
 
City
 
Number of Buildings
 
Asset Type
 
Year Built / Renovated(1)
 
Rentable Square Feet
 
Percentage of Rentable Square Feet(2)
 
Number of Leases
 
Occupancy
 
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.
 
Burbank
 
1

 
Warehouse / Light Manufacturing
 
1977
 
31,037

 
0.1
%
 
4