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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
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)
N/A
(Former name, former address and former fiscal year, if changed since last report)
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
 
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, smaller reporting company, or an emerging growth company. See 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 number of shares of common stock outstanding at May 1, 2020 was 116,327,336.




REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE MONTHS ENDED MARCH 31, 2020
TABLE OF CONTENTS
 
PART I.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II.
 
 
 
 
 
 
 
 
 


2



PART I. FINANCIAL INFORMATION
 
Item 1.        Financial Statements

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands – except share and per share data)
 
March 31, 2020
 
December 31, 2019
ASSETS
 
 
 
Land
$
2,068,460

 
$
1,927,098

Buildings and improvements
1,748,675

 
1,680,178

Tenant improvements
75,341

 
72,179

Furniture, fixtures and equipment
141

 
141

Construction in progress
26,791

 
18,794

Total real estate held for investment
3,919,408

 
3,698,390

Accumulated depreciation
(316,812
)
 
(296,777
)
Investments in real estate, net
3,602,596

 
3,401,613

Cash and cash equivalents
112,432

 
78,857

Restricted cash
46

 

Rents and other receivables, net
5,859

 
5,889

Deferred rent receivable, net
31,339

 
29,671

Deferred leasing costs, net
19,482

 
18,688

Deferred loan costs, net
2,770

 
695

Acquired lease intangible assets, net
76,138

 
73,090

Acquired indefinite-lived intangible
5,156

 
5,156

Interest rate swap asset

 
766

Other assets
10,717

 
9,671

Acquisition related deposits
5,896

 
14,526

Total Assets
$
3,872,431

 
$
3,638,622

LIABILITIES & EQUITY
 
 
 
Liabilities
 
 
 
Notes payable
$
903,802

 
$
857,842

Interest rate swap liability
22,690

 
8,488

Accounts payable, accrued expenses and other liabilities
39,000

 
31,112

Dividends payable
25,931

 
21,624

Acquired lease intangible liabilities, net
63,914

 
59,340

Tenant security deposits
30,342

 
28,779

Prepaid rents
8,074

 
8,988

Total Liabilities
1,093,753

 
1,016,173

Equity
 
 
 
Rexford Industrial Realty, Inc. stockholders’ equity
 
 
 
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at March 31, 2020 and December 31, 2019
 
 
 
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at March 31, 2020 and December 31, 2019 ($90,000 liquidation preference)
86,651

 
86,651

5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at March 31, 2020 and December 31, 2019 ($75,000 liquidation preference)
72,443

 
72,443

5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at March 31, 2020 and December 31, 2019 ($86,250 liquidation preference)
83,233

 
83,233

Common Stock, $0.01 par value per share, 489,950,000 authorized and 116,331,347 and 113,793,300 shares outstanding at March 31, 2020 and December 31, 2019, respectively
1,162

 
1,136

Additional paid in capital
2,524,274

 
2,439,007

Cumulative distributions in excess of earnings
(132,843
)
 
(118,751
)
Accumulated other comprehensive loss
(21,950
)
 
(7,542
)
Total stockholders’ equity
2,612,970

 
2,556,177

Noncontrolling interests
165,708

 
66,272

Total Equity
2,778,678


2,622,449

Total Liabilities and Equity
$
3,872,431

 
$
3,638,622

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

3



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands – except share and per share data)

 
 
Three Months Ended March 31,
 
 
2020
 
2019
REVENUES
 
 
 
 
Rental income
 
$
77,490

 
$
59,604

Management, leasing and development services
 
93

 
102

Interest income
 
97

 
657

TOTAL REVENUES
 
77,680

 
60,363

OPERATING EXPENSES
 
 
 
 
Property expenses
 
18,114

 
13,812

General and administrative
 
9,317

 
7,344

Depreciation and amortization
 
27,523

 
21,996

TOTAL OPERATING EXPENSES
 
54,954

 
43,152

OTHER EXPENSES
 
 
 
 
Acquisition expenses
 
5

 
23

Interest expense
 
7,449

 
6,471

TOTAL EXPENSES
 
62,408

 
49,646

NET INCOME
 
15,272

 
10,717

 Less: net income attributable to noncontrolling interests
 
(717
)
 
(201
)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.
 
14,555

 
10,516

 Less: preferred stock dividends
 
(3,636
)
 
(2,423
)
 Less: earnings allocated to participating securities
 
(131
)
 
(114
)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
 
$
10,788

 
$
7,979

Net income attributable to common stockholders per share - basic
 
$
0.09

 
$
0.08

Net income attributable to common stockholders per share - diluted
 
$
0.09

 
$
0.08

Weighted average shares of common stock outstanding - basic
 
114,054,434

 
98,342,677

Weighted average shares of common stock outstanding - diluted
 
114,314,331

 
98,607,786

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

4



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited and in thousands)
 
 
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Net income
 
$
15,272

 
$
10,717

Other comprehensive loss: cash flow hedge adjustment
 
(14,968
)
 
(5,127
)
Comprehensive income
 
304

 
5,590

Comprehensive income attributable to noncontrolling interests
 
(157
)
 
(75
)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
 
$
147

 
$
5,515

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

5



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited and in thousands – except share data) 
 
 
Preferred Stock
 
Number of
Shares
 
Common
Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
Balance at December 31, 2019
$
242,327

 
113,793,300

 
$
1,136

 
$
2,439,007

 
$
(118,751
)
 
$
(7,542
)
 
$
2,556,177

 
$
66,272

 
$
2,622,449

Issuance of common stock


 
2,206,957

 
22

 
80,792

 

 

 
80,814

 

 
80,814

Offering costs

 


 


 
(1,383
)
 

 

 
(1,383
)
 

 
(1,383
)
Issuance of OP Units

 

 

 

 

 

 

 
63,277

 
63,277

Issuance of 4.00% cumulative redeemable convertible preferred units

 

 

 

 

 

 

 
40,787

 
40,787

Share-based compensation


 
102,275

 
1

 
698

 


 

 
699

 
2,928

 
3,627

Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock


 
(25,797
)
 


 
(1,207
)
 


 

 
(1,207
)
 

 
(1,207
)
Conversion of OP units to common stock


 
254,612

 
3

 
6,367

 


 

 
6,370

 
(6,370
)
 

Net income
3,636

 


 


 


 
10,919

 


 
14,555

 
717

 
15,272

Other comprehensive loss


 


 


 


 


 
(14,408
)
 
(14,408
)
 
(560
)
 
(14,968
)
Preferred stock dividends ($0.367188 per series A and series B preferred share and $0.351563 per series C preferred share)
(3,636
)
 


 


 


 


 


 
(3,636
)
 

 
(3,636
)
Preferred unit distributions

 

 

 

 

 

 

 
(423
)
 
(423
)
Common stock dividends ($0.215 per common share)

 

 

 

 
(25,011
)
 

 
(25,011
)
 

 
(25,011
)
Distributions

 

 

 

 

 

 

 
(920
)
 
(920
)
Balance at March 31, 2020
$
242,327

 
116,331,347

 
$
1,162

 
$
2,524,274

 
$
(132,843
)
 
$
(21,950
)
 
$
2,612,970

 
$
165,708

 
$
2,778,678


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


6




REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 
 
Preferred Stock
 
Number of
Shares
 
Common
Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
Balance at December 31, 2018
$
159,094

 
96,810,504

 
$
966

 
$
1,798,113

 
$
(88,341
)
 
$
6,262

 
$
1,876,094

 
$
32,329

 
$
1,908,423

Cumulative effect of adoption of ASC 842

 

 

 

 
(222
)
 

 
(222
)
 

 
(222
)
Issuance of common stock

 
7,148,746

 
71

 
248,323

 

 

 
248,394

 

 
248,394

Offering costs

 

 

 
(3,974
)
 

 

 
(3,974
)
 

 
(3,974
)
Share-based compensation

 
86,919

 
1

 
510

 

 

 
511

 
2,102

 
2,613

Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock

 
(23,090
)
 

 
(791
)
 

 

 
(791
)
 

 
(791
)
Conversion of OP units to common stock

 
4,967

 

 
37

 

 

 
37

 
(37
)
 

Net income
2,423

 

 

 

 
8,093

 

 
10,516

 
201

 
10,717

Other comprehensive loss

 

 

 

 

 
(5,001
)
 
(5,001
)
 
(126
)
 
(5,127
)
Preferred stock dividends ($0.367188 per series A and series B share)
(2,423
)
 

 

 

 

 

 
(2,423
)
 

 
(2,423
)
Common stock dividends ($0.185 per common share)

 

 

 

 
(19,245
)
 

 
(19,245
)
 

 
(19,245
)
Distributions

 

 

 

 

 

 

 
(529
)
 
(529
)
Balance at March 31, 2019
$
159,094

 
104,028,046

 
$
1,038

 
$
2,042,218

 
$
(99,715
)
 
$
1,261

 
$
2,103,896

 
$
33,940

 
$
2,137,836


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


7



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 
Three Months Ended March 31,
  
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
15,272

 
$
10,717

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
27,523

 
21,996

Amortization of (below) above market lease intangibles, net
(2,402
)
 
(1,751
)
Amortization of debt issuance costs
343

 
344

Amortization of discount on notes payable
(16
)
 
1

Equity based compensation expense
3,570

 
2,579

Straight-line rent
(1,672
)
 
(2,067
)
Change in working capital components:
 
 
 
Rents and other receivables
300

 
396

Deferred leasing costs
(1,820
)
 
(1,413
)
Other assets
170

 
533

Accounts payable, accrued expenses and other liabilities
5,437

 
3,936

Tenant security deposits
988

 
753

Prepaid rents
(1,200
)
 
160

Net cash provided by operating activities
46,493

 
36,184

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Acquisition of investments in real estate
(46,503
)
 
(145,253
)
Capital expenditures
(15,607
)
 
(9,712
)
Payments for deposits on real estate acquisitions
(1,028
)
 
(10,475
)
Net cash used in investing activities
(63,138
)
 
(165,440
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Issuance of common stock, net
79,431

 
244,420

Repayment of notes payable
(50
)
 
(38
)
Debt issuance costs
(2,225
)
 

Dividends paid to preferred stockholders
(3,636
)
 
(2,423
)
Dividends paid to common stockholders
(21,052
)
 
(15,490
)
Distributions paid to common unitholders
(572
)
 
(448
)
Distributions paid to preferred unitholders
(423
)
 

Repurchase of common shares to satisfy employee tax withholding requirements
(1,207
)
 
(791
)
Net cash provided by financing activities
50,266

 
225,230

Increase in cash, cash equivalents and restricted cash
33,621

 
95,974

Cash, cash equivalents and restricted cash, beginning of period
78,857

 
180,601

Cash, cash equivalents and restricted cash, end of period
$
112,478

 
$
276,575

Supplemental disclosure of cash flow information:
 
 
 
Cash paid for interest (net of capitalized interest of $882 and $629 for the three months ended March 31, 2020 and 2019, respectively)
$
8,685

 
$
6,940

Supplemental disclosure of noncash transactions:
 
 
 
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019
$

 
$
3,262

Operating lease right-of-use assets obtained in exchange for lease liabilities subsequent to adoption of ASC 842
$
1,014

 
$
3,457

Issuance of operating partnership units in connection with acquisition of real estate
$
63,277

 
$

Issuance of 4.0% cumulative redeemable convertible preferred units in connection with acquisition of real estate
$
40,787

 
$

Assumption of debt in connection with acquisition of real estate including loan premium
$
45,833

 
$

Accrual for capital expenditures
$
7,239

 
$
5,481

Accrual of dividends
$
25,931

 
$
19,774

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

8


REXFORD INDUSTRIAL REALTY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


1.
Organization
Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (“REIT”) focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013, and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire and develop industrial real estate principally located in Southern California infill markets, and, from time to time, acquire or provide mortgage debt secured by industrial property.  As of March 31, 2020, our consolidated portfolio consisted of 223 properties with approximately 27.4 million rentable square feet. In addition, we currently manage 19 properties with approximately 1.0 million rentable square feet.  
The terms “us,” “we,” “our,” and the “Company” as used in these financial statements refer to Rexford Industrial Realty, Inc. and its subsidiaries (including our Operating Partnership).
 

 2.
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
As of March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.
Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of March 31, 2020 and December 31, 2019, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership.
The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The interim financial statements should be read in conjunction with the consolidated financial statements in our 2019 Annual Report on Form 10-K and the notes thereto.
Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.  

9



Cash and Cash Equivalents
Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments.
Restricted Cash
Restricted cash is comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time includes cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”). As of March 31, 2020, the restricted cash balance of $46 thousand was being reserved for real estate taxes related to the property located at 960-970 Knox Street.  As of December 31, 2019 we did not have a balance in restricted cash.

Restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2020 and 2020 (in thousands):
 
Three Months Ended March 31,
 
2020
 
2019
Cash and cash equivalents
$
78,857

 
$
180,601

Restricted cash

 

Cash, cash equivalents and restricted cash, beginning of period
$
78,857

 
$
180,601

 
 
 
 
Cash and cash equivalents
$
112,432

 
$
276,575

Restricted cash
46

 

Cash, cash equivalents and restricted cash, end of period
$
112,478

 
$
276,575


Investments in Real Estate
Acquisitions
We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business (“ASU 2017-01”), which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions.
For asset acquisitions, we allocate the cost of the acquisition, which includes the purchase price and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs.
We determine the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant.  This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions about the assumptions a market participant would use.  These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties.  Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions.  In determining the “as-if-vacant” value for the properties we acquired during the three months ended March 31, 2020, we used discount rates ranging from 5.75% to 6.50% and exit capitalization rates ranging from 4.75% to 5.50%.
In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs.  Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the

10



term of any below-market fixed rate renewal options for below-market leases, if applicable.  The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the three months ended March 31, 2020, we used an estimated average lease-up period of six months.
The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities are based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. In determining the fair value of debt assumed during the three months ended March 31, 2020, we used estimated market interest rates ranging from 3.21% to 3.75%.
Capitalization of Costs
We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus and non-cash equity compensation of the personnel performing development, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the development and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred.
We capitalized interest costs of $0.9 million and $0.6 million during the three months ended March 31, 2020 and 2019, respectively. We capitalized real estate taxes and insurance costs aggregating $0.3 million and $0.2 million during the three months ended March 31, 2020 and 2019, respectively. We capitalized compensation costs for employees who provide construction services of $1.0 million and $0.7 million during the three months ended March 31, 2020 and 2019, respectively.
Depreciation and Amortization
Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense.
The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements.
As discussed above in—Investments in Real Estate—Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases.
Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.
Assets Held for Sale
We classify a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (“ASC”) Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to

11



the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. As of March 31, 2020 and December 31, 2019, we did not have any properties classified as held for sale.
Impairment of Long-Lived Assets
In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable.
Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. Fair value is determined through various valuation techniques; including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.
Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties. There were no impairment charges recorded to the carrying value of our properties during the three months ended March 31, 2020 and 2019, respectively.
Income Taxes
We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax.
In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three months ended March 31, 2020 and 2019.
We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of March 31, 2020 and December 31, 2019, we have not established a liability for uncertain tax positions.
Derivative Instruments and Hedging Activities
ASC Topic 815: Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

12



As required by ASC 815, we record all derivatives on the balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.  We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting.  See Note 7.
Revenue Recognition
Our primary sources of revenue are rental income, management, leasing and development services and gains on sale of real estate.
Rental Income
We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants.
Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. As the timing and pattern of revenue recognition is the same, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations.
We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf.
Management, leasing and development services
We provide property management services and leasing services to related party and third-party property owners, the customer, in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers.
Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component.
Gain or Loss on Sale of Real Estate
We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value,

13



and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset.
Valuation of Receivables    
We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables related to our operating leases. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $0.4 million and $0.1 million, for the three months ended March 31, 2020 and 2019, respectively, as a reduction of rental income in the consolidated statements of operations.
Deferred Leasing Costs
We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions.
Debt Issuance Costs
Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See Note 5.
Equity Based Compensation
We account for equity-based compensation in accordance with ASC Topic 718: Compensation - Stock Compensation.  Total compensation cost for all share-based awards is based on the estimated fair market value on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award.  For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche.  For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See Note 11.
Equity Offering Costs
Underwriting commissions and offering costs related to our common stock issuances have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuances have been reflected as a direct reduction of the preferred stock balance.
Earnings Per Share
We calculate earnings per share (“EPS”) in accordance with ASC 260 - Earnings Per Share (“ASC 260”). Under ASC 260, nonvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings.
Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period.

14



Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 12.
Segment Reporting
Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.
ASC 842 - Cumulative-Effect Adjustment to Retained Earning
On January 1, 2019, we adopted the new lease accounting standard, ASU 2016-02, Leases (Topic 842), and the various lease-related ASUs that were subsequently issued by the Financial Accounting Standards Board (“FASB”) (collectively referred to as “ASC 842”), which together set out the principals for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors.
    We adopted ASC 842 using the modified retrospective approach and applied the provisions as of the date of adoption on a prospective basis. Upon adoption of ASC 842, we recognized a cumulative-effect adjustment to retained earnings of $0.2 million to write off internal compensation costs that were capitalized in connection with leases that were executed but had not commenced prior to January 1, 2019, as these costs were capitalized in accordance with prior lease accounting guidance and did not qualify for capitalization under ASC 842.
Leases as a Lessee
We determine if an arrangement is a lease at inception. Operating lease right-of-use assets (“ROU assets”) are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See Note 6.
Adoption of New Accounting Pronouncements
Allowance for Credit Losses
On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the accounting for credit losses for certain financial instruments. ASU 2016-13 introduced the “current expected credit losses” (CECL) model, which requires companies to estimate credit losses immediately upon exposure. The guidance applies to financial assets measured at amortized cost including net investments in leases arising from sales-type and direct financing leases, financing receivables (loans) and trade receivables.  On November 26, 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instrument - Credit Losses, which clarifies that operating lease receivables are outside the scope of ASC Topic 326 and instead should be accounted for under ASC 842. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Effective January 1, 2020 we adopted ASU 2016-13. As we did not have any financial assets within the scope of ASU 2016-13, there was no impact to our consolidated financial statements. In the event that any of our leases were to be classified as sales-type or direct finance leases, or if we were to acquire or provide mortgage debt secured by industrial properties in the future, we would become subject to the provisions of ASU 2016-13.

15



Recently Issued Accounting Pronouncements
Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that we expect to be applicable and have a material impact on our consolidated financial statements.
Reference Rate Reform
On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

3.
Investments in Real Estate
Acquisitions
On March 5, 2020, we acquired from a group of sellers that were not affiliated with the Company ten industrial properties located in Southern California (the “Properties”) for an aggregate purchase price of $203.2 million, exclusive of closing costs, including assumed debt of approximately $44.7 million. In consideration for the Properties we (i) paid $56.2 million in cash, including a $9.7 million deposit paid in 2019, (ii) issued 1,406,170 common units of limited partnership interests in the Operating Partnership and (iii) issued 906,374 4.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership (the “Series 2 CPOP Units”).  See Note 5 and Note 11 for further details regarding the assumption of debt and Series 2 CPOP Units, respectively.
The following table summarizes the wholly-owned industrial properties we acquired during the three months ended March 31, 2020
Property
 
Submarket
 
Date of Acquisition
 
Rentable Square Feet
 
Number of Buildings
 
Contractual Purchase Price(1)
(in thousands)
701-751 Kingshill Place
 
Los Angeles - South Bay
 
3/5/2020
 
169,069

 
6

 
$
32,968

2601-2641 Manhattan Beach Boulevard
 
Los Angeles - South Bay
 
3/5/2020
 
126,726

 
6

 
38,230

2410-2420 Santa Fe Avenue
 
Los Angeles - South Bay
 
3/5/2020
 
112,000

 
1

 
34,700

11600 Los Nietos Road
 
Los Angeles - Mid-Counties
 
3/5/2020
 
103,982

 
1

 
16,608

5160 Richton Street
 
San Bernardino - Inland Empire West
 
3/5/2020
 
94,976

 
1

 
15,605

2205 126th Street
 
Los Angeles - South Bay
 
3/5/2020
 
63,532

 
1

 
17,100

11832-11954 La Cienega Boulevard
 
Los Angeles - South Bay
 
3/5/2020
 
63,462

 
4

 
19,150

7612-7642 Woodwind Drive
 
Orange County - West
 
3/5/2020
 
62,377

 
3

 
13,719

960-970 Knox Street
 
Los Angeles - South Bay
 
3/5/2020
 
39,400

 
1

 
9,600

25781 Atlantic Ocean Drive
 
Orange County - South
 
3/5/2020
 
27,960

 
1

 
5,475

Total 2020 Wholly-Owned Property Acquisitions
 
 
 
863,484

 
25

 
$
203,155

(1)
Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs.


16



The following table summarizes the fair value of amounts allocated to each major class of asset and liability for the acquisitions noted in the table above, as of the date of each acquisition (in thousands):
 
 
2020 Acquisitions
Assets:
 
 
Land
 
$
141,363

Buildings and improvements
 
61,853

Tenant improvements
 
1,529

Acquired lease intangible assets(1)
 
9,196

Other acquired assets(2)
 
281

Total assets acquired
 
214,222

 
 
 
Liabilities:
 
 
Acquired lease intangible liabilities(3)
 
7,303

Notes payable(4)
 
45,833

Other assumed liabilities(2)
 
861

Total liabilities assumed
 
53,997

Net assets acquired
 
$
160,225

(1)
Acquired lease intangible assets is comprised of $9.1 million of in-place lease intangibles with a weighted average amortization period of 4.6 years and $0.1 million of above-market lease intangibles with a weighted average amortization period of 4.7 years.
(2)
Includes other working capital assets acquired and liabilities assumed at the time of acquisition.
(3)
Represents below-market lease intangibles with a weighted average amortization period of 5.9 years.
(4)
In connection with acquisition of the Properties, we assumed nine mortgage loans from the sellers. At the date of acquisition, the loans had an aggregate fair value of $45.8 million and an aggregate principal balance of $44.7 million.

4.
Intangible Assets  

The following table summarizes our acquired lease intangible assets, including the value of in-place leases and above-market tenant leases, and our acquired lease intangible liabilities which includes below-market tenant leases (in thousands): 
 
March 31, 2020
 
December 31, 2019
Acquired Lease Intangible Assets:
 
 
 
In-place lease intangibles
$
163,381

 
$
154,370

Accumulated amortization
(93,653
)
 
(87,955
)
In-place lease intangibles, net
$
69,728

 
$
66,415

 
 
 
 
Above-market tenant leases
$
14,358

 
$
14,296

Accumulated amortization
(7,948
)
 
(7,621
)
Above-market tenant leases, net
$
6,410

 
$
6,675

Acquired lease intangible assets, net
$
76,138

 
$
73,090

 
 
 
 
Acquired Lease Intangible Liabilities:
 

 
 

Below-market tenant leases
$
(89,000
)
 
$
(81,718
)
Accumulated accretion
25,086

 
22,378

Below-market tenant leases, net
$
(63,914
)
 
$
(59,340
)
Acquired lease intangible liabilities, net
$
(63,914
)
 
$
(59,340
)

 

17



The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three months ended March 31, 2020 and 2019 (in thousands):
 
Three Months Ended March 31,
 
2020
 
2019
In-place lease intangibles(1)
$
5,822

 
$
4,339

Net below-market tenant leases(2)
$
(2,402
)
 
$
(1,751
)
(1)
The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.
(2)
The amortization of net below-market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.

5.
Notes Payable
The following table summarizes the components and significant terms of our indebtedness as of March 31, 2020 and December 31, 2019 (dollars in thousands):
 
March 31, 2020
 
December 31, 2019
 
Margin Above LIBOR
 
Interest Rate(1)
  
Contractual
Maturity Date
  
Unsecured and Secured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured Debt:
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
$

 
$

 
1.050
%
(2) 
2.043
%
(3) 
2/13/2024
(4) 
$100M Term Loan Facility
100,000

 
100,000

 
1.200
%
(2) 
2.964
%
(5) 
2/14/2022
 
$225M Term Loan Facility
225,000

 
225,000

 
1.200
%
(2) 
2.574
%
(5) 
1/14/2023
 
$150M Term Loan Facility
150,000

 
150,000

 
1.500
%
(2) 
4.263
%
(5) 
5/22/2025
 
$100M Notes
100,000

 
100,000

 
n/a

 
4.290
%
  
8/6/2025
 
$125M Notes
125,000

 
125,000

 
n/a

 
3.930
%
 
7/13/2027
 
$25M Series 2019A Notes
25,000

 
25,000

 
n/a

 
3.880
%
 
7/16/2029
 
$75M Series 2019B Notes
75,000

 
75,000

 
n/a

 
4.030
%
 
7/16/2034
 
Total Unsecured Debt
$
800,000

 
$
800,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured Debt:
 
 
 
 
 
 
 

  
 
  
$60M Term Loan(6)
$
58,499

 
$