þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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MARYLAND
|
|
46-2024407
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(State or other jurisdiction of incorporation or organization)
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|
(I.R.S. Employer Identification No.)
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|
|
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11620 Wilshire Boulevard, Suite 1000,
Los Angeles, California
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|
90025
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.01 par value
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New York Stock Exchange
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5.875% Series A Cumulative Redeemable Preferred Stock
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New York Stock Exchange
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5.875% Series B Cumulative Redeemable Preferred Stock
|
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New York Stock Exchange
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Large accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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Emerging growth company
¨
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|
•
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the competitive environment in which we operate;
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•
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real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;
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•
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decreased rental rates or increasing vacancy rates;
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•
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potential defaults on or non-renewal of leases by tenants;
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•
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potential bankruptcy or insolvency of tenants;
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•
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acquisition risks, including failure of such acquisitions to perform in accordance with expectations;
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•
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the timing of acquisitions and dispositions;
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•
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potential natural disasters such as earthquakes, wildfires or floods;
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•
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the consequence of any future security alerts and/or terrorist attacks;
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•
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national, international, regional and local economic conditions;
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•
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the general level of interest rates;
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•
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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;
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•
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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;
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•
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lack of or insufficient amounts of insurance;
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•
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our failure to complete acquisitions;
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•
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our failure to successfully integrate acquired properties;
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•
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our ability to qualify and maintain our qualification as a REIT;
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•
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our ability to maintain our current investment grade rating by Fitch;
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•
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litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes; and
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•
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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.
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•
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our cash flow may be insufficient to meet our required principal and interest payments;
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•
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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;
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•
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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;
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•
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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;
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•
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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
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•
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our default under any loan with cross default provisions could result in a default on other indebtedness.
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•
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we may incur significant costs and divert management attention in connection with evaluating and negotiating potential acquisitions, including ones that we are subsequently unable to complete;
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•
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even if we enter into agreements for the acquisition of properties, these agreements are subject to conditions to closing, which we may be unable to satisfy; and
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•
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we may be unable to finance any given acquisition on favorable terms or at all.
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•
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the possibility that we may not be able to successfully integrate acquired properties into our existing portfolio or achieve the level of quality with respect to such properties to which tenants of our existing properties are accustomed;
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•
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the possibility that senior management may be required to spend considerable time negotiating agreements and integrating acquired properties, diverting their attention from our other objectives;
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•
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the possibility that we may overpay for a property;
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•
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the possible loss or reduction in value of acquired properties; and
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•
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the possibility of pre-existing undisclosed liabilities regarding acquired properties, including environmental or asbestos liability, for which our insurance may be insufficient or for which we may be unable to secure insurance coverage.
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•
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even if we are able to acquire a desired property, competition from other potential acquirers may significantly increase the purchase price;
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•
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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;
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•
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we may spend more than budgeted amounts to make necessary improvements or renovations to acquired properties;
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•
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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;
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•
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market conditions may result in higher than expected vacancy rates and lower than expected rental rates; and
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•
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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.
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•
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restrict our ability to incur additional indebtedness;
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•
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restrict our ability to make certain investments;
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•
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limit our ability to make capital expenditures;
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•
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restrict our ability to merge with another company;
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•
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restrict our ability to make distributions to stockholders; and
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•
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require us to maintain financial coverage ratios.
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•
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changes in governmental policy on a variety of matters such as trade and manufacturing policies;
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•
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trade disputes and tariffs on goods from China and other countries;
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•
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possible restructuring of trade agreements, including the North American Free Trade Agreement / United States-Mexico-Canada Agreement;
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•
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geopolitical matters such as the exit of the United Kingdom from the European Union;
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•
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shutdowns of the U.S. federal government; and
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•
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uncertainties associated with political gridlock and the results of investigations, including, without limitation, the special counsel investigation headed by Robert Mueller.
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•
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decreased demand for industrial space, which would cause market rental rates and property values to be negatively impacted;
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•
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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
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•
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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.
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•
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unsuccessful development, redevelopment or repositioning opportunities could result in direct expenses to us;
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•
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construction, redevelopment or repositioning costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated, or unprofitable;
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•
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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;
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•
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contractor and subcontractor disputes, strikes, labor disputes or supply disruptions, which may cause delays or increase costs;
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•
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failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all;
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•
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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;
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•
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occupancy rates and rents of a completed project may not be sufficient to make the project profitable;
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•
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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
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•
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the availability and pricing of financing to fund our development activities on favorable terms or at all.
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•
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general market conditions;
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•
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the market’s perception of our growth potential;
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•
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our current debt levels;
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•
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our current and expected future earnings;
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•
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our cash flow and cash distributions; and
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•
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the trading price of our common stock.
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•
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Disrupt the proper functioning of our networks and systems;
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•
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Result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
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•
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Result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
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•
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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;
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•
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Require significant management attention and resources to remedy any damages that result;
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•
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Subject us to claims for breach of contract or failure to safeguard personal information, damages, credits, penalties or termination of leases or other agreements; or
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•
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Damage our reputation among our tenants and investors generally.
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•
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local oversupply or reduction in demand for industrial space;
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•
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adverse changes in financial conditions of buyers, sellers and tenants of properties;
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•
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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;
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•
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increased operating costs, including insurance premiums, utilities, real estate taxes and state and local taxes;
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•
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civil unrest, acts of war, terrorist attacks and natural disasters, including earthquakes, floods and wildfires, which may result in uninsured or underinsured losses;
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•
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decreases in the market value of our properties;
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•
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changing submarket demographics; and
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•
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changing traffic patterns.
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•
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acquire additional real estate investments;
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•
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repay debt;
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•
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create working capital reserves; or
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•
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make repairs, maintenance, tenant improvements or other capital improvements or expenditures on our other properties.
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•
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“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
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•
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“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.
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•
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redemption rights of qualifying parties;
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•
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a requirement that we may not be removed as the general partner of our operating partnership without our consent;
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•
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transfer restrictions on common units;
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•
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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
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•
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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).
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•
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actual receipt of an improper benefit or profit in money, property or services; or
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•
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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.
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•
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we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates;
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•
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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
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•
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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.
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Property Address
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City
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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)
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|
Percentage of Total Annualized Base Rent
(4)
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|
Total Annualized Base Rent per Square Foot
(5)
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|||||||||
Los Angeles - Greater San Fernando Valley
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|||||||||||||
10635 Vanowen St.
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|
Burbank
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1977
|
|
31,037
|
|
|
0.1
|
%
|
|
4
|
|
|
100.0
|
%
|
|
$
|
447,353
|
|
|
0.2
|
%
|
|
$
|
14.41
|
|
2980 & 2990 N San Fernando Road
|
|
Burbank
|
|
2
|
|
Warehouse / Light Manufacturing
|
|
1950 / 2004
|
|
130,800
|
|
|
0.6
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,268,130
|
|
|
0.7
|
%
|
|
$
|
9.70
|
|
901 W. Alameda Ave.
|
|
Burbank
|
|
1
|
|
Creative Office
|
|
1969 / 2009
|
|
44,924
|
|
|
0.2
|
%
|
|
3
|
|
|
100.0
|
%
|
|
$
|
1,537,843
|
|
|
0.8
|
%
|
|
$
|
34.23
|
|
9120 Mason Ave.
|
|
Chatsworth
|
|
1
|
|
Warehouse / Distribution
|
|
1967 / 1999
|
|
319,348
|
|
|
1.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
2,004,695
|
|
|
1.1
|
%
|
|
$
|
6.28
|
|
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street
|
|
Chatsworth
|
|
7
|
|
Warehouse / Distribution
|
|
1979 / 1980
|
|
153,236
|
|
|
0.7
|
%
|
|
10
|
|
|
100.0
|
%
|
|
$
|
1,519,206
|
|
|
0.8
|
%
|
|
$
|
9.91
|
|
9171 Oso Avenue
|
|
Chatsworth
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1980
|
|
65,560
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
458,945
|
|
|
0.2
|
%
|
|
$
|
7.00
|
|
9200 Mason Avenue
|
|
Chatsworth
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1968
|
|
80,410
|
|
|
0.4
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
530,706
|
|
|
0.3
|
%
|
|
$
|
6.60
|
|
9230 Mason Avenue
|
|
Chatsworth
|
|
1
|
|
Warehouse / Distribution
|
|
1974
|
|
54,000
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
259,200
|
|
|
0.1
|
%
|
|
$
|
4.80
|
|
9250 Mason Avenue
|
|
Chatsworth
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1977
|
|
56,292
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
410,600
|
|
|
0.2
|
%
|
|
$
|
7.29
|
|
3550 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.
|
|
Los Angeles
|
|
8
|
|
Warehouse / Distribution
|
|
1966, 1992, 1993, 1994
|
|
474,431
|
|
|
2.2
|
%
|
|
28
|
|
|
100.0
|
%
|
|
$
|
5,455,241
|
|
|
2.9
|
%
|
|
$
|
11.50
|
|
3116 W. Avenue 32
|
|
Los Angeles
|
|
1
|
|
Warehouse / Distribution
|
|
1974
|
|
100,500
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
993,744
|
|
|
0.5
|
%
|
|
$
|
9.89
|
|
7900 Nelson Rd.
|
|
Los Angeles
|
|
1
|
|
Warehouse / Distribution
|
|
1998 / 2015
|
|
202,905
|
|
|
1.0
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
1,849,794
|
|
|
1.0
|
%
|
|
$
|
9.12
|
|
12154 Montague Street
|
|
Pacoima
|
|
1
|
|
Warehouse / Distribution
|
|
1974
|
|
122,868
|
|
|
0.6
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
750,000
|
|
|
0.4
|
%
|
|
$
|
6.10
|
|
121-125 N. Vinedo Ave.
|
|
Pasadena
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1953 / 1993
|
|
48,381
|
|
|
0.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
605,067
|
|
|
0.3
|
%
|
|
$
|
12.51
|
|
89-91 N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St.
|
|
Pasadena
|
|
5
|
|
Light Manufacturing / Flex
|
|
1947, 1985 / 2009
|
|
31,619
|
|
|
0.1
|
%
|
|
4
|
|
|
100.0
|
%
|
|
$
|
701,942
|
|
|
0.4
|
%
|
|
$
|
22.20
|
|
1050 Arroyo Ave.
|
|
San Fernando
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1969 / 2012
|
|
76,993
|
|
|
0.4
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
627,317
|
|
|
0.3
|
%
|
|
$
|
8.15
|
|
605 8th Street
|
|
San Fernando
|
|
1
|
|
Warehouse / Distribution
|
|
1991 / 2015
|
|
55,715
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
482,322
|
|
|
0.3
|
%
|
|
$
|
8.66
|
|
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)
|
|||||||||
24935 & 24955 Avenue Kearny
|
|
Santa Clarita
|
|
2
|
|
Warehouse / Distribution
|
|
1988
|
|
138,980
|
|
|
0.7
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
1,055,403
|
|
|
0.6
|
%
|
|
$
|
7.59
|
|
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.
|
|
Sylmar
|
|
2
|
|
Warehouse / Distribution
|
|
1969, 2008 / 2016
|
|
134,030
|
|
|
0.6
|
%
|
|
9
|
|
|
100.0
|
%
|
|
$
|
1,316,702
|
|
|
0.7
|
%
|
|
$
|
9.82
|
|
18310-18330 Oxnard St.
|
|
Tarzana
|
|
2
|
|
Warehouse / Light Manufacturing
|
|
1973
|
|
75,689
|
|
|
0.4
|
%
|
|
21
|
|
|
100.0
|
%
|
|
$
|
1,145,745
|
|
|
0.6
|
%
|
|
$
|
15.14
|
|
28340 - 28400 Avenue Crocker
|
|
Valencia
|
|
1
|
|
Warehouse / Distribution
|
|
1987 / 2006
|
|
90,722
|
|
|
0.4
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
701,331
|
|
|
0.4
|
%
|
|
$
|
7.73
|
|
28159 Avenue Stanford
|
|
Valencia
|
|
1
|
|
Light Industrial / Office
|
|
1987 / 2008
|
|
79,247
|
|
|
0.4
|
%
|
|
12
|
|
|
98.6
|
%
|
|
$
|
1,316,961
|
|
|
0.7
|
%
|
|
$
|
16.85
|
|
28901-28903 Avenue Paine
(6)
|
|
Valencia
|
|
1
|
|
Warehouse / Distribution
|
|
1999 / 2018
|
|
111,935
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
967,118
|
|
|
0.5
|
%
|
|
$
|
8.64
|
|
29003 Avenue Sherman
(6)
|
|
Valencia
|
|
1
|
|
Warehouse / Distribution
|
|
2000
|
|
68,123
|
|
|
0.3
|
%
|
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
15041 Calvert St.
|
|
Van Nuys
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1971
|
|
81,282
|
|
|
0.4
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
538,749
|
|
|
0.3
|
%
|
|
$
|
6.63
|
|
14723-14825 Oxnard St.
|
|
Van Nuys
|
|
6
|
|
Warehouse / Light Manufacturing
|
|
1964 / 1968
|
|
77,790
|
|
|
0.4
|
%
|
|
63
|
|
|
100.0
|
%
|
|
$
|
1,144,849
|
|
|
0.6
|
%
|
|
$
|
14.72
|
|
8101-8117 Orion Ave.
|
|
Van Nuys
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1978
|
|
48,394
|
|
|
0.2
|
%
|
|
25
|
|
|
100.0
|
%
|
|
$
|
726,719
|
|
|
0.4
|
%
|
|
$
|
15.02
|
|
6701 & 6711 Odessa Ave.
|
|
Van Nuys
|
|
2
|
|
Warehouse / Light Manufacturing
|
|
1970-1972 / 2012
|
|
29,544
|
|
|
0.1
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
325,523
|
|
|
0.2
|
%
|
|
$
|
11.02
|
|
28454 Livingston Avenue
|
|
Valencia
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
2007
|
|
134,287
|
|
|
0.6
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,027,830
|
|
|
0.5
|
%
|
|
$
|
7.65
|
|
525 Park Avenue
|
|
San Fernando
|
|
1
|
|
Warehouse / Distribution
|
|
2003
|
|
63,403
|
|
|
0.3
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
510,972
|
|
|
0.3
|
%
|
|
$
|
8.06
|
|
Los Angeles - Greater San Fernando Valley Total
|
|
57
|
|
|
|
|
|
3,182,445
|
|
|
15.0
|
%
|
|
203
|
|
|
97.8
|
%
|
|
$
|
30,680,007
|
|
|
16.3
|
%
|
|
$
|
9.85
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Los Angeles - San Gabriel Valley
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
425 S. Hacienda Blvd.
|
|
City of Industry
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1997
|
|
51,823
|
|
|
0.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
424,236
|
|
|
0.2
|
%
|
|
$
|
8.19
|
|
14955-14971 E. Salt Lake Ave
|
|
City of Industry
|
|
1
|
|
Warehouse / Distribution
|
|
1979
|
|
126,036
|
|
|
0.6
|
%
|
|
5
|
|
|
100.0
|
%
|
|
$
|
1,080,446
|
|
|
0.6
|
%
|
|
$
|
8.57
|
|
15241 - 15277, 15317 - 15339 Don Julian Rd.
|
|
City of Industry
|
|
2
|
|
Warehouse / Distribution
|
|
1965, 2005 / 2003
|
|
241,248
|
|
|
1.1
|
%
|
|
13
|
|
|
95.0
|
%
|
|
$
|
2,536,759
|
|
|
1.4
|
%
|
|
$
|
11.06
|
|
14421-14441 Bonelli Street
|
|
City of Industry
|
|
2
|
|
Warehouse / Distribution
|
|
1971
|
|
148,740
|
|
|
0.7
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
983,469
|
|
|
0.5
|
%
|
|
$
|
6.61
|
|
15715 Arrow Highway
|
|
Irwindale
|
|
1
|
|
Light Manufacturing / Flex
|
|
1989
|
|
76,000
|
|
|
0.4
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,078,716
|
|
|
0.6
|
%
|
|
$
|
14.19
|
|
15705, 15709 Arrow Highway & 5220 Fourth St.
|
|
Irwindale
|
|
3
|
|
Warehouse / Light Manufacturing
|
|
1987
|
|
69,592
|
|
|
0.3
|
%
|
|
40
|
|
|
100.0
|
%
|
|
$
|
858,606
|
|
|
0.5
|
%
|
|
$
|
12.34
|
|
16321 Arrow Hwy.
|
|
Irwindale
|
|
3
|
|
Warehouse / Light Manufacturing
|
|
1955 / 2001
|
|
64,296
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
622,078
|
|
|
0.3
|
%
|
|
$
|
9.68
|
|
4832-4850 Azusa Canyon Road
|
|
Irwindale
|
|
1
|
|
Warehouse / Distribution
|
|
2016
|
|
87,421
|
|
|
0.4
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
718,380
|
|
|
0.4
|
%
|
|
$
|
8.22
|
|
4416 Azusa Canyon Road
|
|
Irwindale
|
|
1
|
|
Warehouse / Distribution
|
|
1956
|
|
70,510
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
600,876
|
|
|
0.3
|
%
|
|
$
|
8.52
|
|
14250-14278 Valley Blvd.
|
|
La Puente
|
|
8
|
|
Warehouse / Light Manufacturing
|
|
1974 / 2007
|
|
100,346
|
|
|
0.5
|
%
|
|
24
|
|
|
88.0
|
%
|
|
$
|
977,928
|
|
|
0.5
|
%
|
|
$
|
11.08
|
|
13914-13932 Valley Blvd.
|
|
La Puente
|
|
2
|
|
Warehouse / Light Manufacturing
|
|
1978, 1988 / 2012
|
|
58,084
|
|
|
0.3
|
%
|
|
25
|
|
|
90.6
|
%
|
|
$
|
575,550
|
|
|
0.3
|
%
|
|
$
|
10.93
|
|
1400 South Shamrock
|
|
Monrovia
|
|
1
|
|
Light Manufacturing / Flex
|
|
1957, 1962 / 2004
|
|
67,838
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
993,003
|
|
|
0.5
|
%
|
|
$
|
14.64
|
|
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)
|
|||||||||
280 West Bonita Avenue
|
|
Pomona
|
|
1
|
|
Warehouse / Distribution
|
|
1983
|
|
119,898
|
|
|
0.6
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
820,102
|
|
|
0.4
|
%
|
|
$
|
6.84
|
|
2743 Thompson Creek Road
|
|
Pomona
|
|
1
|
|
Warehouse / Distribution
|
|
1983
|
|
245,961
|
|
|
1.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,520,039
|
|
|
0.8
|
%
|
|
$
|
6.18
|
|
3880 West Valley Blvd.
|
|
Pomona
|
|
1
|
|
Warehouse / Distribution
|
|
1980 / 2017
|
|
108,550
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
939,175
|
|
|
0.5
|
%
|
|
$
|
8.65
|
|
16425 Gale Avenue
|
|
City of Industry
|
|
1
|
|
Warehouse / Distribution
|
|
1976
|
|
325,800
|
|
|
1.5
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
1,692,675
|
|
|
0.9
|
%
|
|
$
|
5.20
|
|
10750-10826 Lower Azusa Road
|
|
El Monte
|
|
4
|
|
Warehouse / Light Manufacturing
|
|
1975
|
|
79,050
|
|
|
0.4
|
%
|
|
13
|
|
|
100.0
|
%
|
|
$
|
828,455
|
|
|
0.4
|
%
|
|
$
|
10.48
|
|
14748-14750 Nelson Avenue
(6)
|
|
City of Industry
|
|
2
|
|
Warehouse / Distribution
|
|
1969
|
|
201,990
|
|
|
0.9
|
%
|
|
11
|
|
|
85.6
|
%
|
|
$
|
2,382,095
|
|
|
1.3
|
%
|
|
$
|
13.78
|
|
Los Angeles - San Gabriel Valley Total
|
|
36
|
|
|
|
|
|
2,243,183
|
|
|
10.5
|
%
|
|
144
|
|
|
97.4
|
%
|
|
$
|
19,632,588
|
|
|
10.4
|
%
|
|
$
|
8.99
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Los Angeles - Central
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
6020 Sheila Street
|
|
Commerce
|
|
1
|
|
Cold Storage / Distribution
|
|
2000
|
|
70,877
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,068,799
|
|
|
0.6
|
%
|
|
$
|
15.08
|
|
5300 Sheila Street
|
|
Commerce
|
|
1
|
|
Warehouse / Distribution
|
|
1975
|
|
695,120
|
|
|
3.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
5,213,400
|
|
|
2.8
|
%
|
|
$
|
7.50
|
|
6100 Sheila Street
|
|
Commerce
|
|
1
|
|
Cold Storage / Distribution
|
|
1960
|
|
74,527
|
|
|
0.3
|
%
|
|
7
|
|
|
100.0
|
%
|
|
$
|
1,171,035
|
|
|
0.6
|
%
|
|
$
|
15.71
|
|
6700 S Alameda Street
|
|
Huntington Park
|
|
1
|
|
Cold Storage / Distribution
|
|
1990 / 2008
|
|
78,280
|
|
|
0.4
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,180,434
|
|
|
0.6
|
%
|
|
$
|
15.08
|
|
679-691 S Anderson Street
|
|
Los Angeles
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1992 / 2017
|
|
47,490
|
|
|
0.2
|
%
|
|
3
|
|
|
100.0
|
%
|
|
$
|
581,104
|
|
|
0.3
|
%
|
|
$
|
12.24
|
|
1825-1845 S Soto Street
|
|
Los Angeles
|
|
2
|
|
Warehouse / Light Manufacturing
|
|
1993
|
|
25,040
|
|
|
0.1
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
216,424
|
|
|
0.1
|
%
|
|
$
|
8.64
|
|
8542 Slauson Avenue
|
|
Pico Rivera
|
|
1
|
|
Warehouse / Excess Land
|
|
1964
|
|
24,679
|
|
|
0.1
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
244,155
|
|
|
0.1
|
%
|
|
$
|
9.89
|
|
8315 Hanan Way
|
|
Pico Rivera
|
|
1
|
|
Warehouse / Distribution
|
|
1976
|
|
100,692
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
749,148
|
|
|
0.4
|
%
|
|
$
|
7.44
|
|
1938-1946 E. 46th Street
|
|
Vernon
|
|
3
|
|
Warehouse / Light Manufacturing
|
|
1961, 1983 / 2008-2010
|
|
190,663
|
|
|
0.9
|
%
|
|
3
|
|
|
100.0
|
%
|
|
$
|
1,605,701
|
|
|
0.9
|
%
|
|
$
|
8.42
|
|
Los Angeles - Central Total
|
|
12
|
|
|
|
|
|
1,307,368
|
|
|
6.1
|
%
|
|
19
|
|
|
100.0
|
%
|
|
$
|
12,030,200
|
|
|
6.4
|
%
|
|
$
|
9.20
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Los Angeles - Mid-Counties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
16221 Arthur Street
|
|
Cerritos
|
|
1
|
|
Warehouse / Distribution
|
|
1979
|
|
61,372
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
374,455
|
|
|
0.2
|
%
|
|
$
|
6.10
|
|
16010 Shoemaker Avenue
|
|
Cerritos
|
|
1
|
|
Warehouse / Distribution
|
|
1985
|
|
115,600
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
812,522
|
|
|
0.4
|
%
|
|
$
|
7.03
|
|
16121 Carmenita Road
|
|
Cerritos
|
|
1
|
|
Warehouse / Distribution
|
|
1969/1983
|
|
108,500
|
|
|
0.5
|
%
|
|
1
|
|
|
89.1
|
%
|
|
$
|
753,870
|
|
|
0.4
|
%
|
|
$
|
7.80
|
|
9220-9268 Hall Rd.
|
|
Downey
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
2008
|
|
176,405
|
|
|
0.8
|
%
|
|
38
|
|
|
100.0
|
%
|
|
$
|
1,791,367
|
|
|
1.0
|
%
|
|
$
|
10.15
|
|
14820-14830 Carmenita Road
(6)
|
|
Norwalk
|
|
3
|
|
Warehouse / Distribution
|
|
1970, 2000
|
|
198,062
|
|
|
0.9
|
%
|
|
4
|
|
|
100.0
|
%
|
|
$
|
1,800,919
|
|
|
1.0
|
%
|
|
$
|
9.09
|
|
9615 Norwalk Blvd.
(6)
|
|
Santa Fe Springs
|
|
2
|
|
Warehouse / Distribution
|
|
1975
|
|
38,362
|
|
|
0.2
|
%
|
|
1
|
|
|
68.7
|
%
|
|
$
|
1,021,070
|
|
|
0.5
|
%
|
|
$
|
38.73
|
|
9641 - 9657 Santa Fe Springs Rd.
|
|
Santa Fe Springs
|
|
4
|
|
Warehouse / Distribution
|
|
1982 / 2009
|
|
106,995
|
|
|
0.5
|
%
|
|
4
|
|
|
100.0
|
%
|
|
$
|
1,009,182
|
|
|
0.5
|
%
|
|
$
|
9.43
|
|
10701-10719 Norwalk Blvd.
|
|
Santa Fe Springs
|
|
2
|
|
Warehouse / Distribution
|
|
2004
|
|
58,056
|
|
|
0.3
|
%
|
|
5
|
|
|
100.0
|
%
|
|
$
|
576,575
|
|
|
0.3
|
%
|
|
$
|
9.93
|
|
10950 Norwalk Blvd & 12241 Lakeland Rd.
|
|
Santa Fe Springs
|
|
1
|
|
Warehouse / Excess Land
|
|
1982
|
|
18,995
|
|
|
0.1
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
334,374
|
|
|
0.2
|
%
|
|
$
|
17.60
|
|
12247 Lakeland Road
|
|
Santa Fe Springs
|
|
1
|
|
Warehouse / Excess Land
|
|
1971 / 2016
|
|
24,875
|
|
|
0.1
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
338,846
|
|
|
0.2
|
%
|
|
$
|
13.62
|
|
12907 Imperial Highway
|
|
Santa Fe Springs
|
|
1
|
|
Warehouse / Distribution
|
|
1997
|
|
101,080
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
728,988
|
|
|
0.4
|
%
|
|
$
|
7.21
|
|
14944, 14946, 14948 Shoemaker Ave.
|
|
Santa Fe Springs
|
|
3
|
|
Warehouse / Light Manufacturing
|
|
1978 / 2012
|
|
85,950
|
|
|
0.4
|
%
|
|
24
|
|
|
100.0
|
%
|
|
$
|
820,900
|
|
|
0.4
|
%
|
|
$
|
9.55
|
|
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)
|
|||||||||
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.
|
|
Anaheim
|
|
6
|
|
Warehouse / Light Manufacturing
|
|
1972 / 1990 / 2013
|
|
121,362
|
|
|
0.6
|
%
|
|
20
|
|
|
92.7
|
%
|
|
$
|
1,464,564
|
|
|
0.8
|
%
|
|
$
|
13.02
|
|
1631 N. Placentia Ave., 2350 - 2384 E. Orangethorpe Ave.
|
|
Anaheim
|
|
2
|
|
Warehouse / Light Manufacturing
|
|
1973 / 2007
|
|
62,395
|
|
|
0.3
|
%
|
|
30
|
|
|
94.6
|
%
|
|
$
|
778,155
|
|
|
0.4
|
%
|
|
$
|
13.18
|
|
5235 East Hunter Ave.
|
|
Anaheim
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1987
|
|
119,692
|
|
|
0.6
|
%
|
|
2
|
|
|
90.2
|
%
|
|
$
|
896,418
|
|
|
0.5
|
%
|
|
$
|
8.30
|
|
1210 N Red Gum St
|
|
Anaheim
|
|
1
|
|
Warehouse / Distribution
|
|
1985
|
|
64,570
|
|
|
0.3
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
466,572
|
|
|
0.2
|
%
|
|
$
|
7.23
|
|
1190 Stanford Court
|
|
Anaheim
|
|
1
|
|
Warehouse / Distribution
|
|
1979
|
|
34,494
|
|
|
0.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
289,231
|
|
|
0.1
|
%
|
|
$
|
8.38
|
|
2300-2386 East Walnut Ave.
|
|
Fullerton
|
|
3
|
|
Warehouse / Distribution
|
|
1985-1986 / 2005
|
|
161,286
|
|
|
0.7
|
%
|
|
15
|
|
|
92.1
|
%
|
|
$
|
1,477,719
|
|
|
0.8
|
%
|
|
$
|
9.95
|
|
1600 Orangethorpe & 1335-1375 Acacia
|
|
Fullerton
|
|
5
|
|
Warehouse / Distribution
|
|
1968 / 1985
|
|
345,756
|
|
|
1.6
|
%
|
|
9
|
|
|
95.7
|
%
|
|
$
|
2,627,838
|
|
|
1.4
|
%
|
|
$
|
7.95
|
|
5593-5595 Fresca Drive
|
|
La Palma
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1973
|
|
115,200
|
|
|
0.5
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
854,388
|
|
|
0.5
|
%
|
|
$
|
7.42
|
|
1581 Main Street
|
|
Orange
|
|
1
|
|
Warehouse / Distribution
|
|
1994
|
|
39,661
|
|
|
0.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
353,376
|
|
|
0.2
|
%
|
|
$
|
8.91
|
|
Orange County - North Total
|
|
21
|
|
|
|
|
|
1,064,416
|
|
|
5.0
|
%
|
|
81
|
|
|
95.1
|
%
|
|
$
|
9,208,261
|
|
|
4.9
|
%
|
|
$
|
9.09
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Orange County - West
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
1700 Saturn Way
|
|
Seal Beach
|
|
1
|
|
Warehouse / Distribution
|
|
2006
|
|
170,865
|
|
|
0.8
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,516,293
|
|
|
0.8
|
%
|
|
$
|
8.87
|
|
17311 Nichols Lane
|
|
Huntington Beach
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1993 / 2014
|
|
114,912
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
920,488
|
|
|
0.5
|
%
|
|
$
|
8.01
|
|
5421 Argosy Avenue
|
|
Huntington Beach
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1976
|
|
35,321
|
|
|
0.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
318,270
|
|
|
0.2
|
%
|
|
$
|
9.01
|
|
12131 Western Avenue
|
|
Garden Grove
|
|
1
|
|
Warehouse / Distribution
|
|
1987 / 2007, 2017
|
|
207,953
|
|
|
1.0
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,871,577
|
|
|
1.0
|
%
|
|
$
|
9.00
|
|
12622-12632 Monarch Street
|
|
Garden Grove
|
|
2
|
|
Warehouse / Distribution
|
|
1967
|
|
121,225
|
|
|
0.6
|
%
|
|
3
|
|
|
100.0
|
%
|
|
$
|
950,377
|
|
|
0.5
|
%
|
|
$
|
7.84
|
|
Orange County - West Total
|
|
6
|
|
|
|
|
|
650,276
|
|
|
3.1
|
%
|
|
7
|
|
|
100.0
|
%
|
|
$
|
5,577,005
|
|
|
3.0
|
%
|
|
$
|
8.58
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Orange County - South
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
20531 Crescent Bay Dr.
|
|
Lake Forest
|
|
1
|
|
Warehouse / Distribution
|
|
1998
|
|
46,178
|
|
|
0.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
473,731
|
|
|
0.3
|
%
|
|
$
|
10.26
|
|
20 Icon
|
|
Lake Forest
|
|
1
|
|
Warehouse / Distribution
|
|
1999 / 2015
|
|
102,299
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,211,184
|
|
|
0.6
|
%
|
|
$
|
11.84
|
|
9 Holland
|
|
Irvine
|
|
1
|
|
Warehouse / Distribution
|
|
1980 / 2013
|
|
180,981
|
|
|
0.8
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
1,379,988
|
|
|
0.7
|
%
|
|
$
|
7.63
|
|
Orange County - South Total
|
|
3
|
|
|
|
|
|
329,458
|
|
|
1.5
|
%
|
|
4
|
|
|
100.0
|
%
|
|
$
|
3,064,903
|
|
|
1.6
|
%
|
|
$
|
9.30
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Orange County - Airport
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
1601 Alton Pkwy.
|
|
Irvine
|
|
1
|
|
Light Industrial / Office
|
|
1974 / 2018
|
|
124,988
|
|
|
0.6
|
%
|
|
4
|
|
|
87.3
|
%
|
|
$
|
1,195,159
|
|
|
0.6
|
%
|
|
$
|
10.95
|
|
3441 West MacArthur Blvd.
|
|
Santa Ana
|
|
1
|
|
Warehouse / Distribution
|
|
1973
|
|
122,060
|
|
|
0.6
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
901,274
|
|
|
0.5
|
%
|
|
$
|
7.38
|
|
600-650 South Grand Ave.
|
|
Santa Ana
|
|
6
|
|
Warehouse / Light Manufacturing
|
|
1988
|
|
101,210
|
|
|
0.5
|
%
|
|
57
|
|
|
93.7
|
%
|
|
$
|
1,196,798
|
|
|
0.6
|
%
|
|
$
|
12.63
|
|
3720-3750 W. Warner Ave.
|
|
Santa Ana
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1973 / 2008
|
|
38,570
|
|
|
0.2
|
%
|
|
14
|
|
|
100.0
|
%
|
|
$
|
470,228
|
|
|
0.3
|
%
|
|
$
|
12.19
|
|
2610 & 2701 S. Birch Street
|
|
Santa Ana
|
|
1
|
|
Warehouse / Distribution
|
|
1965 / 2016
|
|
98,379
|
|
|
0.4
|
%
|
|
3
|
|
|
100.0
|
%
|
|
$
|
1,141,934
|
|
|
0.6
|
%
|
|
$
|
11.61
|
|
2700‐2722 South Fairview Street
(6)
|
|
Santa Ana
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
1964 / 1984
|
|
116,575
|
|
|
0.5
|
%
|
|
2
|
|
|
49.6
|
%
|
|
$
|
614,415
|
|
|
0.3
|
%
|
|
$
|
10.63
|
|
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)
|
|||||||||
15777 Gateway Circle
|
|
Tustin
|
|
1
|
|
Warehouse / Light Manufacturing
|
|
2005
|
|
37,592
|
|
|
0.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
405,994
|
|
|
0.2
|
%
|
|
$
|
10.80
|
|
Orange County - Airport Total
|
|
12
|
|
|
|
|
|
639,374
|
|
|
3.0
|
%
|
|
82
|
|
|
87.3
|
%
|
|
$
|
5,925,802
|
|
|
3.1
|
%
|
|
$
|
10.61
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
San Bernardino - Inland Empire West
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
13971 Norton Avenue
|
|
Chino
|
|
1
|
|
Warehouse / Distribution
|
|
1990
|
|
103,208
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
495,398
|
|
|
0.3
|
%
|
|
$
|
4.80
|
|
13231 Slover Avenue
|
|
Fontana
|
|
1
|
|
Warehouse / Distribution
|
|
1990
|
|
109,463
|
|
|
0.5
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
675,179
|
|
|
0.3
|
%
|
|
$
|
6.17
|
|
10509 Business Drive
|
|
Fontana
|
|
1
|
|
Warehouse / Distribution
|
|
1989
|
|
130,788
|
|
|
0.6
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
910,759
|
|
|
0.5
|
%
|
|
$
|
6.96
|
|
1400 S. Campus Ave.
|
|
Ontario
|
|
2
|
|
Warehouse / Light Manufacturing
|
|
1964-1966, 1973, 1987
|
|
107,861
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
504,789
|
|
|
0.3
|
%
|
|
$
|
4.68
|
|
601-605 S. Milliken Ave.
|
|
Ontario
|
|
3
|
|
Light Industrial / Office
|
|
1987 / 1988
|
|
128,313
|
|
|
0.6
|
%
|
|
25
|
|
|
95.8
|
%
|
|
$
|
1,178,760
|
|
|
0.6
|
%
|
|
$
|
9.58
|
|
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.
|
|
Ontario
|
|
5
|
|
Light Industrial / Office
|
|
1985
|
|
113,612
|
|
|
0.5
|
%
|
|
19
|
|
|
86.6
|
%
|
|
$
|
776,928
|
|
|
0.4
|
%
|
|
$
|
7.90
|
|
710 South Dupont Avenue & 4051 Santa Ana Street
|
|
Ontario
|
|
2
|
|
Warehouse / Distribution
|
|
2001
|
|
111,890
|
|
|
0.5
|
%
|
|
5
|
|
|
100.0
|
%
|
|
$
|
967,650
|
|
|
0.5
|
%
|
|
$
|
8.65
|
|
Safari Business Park
(7)
|
|
Ontario
|
|
16
|
|
Warehouse / Distribution
|
|
1988-1996
|
|
1,136,156
|
|
|
5.3
|
%
|
|
81
|
|
|
96.3
|
%
|
|
$
|
9,424,655
|
|
|
5.0
|
%
|
|
$
|
8.62
|
|
3002-3008, 3022-3030, 3042-3050 & 3062-3072 Inland Empire Boulevard
|
|
Ontario
|
|
4
|
|
Warehouse / Distribution
|
|
1981
|
|
218,407
|
|
|
1.0
|
%
|
|
9
|
|
|
88.0
|
%
|
|
$
|
1,344,455
|
|
|
0.7
|
%
|
|
$
|
7.00
|
|
302 Rockefeller Avenue
|
|
Ontario
|
|
1
|
|
Warehouse / Distribution
|
|
2000
|
|
99,282
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
687,190
|
|
|
0.4
|
%
|
|
$
|
6.92
|
|
4355 Brickell Street
|
|
Ontario
|
|
1
|
|
Warehouse / Distribution
|
|
2004
|
|
95,644
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
700,114
|
|
|
0.4
|
%
|
|
$
|
7.32
|
|
1900 Proforma Avenue
|
|
Ontario
|
|
1
|
|
Warehouse / Distribution
|
|
1989
|
|
135,360
|
|
|
0.6
|
%
|
|
11
|
|
|
100.0
|
%
|
|
$
|
1,201,962
|
|
|
0.6
|
%
|
|
$
|
8.88
|
|
9160 - 9220 Cleveland Ave., 10860 6th St.
|
|
Rancho Cucamonga
|
|
3
|
|
Light Manufacturing / Flex
|
|
1988-1989 / 2006
|
|
129,309
|
|
|
0.6
|
%
|
|
4
|
|
|
79.5
|
%
|
|
$
|
1,667,430
|
|
|
0.9
|
%
|
|
$
|
16.22
|
|
9805 6th St.
|
|
Rancho Cucamonga
|
|
2
|
|
Warehouse / Distribution
|
|
1986
|
|
81,377
|
|
|
0.4
|
%
|
|
4
|
|
|
100.0
|
%
|
|
$
|
713,667
|
|
|
0.4
|
%
|
|
$
|
8.77
|
|
10700 Jersey Blvd.
|
|
Rancho Cucamonga
|
|
7
|
|
Light Industrial / Office
|
|
1988-1989
|
|
107,568
|
|
|
0.5
|
%
|
|
58
|
|
|
100.0
|
%
|
|
$
|
1,235,539
|
|
|
0.6
|
%
|
|
$
|
11.49
|
|
15996 Jurupa Avenue
|
|
Fontana
|
|
1
|
|
Warehouse / Distribution
|
|
2015
|
|
212,660
|
|
|
1.0
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,162,883
|
|
|
0.6
|
%
|
|
$
|
5.47
|
|
11127 Catawba Avenue
|
|
Fontana
|
|
1
|
|
Warehouse / Distribution
|
|
2015
|
|
145,750
|
|
|
0.7
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
797,871
|
|
|
0.4
|
%
|
|
$
|
5.47
|
|
11190 White Birch Drive
|
|
Rancho Cucamonga
|
|
1
|
|
Warehouse / Distribution
|
|
1986
|
|
201,035
|
|
|
1.0
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,061,460
|
|
|
0.6
|
%
|
|
$
|
5.28
|
|
12320 4th Street
|
|
Rancho Cucamonga
|
|
2
|
|
Warehouse / Distribution
|
|
1997/2003
|
|
284,676
|
|
|
1.4
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,273,358
|
|
|
0.7
|
%
|
|
$
|
4.47
|
|
San Bernardino - Inland Empire West Total
|
|
55
|
|
|
|
|
|
3,652,359
|
|
|
17.2
|
%
|
|
228
|
|
|
96.8
|
%
|
|
$
|
26,780,047
|
|
|
14.2
|
%
|
|
$
|
7.57
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
San Bernardino - Inland Empire East
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
6750 Unit C - 6780 Central Ave.
|
|
Riverside
|
|
3
|
|
Warehouse / Light Manufacturing
|
|
1978
|
|
51,867
|
|
|
0.2
|
%
|
|
5
|
|
|
100.0
|
%
|
|
$
|
344,942
|
|
|
0.2
|
%
|
|
$
|
6.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ventura County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
300 South Lewis Rd.
|
|
Camarillo
|
|
1
|
|
Warehouse / Distribution
|
|
1960-1963 / 2006
|
|
215,128
|
|
|
1.0
|
%
|
|
8
|
|
|
91.5
|
%
|
|
$
|
1,720,007
|
|
|
0.9
|
%
|
|
$
|
8.74
|
|
3233 Mission Oaks Blvd
(6)
|
|
Camarillo
|
|
2
|
|
Warehouse / Distribution
|
|
1980-1982 / 2014, 2018
|
|
461,210
|
|
|
2.2
|
%
|
|
7
|
|
|
72.9
|
%
|
|
$
|
2,875,657
|
|
|
1.5
|
%
|
|
$
|
8.56
|
|
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)
|
|||||||||
12720-12860 Danielson Ct.
|
|
Poway
|
|
6
|
|
Warehouse / Light Manufacturing
|
|
1999
|
|
112,062
|
|
|
0.5
|
%
|
|
16
|
|
|
93.0
|
%
|
|
$
|
1,161,798
|
|
|
0.6
|
%
|
|
$
|
11.15
|
|
8902-8940 Activity Rd
|
|
San Diego
|
|
5
|
|
Light Industrial / Office
|
|
1987 / 1997
|
|
112,501
|
|
|
0.5
|
%
|
|
38
|
|
|
100.0
|
%
|
|
$
|
1,753,330
|
|
|
0.9
|
%
|
|
$
|
15.59
|
|
6970-7170 & 7310-7374 Convoy Ct.
|
|
San Diego
|
|
13
|
|
Warehouse / Distribution
|
|
1971
|
|
187,763
|
|
|
0.9
|
%
|
|
52
|
|
|
99.3
|
%
|
|
$
|
2,956,230
|
|
|
1.6
|
%
|
|
$
|
15.85
|
|
9340 Cabot Drive
|
|
San Diego
|
|
1
|
|
Warehouse / Distribution
|
|
1975 / 1976
|
|
86,564
|
|
|
0.4
|
%
|
|
4
|
|
|
100.0
|
%
|
|
$
|
893,192
|
|
|
0.5
|
%
|
|
$
|
10.32
|
|
9404 Cabot Drive
|
|
San Diego
|
|
1
|
|
Warehouse / Distribution
|
|
1975 / 1976
|
|
46,846
|
|
|
0.2
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
497,133
|
|
|
0.3
|
%
|
|
$
|
10.61
|
|
9455 Cabot Drive
|
|
San Diego
|
|
1
|
|
Warehouse / Distribution
|
|
1975 / 1976
|
|
96,840
|
|
|
0.5
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
877,792
|
|
|
0.5
|
%
|
|
$
|
9.06
|
|
9755 Distribution Ave.
|
|
San Diego
|
|
1
|
|
Warehouse / Distribution
|
|
1974
|
|
47,666
|
|
|
0.2
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
436,737
|
|
|
0.2
|
%
|
|
$
|
9.16
|
|
9855 Distribution Ave
|
|
San Diego
|
|
1
|
|
Warehouse / Distribution
|
|
1983
|
|
60,819
|
|
|
0.3
|
%
|
|
2
|
|
|
100.0
|
%
|
|
$
|
618,715
|
|
|
0.3
|
%
|
|
$
|
10.17
|
|
10439-10477 Roselle St.
|
|
San Diego
|
|
10
|
|
Warehouse / Light Manufacturing
|
|
1970 / 2007
|
|
97,967
|
|
|
0.5
|
%
|
|
47
|
|
|
100.0
|
%
|
|
$
|
1,512,036
|
|
|
0.8
|
%
|
|
$
|
15.43
|
|
8525 Camino Santa Fe
|
|
San Diego
|
|
1
|
|
Warehouse / Distribution
|
|
1986
|
|
59,399
|
|
|
0.3
|
%
|
|
4
|
|
|
100.0
|
%
|
|
$
|
600,860
|
|
|
0.3
|
%
|
|
$
|
10.12
|
|
13550 Stowe Drive
|
|
San Diego
|
|
1
|
|
Warehouse / Distribution
|
|
1991
|
|
112,000
|
|
|
0.5
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
1,174,896
|
|
|
0.6
|
%
|
|
$
|
10.49
|
|
9190 Activity Road
|
|
San Diego
|
|
1
|
|
Warehouse / Distribution
|
|
1986
|
|
83,520
|
|
|
0.4
|
%
|
|
1
|
|
|
100.0
|
%
|
|
$
|
839,988
|
|
|
0.5
|
%
|
|
$
|
10.06
|
|
San Diego - Central Total
|
|
42
|
|
|
|
|
|
1,103,947
|
|
|
5.2
|
%
|
|
170
|
|
|
99.2
|
%
|
|
$
|
13,322,707
|
|
|
7.1
|
%
|
|
$
|
12.17
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
San Diego - South County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
131 W. 33rd St.
|
|
National City
|
|
2
|
|
Warehouse / Light Manufacturing
|
|
1969 / 2008
|
|
76,701
|
|
|
0.4
|
%
|
|
12
|
|
|
93.3
|
%
|
|
$
|
689,746
|
|
|
0.4
|
%
|
|
$
|
9.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated Portfolio - Total / Weighted Average
|
|
176 Properties
|
|
372
|
|
|
|
|
|
21,295,443
|
|
|
100.0
|
%
|
|
1,375
|
|
|
95.4
|
%
|
|
$
|
188,299,282
|
|
|
100.0
|
%
|
|
$
|
9.27
|
|
(1)
|
Year renovated reflects the most recent year in which a material upgrade, alteration or addition to building systems was completed, resulting in increased marketability of the property.
|
(2)
|
Calculated as rentable square feet for such property divided rentable square feet for the total consolidated portfolio as of
December 31, 2018
.
|
(3)
|
Calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of
December 31, 2018
, multiplied by 12. Excludes billboard and antenna revenue and tenant reimbursements.
|
(4)
|
Calculated as annualized base rent for such property divided by annualized base rent for the total consolidated portfolio as of
December 31, 2018
.
|
(5)
|
Calculated as annualized base rent for such property divided by occupied square feet for such property as of
December 31, 2018
.
|
(6)
|
This property is undergoing repositioning, redevelopment, or lease-up as of
December 31, 2018
, or is expected to be placed under repositioning in 2019.
|
(7)
|
Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street.
|
Property Type
|
|
Number of Properties
|
|
Occupancy
(1)
|
|
Rentable Square Feet
|
|
Percentage of Total Rentable Square Feet
|
|
Annualized Base
Rent
(2)
|
|
Percentage of Total Annualized Base Rent
(3)
|
|
Annualized Base Rent per Square Foot
(4)
|
|||||||||
Warehouse / Distribution
|
|
96
|
|
|
95.0
|
%
|
|
14,757,480
|
|
|
69.3
|
%
|
|
$
|
119,174
|
|
|
63.3
|
%
|
|
$
|
8.50
|
|
Warehouse / Light Manufacturing
|
|
58
|
|
|
96.4
|
%
|
|
4,825,163
|
|
|
22.7
|
%
|
|
46,138
|
|
|
24.5
|
%
|
|
$
|
9.92
|
|
|
Light Industrial / Office
(5)
|
|
7
|
|
|
94.7
|
%
|
|
711,153
|
|
|
3.3
|
%
|
|
8,995
|
|
|
4.8
|
%
|
|
$
|
13.35
|
|
|
Light Manufacturing / Flex
|
|
6
|
|
|
93.0
|
%
|
|
466,323
|
|
|
2.2
|
%
|
|
6,495
|
|
|
3.4
|
%
|
|
$
|
14.97
|
|
|
Cold Storage / Distribution
|
|
4
|
|
|
100.0
|
%
|
|
396,104
|
|
|
1.9
|
%
|
|
$
|
5,491
|
|
|
2.9
|
%
|
|
$
|
13.86
|
|
Warehouse / Excess Land
|
|
5
|
|
|
100.0
|
%
|
|
139,220
|
|
|
0.6
|
%
|
|
$
|
2,007
|
|
|
1.1
|
%
|
|
$
|
14.42
|
|
Total / Weighted Average
|
|
176
|
|
|
95.4
|
%
|
|
21,295,443
|
|
|
100.0
|
%
|
|
$
|
188,299
|
|
|
100.0
|
%
|
|
$
|
9.27
|
|
(1)
|
Calculated as the average occupancy at such properties as of
December 31, 2018
.
|
(2)
|
Calculated for each property as the monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of
December 31, 2018
, multiplied by 12, and then aggregated by property type. Excludes billboard and antenna revenue and tenant reimbursements. Amounts in thousands.
|
(3)
|
Calculated for each property type as annualized base rent for such property type divided by annualized base rent for the total consolidated portfolio as of
December 31, 2018
.
|
(4)
|
Calculated for each property type as annualized base rent for such property type divided by occupied square feet for such property type as of
December 31, 2018
.
|
(5)
|
Includes West Alameda Avenue with
44,924
rentable square feet that is classified as Creative Office.
|
Market
|
|
Uncommenced Renewal Leases:
Leased Square Feet
(1)
|
|
Uncommenced New Leases:
Leased Square Feet
(2)
|
|
Percent Leased
(3)
|
|
Annualized Base Rent
(4)
|
|
Annualized Base Rent: Uncommenced Leases
(5)
|
|
Annualized Base Rent
(Commenced and Uncommenced Leases)
(6)
|
|
Annualized Base Rent
(Commenced and Uncommenced Leases)
per Leased Square Foot
(7)
|
|||||||||||
Los Angeles County
|
|
492,937
|
|
|
—
|
|
|
96.1
|
%
|
|
$
|
99,206
|
|
|
$
|
634
|
|
|
$
|
99,840
|
|
|
$
|
9.56
|
|
Orange County
|
|
17,516
|
|
|
—
|
|
|
95.1
|
%
|
|
23,776
|
|
|
19
|
|
|
23,795
|
|
|
$
|
9.33
|
|
|||
San Bernardino County
|
|
102,189
|
|
|
26,506
|
|
|
97.6
|
%
|
|
27,125
|
|
|
563
|
|
|
27,688
|
|
|
$
|
7.66
|
|
|||
San Diego County
|
|
147,199
|
|
|
—
|
|
|
95.2
|
%
|
|
24,113
|
|
|
101
|
|
|
24,214
|
|
|
$
|
11.32
|
|
|||
Ventura County
|
|
77,093
|
|
|
5,266
|
|
|
88.9
|
%
|
|
14,079
|
|
|
161
|
|
|
14,240
|
|
|
$
|
8.93
|
|
|||
Total/Weighted Average
|
|
836,934
|
|
|
31,772
|
|
|
95.5
|
%
|
|
$
|
188,299
|
|
|
$
|
1,478
|
|
|
$
|
189,777
|
|
|
$
|
9.33
|
|
(1)
|
Represents the square footage of renewal leases that have been signed but have not yet commenced as of
December 31, 2018
.
|
(2)
|
Represents the square footage of new leases that have been signed but have not yet commenced as of
December 31, 2018
.
|
(3)
|
Calculated as square footage under commenced and uncommenced leases (net of renewal space) as of
December 31, 2018
, divided by total rentable square feet.
|
(4)
|
Represents annualized base rent for leases that have commenced as of
December 31, 2018
, at each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of
December 31, 2018
, multiplied by 12), aggregated by market. Excludes billboard and antenna revenue and tenant reimbursements. Amounts in thousands.
|
(5)
|
Annualized base rent from uncommenced leases includes: (i)
$333,000
of annualized base rent under uncommenced new leases (calculated by multiplying the first full month of contractual base rents (before rent abatements) to be received under uncommenced new leases, by 12) and (ii)
$1,145,000
of incremental annualized base rent under uncommenced renewal leases (calculated as the difference between (a) the first full month of contractual base rents (before rent abatements) to be received under uncommenced renewal leases and (b) the monthly contracted base rents under commenced leases (for the same space) as of
December 31, 2018
, multiplied by 12.).
Amounts in thousands.
|
(6)
|
Calculated by adding annualized base rent for commenced leases (as described in note (4) above) and annualized base rent from uncommenced leases (as described in note (5) above). Amounts in thousands.
|
(7)
|
Calculated by dividing annualized base rent from commenced leases and uncommenced leases (as described in note (6) above), by leased square footage under commenced and uncommenced leases (net of renewal space) as of
December 31, 2018
.
|
Market
|
|
Number of Properties
|
|
Occupancy
(1)
|
|
Rentable Square Feet
|
|
Percentage of Total Rentable Square Feet
|
|
Annualized Base
Rent
(2)
|
|
Percentage of Total Annualized Base Rent
(3)
|
|
Annualized Base Rent per Square Foot
(4)
|
|||||||||
Los Angeles County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Central LA
|
|
9
|
|
|
100.0
|
%
|
|
1,307,368
|
|
|
6.1
|
%
|
|
$
|
12,030
|
|
|
6.4
|
%
|
|
$
|
9.20
|
|
Greater San Fernando Valley
|
|
30
|
|
|
97.8
|
%
|
|
3,182,445
|
|
|
15.0
|
%
|
|
30,680
|
|
|
16.3
|
%
|
|
$
|
9.85
|
|
|
Mid-Counties
|
|
13
|
|
|
97.9
|
%
|
|
1,146,943
|
|
|
5.4
|
%
|
|
10,851
|
|
|
5.8
|
%
|
|
$
|
9.66
|
|
|
San Gabriel Valley
|
|
18
|
|
|
97.4
|
%
|
|
2,243,183
|
|
|
10.5
|
%
|
|
19,633
|
|
|
10.4
|
%
|
|
$
|
8.99
|
|
|
South Bay
|
|
23
|
|
|
90.9
|
%
|
|
2,985,061
|
|
|
14.0
|
%
|
|
26,012
|
|
|
13.8
|
%
|
|
$
|
9.59
|
|
|
Subtotal / Weighted Average
|
|
93
|
|
|
96.1
|
%
|
|
10,865,000
|
|
|
51.0
|
%
|
|
$
|
99,206
|
|
|
52.7
|
%
|
|
$
|
9.50
|
|
Orange County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
North Orange County
|
|
9
|
|
|
95.1
|
%
|
|
1,064,416
|
|
|
5.0
|
%
|
|
$
|
9,208
|
|
|
4.9
|
%
|
|
$
|
9.09
|
|
OC Airport
|
|
7
|
|
|
87.3
|
%
|
|
639,374
|
|
|
3.0
|
%
|
|
5,926
|
|
|
3.1
|
%
|
|
$
|
10.61
|
|
|
South Orange County
|
|
3
|
|
|
100.0
|
%
|
|
329,458
|
|
|
1.5
|
%
|
|
3,065
|
|
|
1.6
|
%
|
|
$
|
9.30
|
|
|
West Orange County
|
|
5
|
|
|
100.0
|
%
|
|
650,276
|
|
|
3.1
|
%
|
|
5,577
|
|
|
3.0
|
%
|
|
$
|
8.58
|
|
|
Subtotal / Weighted Average
|
|
24
|
|
|
95.1
|
%
|
|
2,683,524
|
|
|
12.6
|
%
|
|
$
|
23,776
|
|
|
12.6
|
%
|
|
$
|
9.32
|
|
San Bernardino County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Inland Empire East
|
|
1
|
|
|
100.0
|
%
|
|
51,867
|
|
|
0.2
|
%
|
|
$
|
345
|
|
|
0.2
|
%
|
|
$
|
6.65
|
|
Inland Empire West
|
|
19
|
|
|
96.8
|
%
|
|
3,652,359
|
|
|
17.2
|
%
|
|
26,780
|
|
|
14.2
|
%
|
|
$
|
7.57
|
|
|
Subtotal / Weighted Average
|
|
20
|
|
|
96.9
|
%
|
|
3,704,226
|
|
|
17.4
|
%
|
|
$
|
27,125
|
|
|
14.4
|
%
|
|
$
|
7.56
|
|
Ventura County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Ventura
|
|
15
|
|
|
88.6
|
%
|
|
1,794,461
|
|
|
8.4
|
%
|
|
$
|
14,079
|
|
|
7.5
|
%
|
|
$
|
8.86
|
|
Subtotal / Weighted Average
|
|
15
|
|
|
88.6
|
%
|
|
1,794,461
|
|
|
8.4
|
%
|
|
$
|
14,079
|
|
|
7.5
|
%
|
|
$
|
8.86
|
|
San Diego County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Central San Diego
|
|
12
|
|
|
99.2
|
%
|
|
1,103,947
|
|
|
5.2
|
%
|
|
$
|
13,322
|
|
|
7.1
|
%
|
|
$
|
12.17
|
|
North County San Diego
|
|
11
|
|
|
91.2
|
%
|
|
1,067,584
|
|
|
5.0
|
%
|
|
10,101
|
|
|
5.3
|
%
|
|
$
|
10.38
|
|
|
South County San Diego
|
|
1
|
|
|
93.3
|
%
|
|
76,701
|
|
|
0.4
|
%
|
|
690
|
|
|
0.4
|
%
|
|
$
|
9.64
|
|
|
Subtotal / Weighted Average
|
|
24
|
|
|
95.2
|
%
|
|
2,248,232
|
|
|
10.6
|
%
|
|
$
|
24,113
|
|
|
12.8
|
%
|
|
$
|
11.27
|
|
Consolidated Portfolio - Total / Weighted Average
|
|
176
|
|
|
95.4
|
%
|
|
21,295,443
|
|
|
100.0
|
%
|
|
$
|
188,299
|
|
|
100.0
|
%
|
|
$
|
9.27
|
|
(1)
|
Calculated as the average occupancy at such properties as of
December 31, 2018
.
|
(2)
|
Represents annualized base rent for each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of
December 31, 2018
, multiplied by 12), aggregated by market. Excludes billboard and antenna revenue and tenant reimbursements. Amounts in thousands.
|
(3)
|
Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of
December 31, 2018
.
|
(4)
|
Calculated as annualized base rent for such market divided by occupied square feet for such market as of
December 31, 2018
.
|
Industry
|
|
Number
of Leases
(1)
|
|
Occupied
Square Feet
|
|
Percentage of
Total Occupied
Square Feet
|
|
Annualized
Base
Rent
(2)
|
|
Percentage of
Total Annualized
Base Rent
(3)
|
|
Annualized
Base Rent per
Square
Foot
(4)
|
||||||||
Wholesale Trade
|
|
310
|
|
|
4,921,196
|
|
|
24.2
|
%
|
|
$
|
43,575
|
|
|
23.1
|
%
|
|
$
|
8.85
|
|
Warehousing
|
|
309
|
|
|
4,499,868
|
|
|
22.2
|
%
|
|
39,284
|
|
|
20.9
|
%
|
|
$
|
8.73
|
|
|
Manufacturing
|
|
139
|
|
|
3,162,554
|
|
|
15.6
|
%
|
|
26,934
|
|
|
14.3
|
%
|
|
$
|
8.52
|
|
|
Retail Trade
|
|
120
|
|
|
2,346,714
|
|
|
11.5
|
%
|
|
19,819
|
|
|
10.5
|
%
|
|
$
|
8.45
|
|
|
Transportation Services
|
|
37
|
|
|
1,088,891
|
|
|
5.4
|
%
|
|
11,520
|
|
|
6.1
|
%
|
|
$
|
10.58
|
|
|
Professional, Scientific, and Technical Services
|
|
100
|
|
|
880,690
|
|
|
4.3
|
%
|
|
10,496
|
|
|
5.6
|
%
|
|
$
|
11.92
|
|
|
Construction
|
|
108
|
|
|
581,581
|
|
|
2.9
|
%
|
|
6,279
|
|
|
3.3
|
%
|
|
$
|
10.80
|
|
|
Other
|
|
70
|
|
|
550,584
|
|
|
2.7
|
%
|
|
5,705
|
|
|
3.0
|
%
|
|
$
|
10.36
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
50
|
|
|
593,595
|
|
|
2.9
|
%
|
|
5,597
|
|
|
3.0
|
%
|
|
$
|
9.43
|
|
|
Information
|
|
35
|
|
|
345,140
|
|
|
1.7
|
%
|
|
4,669
|
|
|
2.5
|
%
|
|
$
|
13.53
|
|
|
Public Administration
|
|
8
|
|
|
236,283
|
|
|
1.2
|
%
|
|
3,439
|
|
|
1.8
|
%
|
|
$
|
14.55
|
|
|
Repair and Maintenance
|
|
33
|
|
|
315,475
|
|
|
1.5
|
%
|
|
3,325
|
|
|
1.8
|
%
|
|
$
|
10.54
|
|
|
Paper/Printing
|
|
11
|
|
|
319,168
|
|
|
1.6
|
%
|
|
2,755
|
|
|
1.5
|
%
|
|
$
|
8.63
|
|
|
Health Care and Social Assistance
|
|
20
|
|
|
239,537
|
|
|
1.2
|
%
|
|
2,386
|
|
|
1.3
|
%
|
|
$
|
9.96
|
|
|
Arts, Entertainment, and Recreation
|
|
20
|
|
|
131,198
|
|
|
0.6
|
%
|
|
1,647
|
|
|
0.9
|
%
|
|
$
|
12.55
|
|
|
Real Estate
|
|
5
|
|
|
97,771
|
|
|
0.5
|
%
|
|
869
|
|
|
0.4
|
%
|
|
$
|
8.89
|
|
|
Total / Weighted Average
|
|
1,375
|
|
|
20,310,245
|
|
|
100.0
|
%
|
|
$
|
188,299
|
|
|
100.0
|
%
|
|
$
|
9.27
|
|
(1)
|
A single lease may cover space in more than one building.
|
(2)
|
Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of
December 31, 2018
, multiplied by 12, and then aggregated by industry. Excludes billboard and antenna revenue. Amounts in thousands.
|
(3)
|
Calculated as annualized base rent for tenants in such industry divided by annualized base rent for the total consolidated portfolio as of
December 31, 2018
.
|
(4)
|
Calculated as annualized base rent for tenants in such industry divided by occupied square feet for tenants in such industry as of
December 31, 2018
.
|
(1)
|
Calculated for each tenant as the monthly contracted base rent (before rent abatements) per the terms of such tenant’s lease as of
December 31, 2018
, multiplied by 12. Excludes billboard and antenna revenue and tenant reimbursements. Amounts in thousands.
|
(2)
|
Calculated as annualized base rent for such tenant divided by annualized base rent for the total consolidated portfolio as of
December 31, 2018
.
|
(3)
|
Calculated as annualized base rent for such tenant divided by occupied square feet for such tenant as of
December 31, 2018
.
|
(4)
|
Includes (i)
30,160
rentable square feet expiring
September 30, 2027
, and (ii)
143,436
rentable square feet expiring
November 30, 2032
.
|
(5)
|
Includes (i)
78,280
rentable square feet expiring
September 30, 2025
, and (ii)
70,877
rentable square feet expiring
March 31, 2026
.
|
(6)
|
Includes (i)
38,766
rentable square feet expiring
November 30, 2019
, (ii)
147,318
rentable square feet expiring
September 30, 2021
, and (iii)
69,219
rentable square feet expiring
March 31, 2022
.
|
(7)
|
Includes (i)
21,697
rentable square feet expiring
November 30, 2019
, (ii)
16,868
rentable square feet expiring
April 30, 2020
, (iii)
20,310
rentable square feet expiring
May 31, 2020
, and (iv)
108,550
rentable square feet expiring
August 31, 2022
.
|
Square Feet
|
|
Number of Leases
|
|
Occupied Square Feet
|
|
Percentage of Total Occupied Square Feet
|
|
Annualized Base Rent
(1)
|
|
Percentage of Total Annualized Base Rent
(2)
|
|
Annualized Base Rent per Square Foot
(3)
|
||||||||
<4,999
|
|
760
|
|
|
1,620,113
|
|
|
8.0
|
%
|
|
$
|
20,567
|
|
|
10.9
|
%
|
|
$
|
12.69
|
|
5,000 - 9,999
|
|
197
|
|
|
1,390,173
|
|
|
6.8
|
%
|
|
16,055
|
|
|
8.5
|
%
|
|
$
|
11.55
|
|
|
10,000 - 24,999
|
|
239
|
|
|
3,812,433
|
|
|
18.8
|
%
|
|
40,279
|
|
|
21.4
|
%
|
|
$
|
10.57
|
|
|
25,000 - 49,999
|
|
85
|
|
|
3,044,084
|
|
|
15.0
|
%
|
|
29,070
|
|
|
15.5
|
%
|
|
$
|
9.55
|
|
|
>50,000
|
|
94
|
|
|
10,443,441
|
|
|
51.4
|
%
|
|
82,328
|
|
|
43.7
|
%
|
|
$
|
7.88
|
|
|
Total / Weighted Average
|
|
1,375
|
|
|
20,310,244
|
|
|
100.0
|
%
|
|
$
|
188,299
|
|
|
100.0
|
%
|
|
$
|
9.27
|
|
(1)
|
Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of
December 31, 2018
, multiplied by 12, and then aggregated by square feet. Excludes billboard and antenna revenue and rent abatements. Amounts in thousands.
|
(2)
|
Calculated as annualized base rent for such leases divided by annualized base rent for the total consolidated portfolio as of
December 31, 2018
.
|
(3)
|
Calculated as annualized base rent for such leases divided by occupied square feet for such leases as of
December 31, 2018
.
|
Year of Lease Expiration
|
|
Number of Leases Expiring
|
|
Total Rentable Square
Feet
(1)
|
|
Percentage of Total Owned Square Feet
|
|
Annualized Base
Rent
(2)
|
|
Percentage of Total Annualized Base Rent
(3)
|
|
Annualized Base Rent per Square Foot
(4)
|
||||||||
Vacant
(5)
|
|
—
|
|
|
694,890
|
|
|
3.3
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
Current Repositioning
(6)
|
|
—
|
|
|
290,309
|
|
|
1.4
|
%
|
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
MTM Tenants
(7)
|
|
68
|
|
|
78,064
|
|
|
0.4
|
%
|
|
1,113
|
|
|
0.6
|
%
|
|
$
|
14.26
|
|
|
2018
|
|
22
|
|
|
201,741
|
|
|
0.9
|
%
|
|
2,104
|
|
|
1.1
|
%
|
|
$
|
10.43
|
|
|
2019
|
|
306
|
|
|
2,751,675
|
|
|
12.9
|
%
|
|
25,770
|
|
|
13.7
|
%
|
|
$
|
9.37
|
|
|
2020
|
|
350
|
|
|
4,179,390
|
|
|
19.6
|
%
|
|
36,914
|
|
|
19.6
|
%
|
|
$
|
8.83
|
|
|
2021
|
|
292
|
|
|
4,855,514
|
|
|
22.8
|
%
|
|
42,597
|
|
|
22.6
|
%
|
|
$
|
8.77
|
|
|
2022
|
|
145
|
|
|
2,322,507
|
|
|
10.9
|
%
|
|
21,276
|
|
|
11.3
|
%
|
|
$
|
9.16
|
|
|
2023
|
|
121
|
|
|
2,162,941
|
|
|
10.2
|
%
|
|
23,143
|
|
|
12.3
|
%
|
|
$
|
10.70
|
|
|
2024
|
|
33
|
|
|
1,047,789
|
|
|
4.9
|
%
|
|
10,064
|
|
|
5.4
|
%
|
|
$
|
9.60
|
|
|
2025
|
|
11
|
|
|
269,578
|
|
|
1.3
|
%
|
|
3,012
|
|
|
1.6
|
%
|
|
$
|
11.17
|
|
|
2026
|
|
8
|
|
|
409,574
|
|
|
1.9
|
%
|
|
4,542
|
|
|
2.4
|
%
|
|
$
|
11.09
|
|
|
2027
|
|
7
|
|
|
252,538
|
|
|
1.2
|
%
|
|
2,499
|
|
|
1.3
|
%
|
|
$
|
9.90
|
|
|
Thereafter
|
|
12
|
|
|
1,778,933
|
|
|
8.3
|
%
|
|
15,265
|
|
|
8.1
|
%
|
|
$
|
8.58
|
|
|
Total Consolidated Portfolio
|
|
1,375
|
|
|
21,295,443
|
|
|
100.0
|
%
|
|
$
|
188,299
|
|
|
100.0
|
%
|
|
$
|
9.27
|
|
(1)
|
Represents the contracted square footage upon expiration.
|
(2)
|
Calculated as monthly contracted base rent
(before rent abatements)
per the terms of such lease, as of
December 31, 2018
, multiplied by 12. Excludes billboard and antenna revenue and rent abatements. Amounts in thousands.
|
(3)
|
Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of
December 31, 2018
.
|
(4)
|
Calculated as annualized base rent for such leases divided by occupied square feet for such leases as of
December 31, 2018
.
|
(5)
|
Represents vacant space (not under repositioning or lease-up) as of
December 31, 2018
. Includes leases aggregating
31,772
rentable square feet that have been signed but had not yet commenced as of
December 31, 2018
.
|
(6)
|
Represents space at
seven
of our properties that were classified as current repositioning as of
December 31, 2018
. Excludes completed repositioning properties and properties in lease-up. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Factors That May Influence Future Results of Operations – Acquisitions and Development of Properties,” of this Annual Report on Form 10-K for additional details related to these
seven
properties.
|
(7)
|
Represents tenants under month-to-month (“MTM”) leases or having holdover tenancy. Includes
59
MTM leases totaling
63,290
rentable square feet at our property located at 14723-14825 Oxnard Street, where due to the number and the small size of spaces, we typically only enter into MTM leases.
|
|
|
The Year Ended December 31,
|
|||||||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
|
|
Cost
(1)
|
|
Square Feet
|
|
PSF
(2)
|
|
Cost
(1)
|
|
Square Feet
|
|
PSF
(2)
|
|
Cost
(1)
|
|
Square Feet
|
|
PSF
(2)
|
|||||||||||||||
Tenant Improvements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
New Leases - First Generation
(3)(4)
|
|
$
|
730
|
|
|
406,400
|
|
|
$
|
1.80
|
|
|
$
|
1,069
|
|
|
531,101
|
|
|
$
|
2.01
|
|
|
$
|
1,474
|
|
|
493,978
|
|
|
$
|
2.98
|
|
New Leases - Second Generation
(3)(5)
|
|
844
|
|
|
450,229
|
|
|
$
|
1.87
|
|
|
800
|
|
|
591,230
|
|
|
$
|
1.35
|
|
|
2,295
|
|
|
1,182,569
|
|
|
$
|
1.94
|
|
|||
Renewal Leases
|
|
309
|
|
|
439,921
|
|
|
$
|
0.70
|
|
|
596
|
|
|
504,261
|
|
|
$
|
1.18
|
|
|
288
|
|
|
377,053
|
|
|
$
|
0.76
|
|
|||
Total Tenant Improvements
|
|
$
|
1,883
|
|
|
1,296,550
|
|
|
$
|
1.45
|
|
|
$
|
2,465
|
|
|
1,626,592
|
|
|
$
|
1.52
|
|
|
$
|
4,057
|
|
|
2,053,600
|
|
|
$
|
1.97
|
|
Leasing Commissions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Leases - First Generation
(3)(4)
|
|
$
|
1,976
|
|
|
662,197
|
|
|
$
|
2.98
|
|
|
$
|
1,821
|
|
|
522,969
|
|
|
$
|
3.48
|
|
|
$
|
2,622
|
|
|
1,586,659
|
|
|
$
|
1.65
|
|
New Leases - Second Generation
(3)(5)
|
|
1,964
|
|
|
765,414
|
|
|
$
|
2.57
|
|
|
2,772
|
|
|
1,244,739
|
|
|
$
|
2.23
|
|
|
1,516
|
|
|
915,069
|
|
|
$
|
1.66
|
|
|||
Renewal Leases
|
|
879
|
|
|
1,032,207
|
|
|
$
|
0.85
|
|
|
1,071
|
|
|
820,290
|
|
|
$
|
1.31
|
|
|
1,144
|
|
|
1,801,991
|
|
|
$
|
0.63
|
|
|||
Total Leasing Commissions
|
|
$
|
4,819
|
|
|
2,459,818
|
|
|
$
|
1.96
|
|
|
$
|
5,664
|
|
|
2,587,998
|
|
|
$
|
2.19
|
|
|
$
|
5,282
|
|
|
4,303,719
|
|
|
$
|
1.23
|
|
Total Tenant Improvements & Leasing Commissions
|
|
$
|
6,702
|
|
|
|
|
|
|
|
$
|
8,129
|
|
|
|
|
|
|
|
|
$
|
9,339
|
|
|
|
|
|
|
|
(1)
|
Cost is reported in thousands. Costs of tenant improvements include contractual tenant allowances and costs necessary to prepare a space for occupancy by a new tenant.
|
(2)
|
Per square foot (“PSF”) amounts calculated by dividing the aggregate tenant improvement and/or leasing commission cost by the aggregate square footage of the leases in which we incurred such costs, excluding new/renewal leases in which there were no tenant improvements and/or leasing commissions.
|
(3)
|
New leases represent all leases other than renewal leases.
|
(4)
|
Tenant improvements and leasing commissions related to our initial leasing of vacant space in acquired properties or leasing of a space that has been vacant for more than 12 months, are considered first generation costs.
|
(5)
|
Tenant improvements and leasing commissions related to leasing of a space that has been previously occupied by a tenant during the prior 12 months, are considered second generation costs.
|
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
|
Cost
(1)
|
|
Square
Feet
(2)
|
|
PSF
(3)
|
|
Cost
(1)
|
|
Square
Feet
(2)
|
|
PSF
(3)
|
|
Cost
(1)
|
|
Square
Feet
(2)
|
|
PSF
(3)
|
|||||||||||||||
Non-Recurring Capital Expenditures
(4)
|
$
|
45,452
|
|
|
14,142,110
|
|
|
$
|
3.21
|
|
|
$
|
35,221
|
|
|
12,889,591
|
|
|
$
|
2.73
|
|
|
$
|
21,192
|
|
|
9,061,612
|
|
|
$
|
2.34
|
|
Recurring Capital Expenditures
(5)
|
5,621
|
|
|
19,842,157
|
|
|
$
|
0.28
|
|
|
2,525
|
|
|
16,590,584
|
|
|
$
|
0.15
|
|
|
2,792
|
|
|
13,611,194
|
|
|
$
|
0.21
|
|
|||
Total Capital Expenditures
|
$
|
51,073
|
|
|
|
|
|
|
$
|
37,746
|
|
|
|
|
|
|
$
|
23,984
|
|
|
|
|
|
(1)
|
Cost is reported in thousands.
|
(2)
|
For non-recurring capital expenditures, reflects the aggregate square footage of the properties in which we incurred such capital expenditures. For recurring capital expenditures, reflects the weighted average square footage of our consolidated portfolio for the period.
|
(3)
|
PSF amounts calculated by dividing the aggregate capital expenditure costs by the square footage as defined in (1) and (2) above.
|
(4)
|
Non-recurring capital expenditures are expenditures made in respect of a property for improvement to the appearance of such property, or any development or other major upgrade or renovation of such property, and further includes capital expenditures for seismic upgrades, or capital expenditures for deferred maintenance existing at the time such property was acquired.
|
(5)
|
Recurring capital expenditures are expenditures made in respect of a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance or replacement of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems.
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number (or approximate dollar value) of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||
October 1, 2018 to October 31, 2018
|
|
—
|
|
|
$
|
—
|
|
|
N/A
|
|
N/A
|
November 1, 2018 to November 30, 2018
(1)
|
|
520
|
|
|
$
|
32.22
|
|
|
N/A
|
|
N/A
|
December 1, 2018 to December 31, 2018
(1)
|
|
141
|
|
|
$
|
31.42
|
|
|
N/A
|
|
N/A
|
|
|
661
|
|
|
$
|
32.05
|
|
|
N/A
|
|
N/A
|
(1)
|
In November 2018 and December 2018, these shares were tendered by certain of our employees to satisfy minimum statutory tax withholding obligations related to the vesting of restricted shares.
|
|
Period Ending
|
|||||||||||||||||
Index
|
12/31/2013
|
12/31/2014
|
12/31/2015
|
12/31/2016
|
12/31/2017
|
12/31/2018
|
||||||||||||
Rexford Industrial Realty, Inc.
|
$
|
100.00
|
|
$
|
122.99
|
|
$
|
132.49
|
|
$
|
192.69
|
|
$
|
247.64
|
|
$
|
255.61
|
|
S&P 500 Index
|
$
|
100.00
|
|
$
|
113.69
|
|
$
|
115.26
|
|
$
|
129.05
|
|
$
|
157.22
|
|
$
|
150.33
|
|
MSCI U.S. REIT Index
|
$
|
100.00
|
|
$
|
130.38
|
|
$
|
133.67
|
|
$
|
145.16
|
|
$
|
152.52
|
|
$
|
145.55
|
|
SNL U.S. REIT Industrial Index
|
$
|
100.00
|
|
$
|
120.99
|
|
$
|
124.67
|
|
$
|
156.99
|
|
$
|
189.66
|
|
$
|
184.28
|
|
|
Year Ended Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(in thousands except for share and per share data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total revenues from continuing operations
|
$
|
212,494
|
|
|
$
|
161,355
|
|
|
$
|
126,192
|
|
|
$
|
93,900
|
|
|
$
|
66,581
|
|
Net income (loss) from continuing operations
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
|
$
|
1,950
|
|
|
$
|
(1,170
|
)
|
Net income
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
|
$
|
1,950
|
|
|
$
|
976
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding - basic
|
86,824,235
|
|
|
71,198,862
|
|
|
62,723,021
|
|
|
54,024,923
|
|
|
31,953,506
|
|
|||||
Weighted average common shares outstanding - diluted
|
87,335,749
|
|
|
71,598,654
|
|
|
62,965,554
|
|
|
54,024,923
|
|
|
$
|
31,953,506
|
|
||||
Net income (loss) from continuing operations available to common stockholders - basic
|
$
|
0.42
|
|
|
$
|
0.48
|
|
|
$
|
0.36
|
|
|
$
|
0.03
|
|
|
$
|
(0.04
|
)
|
Net income (loss) from continuing operations available to common stockholders - diluted
|
$
|
0.41
|
|
|
$
|
0.48
|
|
|
$
|
0.36
|
|
|
$
|
0.03
|
|
|
$
|
(0.04
|
)
|
Net income available to common stockholders - basic
|
$
|
0.42
|
|
|
$
|
0.48
|
|
|
$
|
0.36
|
|
|
$
|
0.03
|
|
|
$
|
0.02
|
|
Net income available to common stockholders - diluted
|
$
|
0.41
|
|
|
$
|
0.48
|
|
|
$
|
0.36
|
|
|
$
|
0.03
|
|
|
$
|
0.02
|
|
Dividends declared per common share
|
$
|
0.64
|
|
|
$
|
0.58
|
|
|
$
|
0.54
|
|
|
$
|
0.51
|
|
|
$
|
0.48
|
|
Balance Sheet Data (End of Period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total real estate held for investment, before accumulated depreciation
|
$
|
2,716,083
|
|
|
$
|
2,161,965
|
|
|
$
|
1,552,129
|
|
|
$
|
1,188,766
|
|
|
$
|
930,462
|
|
Total real estate held for investment, after accumulated depreciation
|
$
|
2,487,341
|
|
|
$
|
1,988,424
|
|
|
$
|
1,416,989
|
|
|
$
|
1,085,143
|
|
|
$
|
853,578
|
|
Total assets
|
$
|
2,787,685
|
|
|
$
|
2,111,373
|
|
|
$
|
1,515,008
|
|
|
$
|
1,153,251
|
|
|
$
|
932,185
|
|
Notes payable
|
$
|
757,371
|
|
|
$
|
668,941
|
|
|
$
|
500,184
|
|
|
$
|
418,154
|
|
|
$
|
356,362
|
|
Total liabilities
|
$
|
879,262
|
|
|
$
|
746,119
|
|
|
$
|
552,868
|
|
|
$
|
459,507
|
|
|
$
|
386,308
|
|
Preferred stock
|
$
|
159,094
|
|
|
$
|
159,713
|
|
|
$
|
86,651
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total equity
|
$
|
1,908,423
|
|
|
$
|
1,365,254
|
|
|
$
|
962,140
|
|
|
$
|
693,744
|
|
|
$
|
545,877
|
|
Other Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Funds from operations
(1)
|
$
|
109,895
|
|
|
$
|
76,968
|
|
|
$
|
58,584
|
|
|
$
|
43,844
|
|
|
$
|
27,970
|
|
Cash flow provided by operating activities
|
$
|
102,775
|
|
|
$
|
76,650
|
|
|
$
|
56,432
|
|
|
$
|
40,508
|
|
|
$
|
24,504
|
|
Cash flow used in investing activities
|
$
|
(507,213
|
)
|
|
$
|
(606,900
|
)
|
|
$
|
(361,214
|
)
|
|
$
|
(236,774
|
)
|
|
$
|
(380,581
|
)
|
Cash flow provided by financing activities
|
$
|
578,169
|
|
|
$
|
521,595
|
|
|
$
|
315,106
|
|
|
$
|
192,861
|
|
|
$
|
355,686
|
|
Total number of in-service properties
|
176
|
|
|
151
|
|
|
136
|
|
|
119
|
|
|
98
|
|
(1)
|
See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Supplemental Measure: Funds From Operations,” in this Annual Report on Form 10-K for a reconciliation to net income and a discussion of why we believe FFO is a useful supplemental measure of operating performance, ways in which investors might use FFO when assessing our financial performance, and FFO’s limitations as a measurement tool.
|
•
|
During
2018
, we acquired
30
properties, with a combined
3.1 million
rentable square feet, for an aggregate cost of
$492.9 million
.
|
•
|
During 2018, we completed the repositioning of six of our properties located at 301-445 Figueroa Street, 28903 Avenue Paine, 14748-14750 Nelson Avenue, 15401 Figueroa Street, 2722 Fairview Street and 1580 Carson Street with a combined 0.6 million rentable square feet. As of December 31, 2018, 301-445 Figueroa Street and 28903 Avenue Paine are stabilized at 100% occupancy, and 14748-14750 Nelson Avenue is 86% leased. During 2018, we also completed the repositioning and lease-up of 43,927 rentable square feet of space at 3233 Mission Oaks Boulevard.
|
•
|
During 2018, we pre-leased our 56,306 square foot single-tenant development property located at 1998 Surveyor Avenue and in January 2019 the tenant took possession of the property.
|
•
|
During
2018
, we completed the sale of
six
of our properties with a combined
0.3 million
rentable square feet, for a total gross sales price of
$48.0 million
, and total net cash proceeds of
$45.2 million
.
|
•
|
During
2018
, we sold a total of
18,177,242
shares of our common stock under our various at-the-market equity offering programs, for gross proceeds of
$565.6 million
, or approximately
$31.12
per share, and net proceeds of
$557.1 million
after deducting the sales agents’ fee.
|
•
|
In January 2018, we amended our
$225.0 million
unsecured term loan facility, which reduced the applicable margin for LIBOR-based borrowings from a range of 1.50% to 2.25% per annum to a range of 1.20% to 1.70% per annum.
|
•
|
In May 2018, we closed on a seven-year
$150.0 million
senior unsecured term loan facility that matures
May 22, 2025
. The term loan facility bears interest at LIBOR plus an applicable Eurodollar rate margin that will range from 1.50% to 2.20% per annum depending on our leverage ratio.
|
•
|
In June 2018, we amended our $60 million term loan, which extended the maturity date from August 1, 2019 to
August 1, 2023
, and decreased the interest rate from LIBOR plus 1.90% per annum to LIBOR plus 1.70% per annum.
|
|
|
|
|
|
|
|
|
|
|
Estimated Construction Period
(1)
|
|
|
|
|||||
Property (Submarket)
|
|
Market
|
|
Total Property Rentable Square Feet
|
|
Vacant Rentable Square Feet Under Repositioning/Lease-up
|
|
Estimated Development Rentable Square Feet
|
|
Start
|
|
Completion
|
|
Total Property Leased % at 12/31/18
|
|
|||
Current Repositioning:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
28903 Avenue Paine - Development (SF Valley)
|
|
LA
|
|
—
|
|
|
—
|
|
|
115,817
|
|
|
2Q-2019
|
|
1Q-2020
|
|
—%
|
|
851 Lawrence Drive (Ventura)
(2)
|
|
VC
|
|
49,976
|
|
|
49,976
|
|
|
39,294
|
|
|
2Q-2018
|
|
1Q-2020
|
|
—%
|
|
1998 Surveyor Avenue (Ventura)
(3)
|
|
VC
|
|
—
|
|
|
—
|
|
|
56,306
|
|
|
2Q-2018
|
|
1Q-2019
|
|
100%
|
(3)
|
9615 Norwalk Boulevard (Mid-Counties)
(4)
|
|
LA
|
|
38,362
|
|
|
12,000
|
|
|
189,808
|
|
|
3Q-2018
|
|
2Q-2021
|
|
69%
|
|
29003 Avenue Sherman (SF Valley)
|
|
LA
|
|
68,123
|
|
|
68,123
|
|
|
—
|
|
|
3Q-2018
|
|
2Q-2019
|
|
—%
|
|
1332-1340 Rocky Point Drive (North San Diego)
|
|
SD
|
|
73,747
|
|
|
51,081
|
|
|
—
|
|
|
4Q-2018
|
|
2Q-2019
|
|
31%
|
|
3233 Mission Oaks Boulevard - Unit 3233 (Ventura)
(5)
|
|
VC
|
|
461,210
|
|
|
109,129
|
|
|
—
|
|
|
2Q-2017
|
|
2Q-2019
|
|
73%
|
|
Total
|
|
|
|
|
|
|
290,309
|
|
|
401,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Lease-up Stage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
14748-14750 Nelson Avenue (San Gabriel Valley)
|
|
LA
|
|
201,990
|
|
|
29,100
|
|
|
—
|
|
|
3Q-2016
|
|
3Q-2018
|
|
86%
|
|
15401 Figueroa Street (South Bay)
|
|
LA
|
|
38,584
|
|
|
38,584
|
|
|
—
|
|
|
2Q-2018
|
|
3Q-2018
|
|
—%
|
|
2722 Fairview Street (OC Airport)
|
|
OC
|
|
116,575
|
|
|
58,802
|
|
|
—
|
|
|
1Q-2018
|
|
4Q-2018
|
|
50%
|
|
1580 Carson Street (South Bay)
|
|
LA
|
|
43,787
|
|
|
43,787
|
|
|
—
|
|
|
2Q-2018
|
|
4Q-2018
|
|
—%
|
|
Total
|
|
|
|
|
|
|
170,273
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Future Repositioning:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
16121 Carmenita Road (Mid-Counties)
|
|
LA
|
|
108,500
|
|
|
—
|
|
|
—
|
|
|
1Q-2019
|
|
3Q-2019
|
|
89%
|
|
7110 E. Rosecrans Avenue - Unit B (South Bay)
(6)
|
|
LA
|
|
73,439
|
|
|
—
|
|
|
—
|
|
|
1Q-2019
|
|
2Q-2019
|
|
100%
|
|
Total
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Current Repositioning, Lease-up Stage and Future Repositioning:
|
|
|
|
|
|
|
460,582
|
|
|
401,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
2018 Stabilized:
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
3233 Mission Oaks Boulevard - Unit H (Ventura)
(5)
|
|
VC
|
|
461,210
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
73%
|
|
1601 Alton Parkway (OC Airport)
|
|
OC
|
|
124,988
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
87%
|
|
301-445 Figueroa Street (South Bay)
|
|
LA
|
|
133,650
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
100%
|
|
28903 Avenue Paine - Repositioning (SF Valley)
|
|
LA
|
|
111,935
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
100%
|
|
(1)
|
The estimated construction period is subject to change as a result of a number of factors including but not limited to permit requirements, delays in construction, changes in scope, and other unforeseen circumstances.
|
(2)
|
We expect to demolish the existing 49,976 rentable square feet building and construct a new 89,270 rentable square foot multi-unit building.
|
(3)
|
We acquired 1998 Surveyor Avenue as an under-construction building for $5.8 million and the assumed the seller’s fixed-price construction contracts with $4.4 million of remaining costs at acquisition. At completion, the property will be one single-tenant building containing 56,306 rentable square feet. During 2018, we pre-leased the property and in January 2019 the tenant took possession of the property.
|
(4)
|
9615 Norwalk is a 10.26 acre storage-yard with three buildings totaling 38,362 rentable square feet. In January 2019, we converted the tenant’s month to month land lease to a term lease with an expiration date of June 30, 2020. We will
|
(5)
|
As of December 31, 2018, we are repositioning space aggregating 109,129 rentable square feet at 3233 Mission Oaks. During the first quarter of 2018, we completed the repositioning of a 43,927 rentable square foot unit at 3233 Mission Oaks.
|
(6)
|
We plan to reposition a 36,000 rentable square foot unit at 7110 Rosecrans Avenue when the current lease expires in the first quarter of 2019.
|
(7)
|
We consider a repositioning property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning construction work.
|
|
|
New Leases
|
|||||||||||||||||
Quarter
|
|
Number of Leases
|
|
Rentable Square Feet
|
|
Weighted Average
Lease Term
(in years)
|
|
Effective Rent Per Square Foot
(1)
|
|
GAAP Leasing
Spreads
(2)(4)
|
|
Cash Leasing
Spreads
(3)(4)
|
|||||||
Q1-2018
|
|
47
|
|
|
281,844
|
|
|
4.8
|
|
|
$
|
11.29
|
|
|
32.0
|
%
|
|
18.1
|
%
|
Q2-2018
|
|
61
|
|
|
300,591
|
|
|
4.5
|
|
|
$
|
12.22
|
|
|
28.3
|
%
|
|
19.2
|
%
|
Q3-2018
|
|
48
|
|
|
583,257
|
|
|
5.2
|
|
|
$
|
11.49
|
|
|
46.9
|
%
|
|
34.1
|
%
|
Q4-2018
|
|
39
|
|
|
168,758
|
|
|
4.1
|
|
|
$
|
13.28
|
|
|
25.8
|
%
|
|
16.0
|
%
|
Total/Weighted Average
|
|
195
|
|
|
1,334,450
|
|
|
4.8
|
|
|
$
|
11.84
|
|
|
33.8
|
%
|
|
22.2
|
%
|
|
|
Renewal Leases
|
|
Expiring Leases
(6)
|
|
Retention %
(7)
|
||||||||||||||||||||||
Quarter
|
|
Number of Leases
|
|
Rentable Square Feet
|
|
Weighted Average
Lease Term
(in years)
|
|
Effective Rent Per Square Foot
(1)
|
|
GAAP Leasing
Spreads
(2)(5)
|
|
Cash Leasing
Spreads (3)(5) |
|
Number of Leases
|
|
Rentable Square Feet
|
|
Rentable Square Feet
|
||||||||||
Q1-2018
|
|
70
|
|
|
566,551
|
|
|
2.8
|
|
|
$
|
10.66
|
|
|
23.1
|
%
|
|
13.8
|
%
|
|
119
|
|
|
913,468
|
|
|
68.4
|
%
|
Q2-2018
|
|
67
|
|
|
542,902
|
|
|
4.0
|
|
|
$
|
10.69
|
|
|
37.5
|
%
|
|
25.2
|
%
|
|
108
|
|
|
833,946
|
|
|
70.7
|
%
|
Q3-2018
|
|
58
|
|
|
360,430
|
|
|
3.2
|
|
|
$
|
14.80
|
|
|
25.2
|
%
|
|
14.8
|
%
|
|
105
|
|
|
782,403
|
|
|
55.0
|
%
|
Q4-2018
|
|
51
|
|
|
463,065
|
|
|
3.8
|
|
|
$
|
11.87
|
|
|
24.9
|
%
|
|
14.4
|
%
|
|
84
|
|
|
725,650
|
|
|
66.6
|
%
|
Total/Weighted Average
|
|
246
|
|
|
1,932,948
|
|
|
3.5
|
|
|
$
|
11.73
|
|
|
27.5
|
%
|
|
16.9
|
%
|
|
416
|
|
|
3,255,467
|
|
|
65.4
|
%
|
(1)
|
Effective rent per square foot is the average base rent calculated in accordance with GAAP, over the term of the lease, expressed in dollars per square foot per year. Includes all new and renewal leases executed during each respective quarter.
|
(2)
|
Calculated as the change between GAAP rents for new or renewal leases and the expiring GAAP rents on the expiring leases for the same space.
|
(3)
|
Calculated as the change between cash rents for new or renewal leases and the expiring cash rents on the expiring leases for the same space.
|
(4)
|
The GAAP and cash re-leasing spreads for new leases executed during the year ended
December 31, 2018
, exclude
63
leases aggregating
719,616
rentable square feet for which there was no comparable lease data. Of these
63
excluded leases,
24
leases aggregating
444,613
rentable square feet are leases of recently repositioned space. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) recently repositioned/redeveloped space, (iii) space that has been vacant for over one year or (iv) space with lease terms shorter than six months.
|
(5)
|
The GAAP and cash re-leasing rent spreads for renewal leases executed during the year ended
December 31, 2018
, exclude
11
leases aggregating
100,567
rentable square feet for which there was no comparable lease data due to either (i) space with different lease structures or (ii) space with lease terms shorter than six months.
|
(6)
|
Includes eight leases totaling 200,469 rentable square feet that expired during the year ended
December 31, 2018
, for which the space was placed into repositioning after each tenant vacated.
|
(7)
|
Retention is calculated as renewal lease square footage plus relocation/expansion square footage, divided by the square footage of leases expiring during the period. Retention excludes expiring leases associated with space that is placed into repositioning after the tenant vacates.
|
|
|
Same Properties Portfolio
|
|
Total Portfolio
|
||||||||||||||||||||||||||
|
|
Year Ended December 31,
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Year Ended December 31,
|
|
Increase/
(Decrease)
|
|
%
Change
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
||||||||||||||||||
|
|
($ in thousands)
|
||||||||||||||||||||||||||||
RENTAL REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Rental revenues
|
|
$
|
127,628
|
|
|
$
|
117,110
|
|
|
$
|
10,518
|
|
|
9.0
|
%
|
|
$
|
177,568
|
|
|
$
|
136,185
|
|
|
$
|
41,383
|
|
|
30.4
|
%
|
Tenant reimbursements
|
|
21,260
|
|
|
19,509
|
|
|
1,751
|
|
|
9.0
|
%
|
|
32,195
|
|
|
23,363
|
|
|
8,832
|
|
|
37.8
|
%
|
||||||
Other income
|
|
755
|
|
|
753
|
|
|
2
|
|
|
0.3
|
%
|
|
880
|
|
|
869
|
|
|
11
|
|
|
1.3
|
%
|
||||||
TOTAL RENTAL REVENUES
|
|
149,643
|
|
|
137,372
|
|
|
12,271
|
|
|
8.9
|
%
|
|
210,643
|
|
|
160,417
|
|
|
50,226
|
|
|
31.3
|
%
|
||||||
Management, leasing and development services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
473
|
|
|
493
|
|
|
(20
|
)
|
|
(4.1
|
)%
|
||||||
Interest income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1,378
|
|
|
445
|
|
|
933
|
|
|
209.7
|
%
|
||||||
TOTAL REVENUES
|
|
149,643
|
|
|
137,372
|
|
|
12,271
|
|
|
8.9
|
%
|
|
212,494
|
|
|
161,355
|
|
|
51,139
|
|
|
31.7
|
%
|
||||||
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Property expenses
|
|
36,645
|
|
|
35,238
|
|
|
1,407
|
|
|
4.0
|
%
|
|
51,671
|
|
|
42,139
|
|
|
9,532
|
|
|
22.6
|
%
|
||||||
General and administrative
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
25,194
|
|
|
21,610
|
|
|
3,584
|
|
|
16.6
|
%
|
||||||
Depreciation and amortization
|
|
48,902
|
|
|
50,233
|
|
|
(1,331
|
)
|
|
(2.6
|
)%
|
|
80,042
|
|
|
64,852
|
|
|
15,190
|
|
|
23.4
|
%
|
||||||
TOTAL OPERATING EXPENSES
|
|
85,547
|
|
|
85,471
|
|
|
76
|
|
|
0.1
|
%
|
|
156,907
|
|
|
128,601
|
|
|
28,306
|
|
|
22.0
|
%
|
||||||
OTHER EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Acquisition expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
318
|
|
|
454
|
|
|
(136
|
)
|
|
(30.0
|
)%
|
||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
25,416
|
|
|
20,209
|
|
|
5,207
|
|
|
25.8
|
%
|
||||||
TOTAL OTHER EXPENSE
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
25,734
|
|
|
20,663
|
|
|
5,071
|
|
|
24.5
|
%
|
||||||
TOTAL EXPENSES
|
|
85,547
|
|
|
85,471
|
|
|
76
|
|
|
0.1
|
%
|
|
182,641
|
|
|
149,264
|
|
|
33,377
|
|
|
22.4
|
%
|
||||||
Equity in income from unconsolidated real estate entities
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
11
|
|
|
(11
|
)
|
|
|
||||||||
Gain on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
25
|
|
|
(25
|
)
|
|
|
||||||||
Gain on sale of real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
17,222
|
|
|
29,573
|
|
|
(12,351
|
)
|
|
|
||||||||
NET INCOME
|
|
$
|
64,096
|
|
|
$
|
51,901
|
|
|
$
|
12,195
|
|
|
|
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
5,375
|
|
|
|
|
|
Same Properties Portfolio
|
|
Total Portfolio
|
||||||||||||||||||||||||||
|
|
Year Ended December 31,
|
|
Increase/
(Decrease)
|
|
% Change
|
|
Year Ended December 31,
|
|
Increase/
(Decrease)
|
|
% Change
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
|
|
2017
|
|
2016
|
|
|
||||||||||||||||||
|
|
($ in thousands)
|
||||||||||||||||||||||||||||
RENTAL REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Rental revenues
|
|
$
|
99,031
|
|
|
$
|
91,971
|
|
|
$
|
7,060
|
|
|
7.7
|
%
|
|
$
|
136,185
|
|
|
$
|
107,594
|
|
|
$
|
28,591
|
|
|
26.6
|
%
|
Tenant reimbursements
|
|
15,257
|
|
|
13,691
|
|
|
1,566
|
|
|
11.4
|
%
|
|
23,363
|
|
|
16,723
|
|
|
6,640
|
|
|
39.7
|
%
|
||||||
Other income
|
|
712
|
|
|
751
|
|
|
(39
|
)
|
|
(5.2
|
)%
|
|
869
|
|
|
943
|
|
|
(74
|
)
|
|
(7.8
|
)%
|
||||||
TOTAL RENTAL REVENUES
|
|
115,000
|
|
|
106,413
|
|
|
8,587
|
|
|
8.1
|
%
|
|
160,417
|
|
|
125,260
|
|
|
35,157
|
|
|
28.1
|
%
|
||||||
Management, leasing and development services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
493
|
|
|
473
|
|
|
20
|
|
|
4.2
|
%
|
||||||
Interest income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
445
|
|
|
459
|
|
|
(14
|
)
|
|
(3.1
|
)%
|
||||||
TOTAL REVENUES
|
|
115,000
|
|
|
106,413
|
|
|
8,587
|
|
|
8.1
|
%
|
|
161,355
|
|
|
126,192
|
|
|
35,163
|
|
|
27.9
|
%
|
||||||
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Property expenses
|
|
30,214
|
|
|
28,338
|
|
|
1,876
|
|
|
6.6
|
%
|
|
42,139
|
|
|
33,619
|
|
|
8,520
|
|
|
25.3
|
%
|
||||||
General and administrative
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
21,610
|
|
|
17,415
|
|
|
4,195
|
|
|
24.1
|
%
|
||||||
Depreciation and amortization
|
|
39,120
|
|
|
41,535
|
|
|
(2,415
|
)
|
|
(5.8
|
)%
|
|
64,852
|
|
|
51,407
|
|
|
13,445
|
|
|
26.2
|
%
|
||||||
TOTAL OPERATING EXPENSES
|
|
69,334
|
|
|
69,873
|
|
|
(539
|
)
|
|
(0.8
|
)%
|
|
128,601
|
|
|
102,441
|
|
|
26,160
|
|
|
25.5
|
%
|
||||||
OTHER EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Acquisition expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
454
|
|
|
1,855
|
|
|
(1,401
|
)
|
|
(75.5
|
)%
|
||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
20,209
|
|
|
14,848
|
|
|
5,361
|
|
|
36.1
|
%
|
||||||
TOTAL OTHER EXPENSE
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
20,663
|
|
|
16,703
|
|
|
3,960
|
|
|
23.7
|
%
|
||||||
TOTAL EXPENSES
|
|
69,334
|
|
|
69,873
|
|
|
(539
|
)
|
|
(0.8
|
)%
|
|
149,264
|
|
|
119,144
|
|
|
30,120
|
|
|
25.3
|
%
|
||||||
Equity in income from unconsolidated real estate entities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
11
|
|
|
1,451
|
|
|
(1,440
|
)
|
|
|
||||||||
Gain on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|
|
||||||||
Gain on sale of real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
29,573
|
|
|
17,377
|
|
|
12,196
|
|
|
|
||||||||
NET INCOME
|
|
$
|
45,666
|
|
|
$
|
36,540
|
|
|
$
|
9,126
|
|
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
|
$
|
15,824
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
Add:
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
80,042
|
|
|
64,852
|
|
|
51,407
|
|
|||
Depreciation and amortization from unconsolidated joint ventures
(1)
|
—
|
|
|
—
|
|
|
10
|
|
|||
Deduct:
|
|
|
|
|
|
|
|
||||
Gain on sale of real estate
|
(17,222
|
)
|
|
(29,573
|
)
|
|
(17,377
|
)
|
|||
Gain on acquisition of unconsolidated joint venture property
(2)
|
—
|
|
|
(11
|
)
|
|
(1,332
|
)
|
|||
Funds from operations (FFO)
|
$
|
109,895
|
|
|
$
|
76,968
|
|
|
$
|
58,584
|
|
Less: preferred stock dividends
|
(9,694
|
)
|
|
(5,875
|
)
|
|
(1,983
|
)
|
|||
Less: FFO attributable to noncontrolling interest
(3)
|
(2,295
|
)
|
|
(1,914
|
)
|
|
(1,751
|
)
|
|||
Less: FFO attributable to participating securities
(4)
|
(642
|
)
|
|
(546
|
)
|
|
(473
|
)
|
|||
FFO attributable to common stockholders
|
$
|
97,264
|
|
|
$
|
68,633
|
|
|
$
|
54,377
|
|
(1)
|
Amount reflects our 15% ownership interest in the JV that owned the property located at 3233 Mission Oaks Boulevard for all periods prior to July 6, 2016, when we acquired the remaining 85% ownership interest.
|
(2)
|
Amounts relate to the Company’s acquisition of the remaining 85% ownership interest in the property located at 3233 Mission Oaks Boulevard from the JV. See Note 11 to our consolidated financial statements included in Item 15 of this Report on Form 10-K.
|
(3)
|
Noncontrolling interest represent holders of outstanding common units of our Operating Partnership that are owned by unit holders other than Rexford Industrial Realty, Inc.
|
(4)
|
Participating securities include unvested shares of restricted stock, unvested LTIP units of partnership interest in our Operating Partnership and unvested performance units in our Operating Partnership.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Rental income
|
$
|
177,568
|
|
|
$
|
136,185
|
|
|
$
|
107,594
|
|
Tenant reimbursements
|
32,195
|
|
|
23,363
|
|
|
16,723
|
|
|||
Other income
|
880
|
|
|
869
|
|
|
943
|
|
|||
Total operating revenues
|
210,643
|
|
|
160,417
|
|
|
125,260
|
|
|||
Property expenses
|
51,671
|
|
|
42,139
|
|
|
33,619
|
|
|||
Net Operating Income
|
$
|
158,972
|
|
|
$
|
118,278
|
|
|
$
|
91,641
|
|
Amortization of (below) above market lease intangibles, net
|
(5,981
|
)
|
|
(2,270
|
)
|
|
(78
|
)
|
|||
Straight line rental revenue adjustment
|
(6,477
|
)
|
|
(4,737
|
)
|
|
(4,507
|
)
|
|||
Cash Net Operating Income
|
$
|
146,514
|
|
|
$
|
111,271
|
|
|
$
|
87,056
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
Add:
|
|
|
|
|
|
|
|
||||
General and administrative
|
25,194
|
|
|
21,610
|
|
|
17,415
|
|
|||
Depreciation and amortization
|
80,042
|
|
|
64,852
|
|
|
51,407
|
|
|||
Acquisitions expense
|
318
|
|
|
454
|
|
|
1,855
|
|
|||
Interest expense
|
25,416
|
|
|
20,209
|
|
|
14,848
|
|
|||
Deduct:
|
|
|
|
|
|
|
|
||||
Management, leasing and development services
|
473
|
|
|
493
|
|
|
473
|
|
|||
Interest income
|
1,378
|
|
|
445
|
|
|
459
|
|
|||
Equity in income from unconsolidated real estate entities
|
—
|
|
|
11
|
|
|
1,451
|
|
|||
Gain on extinguishment of debt
|
—
|
|
|
25
|
|
|
—
|
|
|||
Gain on sale of real estate
|
17,222
|
|
|
29,573
|
|
|
17,377
|
|
|||
Net Operating Income
|
$
|
158,972
|
|
|
$
|
118,278
|
|
|
$
|
91,641
|
|
Amortization of (below) above market lease intangibles, net
|
(5,981
|
)
|
|
(2,270
|
)
|
|
(78
|
)
|
|||
Straight line rental revenue adjustment
|
(6,477
|
)
|
|
(4,737
|
)
|
|
(4,507
|
)
|
|||
Cash Net Operating Income
|
$
|
146,514
|
|
|
$
|
111,271
|
|
|
$
|
87,056
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
Interest expense
|
25,416
|
|
|
20,209
|
|
|
14,848
|
|
|||
Depreciation and amortization
|
80,042
|
|
|
64,852
|
|
|
51,407
|
|
|||
Depreciation and amortization from unconsolidated joint ventures
(1)
|
—
|
|
|
—
|
|
|
10
|
|
|||
Gain on sale of real estate
|
(17,222
|
)
|
|
(29,573
|
)
|
|
(17,377
|
)
|
|||
Gain on acquisition of unconsolidated joint venture property
(2)
|
—
|
|
|
(11
|
)
|
|
(1,332
|
)
|
|||
EBITDAre
|
$
|
135,311
|
|
|
$
|
97,177
|
|
|
$
|
73,432
|
|
(1)
|
Amount reflects our 15% ownership interest in the JV that owned the property located at 3233 Mission Oaks Boulevard for all periods prior to July 6, 2016, when we acquired the remaining 85% ownership interest.
|
(2)
|
Amounts relate to the Company’s acquisition of the remaining 85% ownership interest in the property located at 3233 Mission Oaks Boulevard from the JV. See Note 11 to our consolidated financial statements included in Item 15 of this Report on Form 10-K.
|
|
|
Payments Due by Period
|
|
|
||||||||||||||||
|
|
Less than 1 Year (2019)
|
|
1-3 Years (2020-2021)
|
|
3-5 Years (2022-2023)
|
|
More than
5 Years
(After 2023)
|
|
Total
|
||||||||||
Principal payments and debt maturities
|
|
$
|
158
|
|
|
$
|
732
|
|
|
$
|
383,485
|
|
|
$
|
376,741
|
|
|
$
|
761,116
|
|
Interest payments - fixed rate debt
(1)
|
|
9,333
|
|
|
18,641
|
|
|
18,605
|
|
|
27,347
|
|
|
73,926
|
|
|||||
Interest payments - variable rate debt
(2)
|
|
17,603
|
|
|
35,491
|
|
|
25,733
|
|
|
8,726
|
|
|
87,553
|
|
|||||
Office lease payments
|
|
668
|
|
|
424
|
|
|
—
|
|
|
—
|
|
|
1,092
|
|
|||||
Ground lease payments
|
|
144
|
|
|
288
|
|
|
288
|
|
|
5,532
|
|
|
6,252
|
|
|||||
Contractual obligations
(3)
|
|
22,816
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,816
|
|
|||||
Total
|
|
$
|
50,722
|
|
|
$
|
55,576
|
|
|
$
|
428,111
|
|
|
$
|
418,346
|
|
|
$
|
952,755
|
|
(1)
|
Reflects scheduled interest payments on our fixed rate debt, including the $100 million unsecured guaranteed senior notes, the $125 million unsecured guaranteed senior notes and the Gilbert/La Palma mortgage loan.
|
(2)
|
Reflects an estimate of interest payments due on variable rate debt, including the impact of interest rate swaps. For variable rate debt where interest is paid based on LIBOR plus an applicable LIBOR margin, we used the applicable LIBOR margin in effect as of
December 31, 2018
, and the one-month LIBOR rate of
2.5027%
, as of
December 31, 2018
. Furthermore, it is assumed that any maturity extension options available are not exercised.
|
(3)
|
Includes total commitments for tenant improvement and construction work related to obligations under certain tenant leases and vendor contracts. We anticipate these obligations to be paid as incurred in 2019 and 2020, however, as the timing of these obligations is subject to a number of factors, for purposes of this table, we have included the full amount under “Less than 1 Year (
2019
).”
|
|
|
Maturity Date
|
|
Stated
Interest Rate
|
|
Effective
Interest Rate
(1)
|
|
Principal Balance
(in thousands)
(2)
|
|
Maturity Date of Effective Swaps
|
|||
Secured Debt:
|
|
|
|
|
|
|
|
|
|
|
|||
$60M Term Loan
(3)
|
|
8/1/2023
(3)
|
|
LIBOR+1.70%
|
|
3.619
|
%
|
(4)
|
$
|
58,499
|
|
|
2/15/2019
|
Gilbert/La Palma
|
|
3/1/2031
|
|
5.125%
|
|
5.125
|
%
|
|
2,617
|
|
|
|
|
Unsecured Debt:
|
|
|
|
|
|
|
|
|
|
|
|||
Revolver
(5)
|
|
2/12/2021
(6)
|
|
LIBOR +1.10%
(7)
|
|
3.603
|
%
|
|
—
|
|
|
|
|
$100 Million Term Loan Facility
|
|
2/14/2022
|
|
LIBOR +1.20%
(7)
|
|
2.964
|
%
|
(8)
|
100,000
|
|
|
8/14/2021
|
|
$225 Million Term Loan Facility
|
|
1/14/2023
|
|
LIBOR +1.20%
(7)
|
|
2.574
|
%
|
(9)
|
225,000
|
|
|
1/14/2022
|
|
$150 Million Term Loan Facility
|
|
5/22/2025
|
|
LIBOR +1.50%
(7)
|
|
4.003
|
%
|
|
150,000
|
|
|
|
|
$100 Million Senior Notes
|
|
8/6/2025
|
|
4.29%
|
|
4.290
|
%
|
|
100,000
|
|
|
|
|
$125 Million Senior Notes
|
|
7/13/2027
|
|
3.930%
|
|
3.930
|
%
|
|
125,000
|
|
|
|
|
Total Debt:
|
|
|
|
|
|
3.444
|
%
|
|
$
|
761,116
|
|
|
|
(1)
|
Includes the effect of interest rate swaps that were effective as of
December 31, 2018
. Assumes a one-month LIBOR rate of
2.5027%
as of
December 31, 2018
, as applicable. Excludes the effect of amortization of debt issuance costs, discounts and the facility fee on the Revolver.
|
(2)
|
Excludes unamortized debt issuance costs and debt discounts totaling
$3.7 million
as of
December 31, 2018
.
|
(3)
|
One two-year extension is available, if certain conditions are satisfied.
|
(4)
|
As of
December 31, 2018
,
$58.1 million
of this term loan has been effectively fixed at 3.615% through the use of two interest rate swaps as follows: (i) $30 million at 3.526% with an effective date of January 15, 2015 and (ii)
$28.1 million
at 3.710% with an effective date of July 15, 2015.
|
(5)
|
The Revolver is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. The applicable facility fee will range from
0.15%
to
0.30%
depending upon our leverage ratio.
|
(6)
|
Two additional six-month extensions are available, provided that certain conditions are satisfied.
|
(7)
|
The LIBOR margin will range from 1.10% to 1.50% per annum for the Revolver, 1.20% to 1.70% per annum for the $100 Million Term Loan Facility, 1.20% to 1.70% per annum for the $225 million term loan facility and 1.50% to 2.20% per annum for the $150 Million Term Loan Facility, depending on our leverage ratio, which is the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value. This leverage ratio is measured on a quarterly basis, and as a result, the effective interest rate will fluctuate from period to period.
|
(8)
|
As of
December 31, 2018
, the $100 Million Term Loan has been effectively fixed at
1.764%
plus an applicable LIBOR margin through the use of an interest rate swap with a notional value of $100.0 million and an effective date of
December 14, 2018
.
|
(9)
|
As of
December 31, 2018
, the $225 million term loan facility has been effectively fixed at 1.374% plus the applicable LIBOR margin through the use of two interest rate swaps as follows: (i) $125 million with a strike rate of 1.349% and an effective date of February 14, 2018, and (ii) $100 million with a strike rate of 1.406% and an effective date of August 14, 2018, plus the applicable LIBOR margin.
|
|
|
Average Term Remaining
(in years)
|
|
Stated
Interest Rate
|
|
Effective
Interest Rate
(1)
|
|
Principal Balance
(in thousands)
(2)
|
|
% of Total
|
||
Fixed vs. Variable:
|
|
|
|
|
|
|
|
|
|
|
||
Fixed
|
|
5.3
|
|
3.306%
|
|
3.306%
|
|
$
|
610,725
|
|
|
80%
|
Variable
|
|
6.4
|
|
LIBOR + 1.50%
|
|
4.003%
|
|
$
|
150,391
|
|
|
20%
|
Secured vs. Unsecured:
|
|
|
|
|
|
|
|
|
|
|
||
Secured
|
|
4.9
|
|
--
|
|
3.683%
|
|
$
|
61,116
|
|
|
8%
|
Unsecured
|
|
5.6
|
|
--
|
|
3.423%
|
|
$
|
700,000
|
|
|
92%
|
(1)
|
Includes the effect of interest rate swaps that were effective as of
December 31, 2018
. Excludes the effect of amortization of debt issuance costs, discounts and the facility fee on the Revolver. Assumes a one-month LIBOR rate of
2.5027%
as of
December 31, 2018
, as applicable.
|
(2)
|
Excludes unamortized debt issuance costs and debt discounts totaling
$3.7 million
as of
December 31, 2018
.
|
•
|
Maintaining a ratio of total indebtedness to total asset value of not more than 60%;
|
•
|
For the Credit Facility, the $225 Million Term Loan Facility, and $150 Million Term Loan Facility, maintaining a ratio of secured debt to total asset value of not more than 45%;
|
•
|
For the $100 Million Notes and the $125 Million Notes, maintaining a ratio of secured debt to total asset value of not more than 40%;
|
•
|
Maintaining a ratio of total secured recourse debt to total asset value of not more than 15%;
|
•
|
Maintaining a minimum tangible net worth of at least the sum of (i) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016;
|
•
|
Maintaining a ratio of adjusted EBITDA (as defined in each of the loan agreements) to fixed charges of at least 1.50 to 1.0;
|
•
|
Maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%;
|
•
|
Maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.0.
|
•
|
Maintaining a Debt Service Coverage Ratio (as defined in the term loan agreement) of at least 1.10 to 1.00, to be tested quarterly;
|
•
|
Maintaining Unencumbered Liquid Assets (as defined in the term loan agreement) of not less than (i) $5 million, or (ii) $8 million if we elect to have Line of Credit Availability (as defined in the term loan agreement) included in the
|
•
|
Maintaining a minimum Fair Market Net Worth (as defined in the term loan agreement) of at least $75 million, to be tested annually as of December 31 of each year.
|
|
Year Ended December 31,
|
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
Cash provided by operating activities
|
$
|
102,775
|
|
|
$
|
76,650
|
|
|
$
|
26,125
|
|
Cash used in investing activities
|
$
|
(507,213
|
)
|
|
$
|
(606,900
|
)
|
|
$
|
99,687
|
|
Cash provided by financing activities
|
$
|
578,169
|
|
|
$
|
521,595
|
|
|
$
|
56,574
|
|
|
Year Ended December 31,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Cash provided by operating activities
|
$
|
76,650
|
|
|
$
|
56,432
|
|
|
$
|
20,218
|
|
Cash used in investing activities
|
$
|
(606,900
|
)
|
|
$
|
(361,214
|
)
|
|
$
|
(245,686
|
)
|
Cash provided by financing activities
|
$
|
521,595
|
|
|
$
|
315,106
|
|
|
$
|
206,489
|
|
F-1
|
|
Audited Consolidated Financial Statements of Rexford Industrial Realty, Inc.:
|
|
F-3
|
|
F-4
|
|
F-5
|
|
F-6
|
|
F-8
|
|
F-9
|
|
F-47
|
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit No.
|
|
Filing Date
|
2.1
|
|
|
10-Q
|
|
001-36008
|
|
2.1
|
|
9/3/2013
|
|
2.2
|
|
|
10-Q
|
|
001-36008
|
|
2.2
|
|
9/3/2013
|
|
2.3
|
|
|
10-Q
|
|
001-36008
|
|
2.3
|
|
9/3/2013
|
|
2.4
|
|
|
10-Q
|
|
001-36008
|
|
2.4
|
|
9/3/2013
|
|
2.5
|
|
|
10-Q
|
|
001-36008
|
|
2.5
|
|
9/3/2013
|
|
2.6
|
|
|
10-Q
|
|
001-36008
|
|
2.6
|
|
9/3/2013
|
|
2.7
|
|
|
10-Q
|
|
001-36008
|
|
2.7
|
|
9/3/2013
|
|
2.8
|
|
|
10-Q
|
|
001-36008
|
|
2.8
|
|
9/3/2013
|
|
2.9
|
|
|
10-Q
|
|
001-36008
|
|
2.9
|
|
9/3/2013
|
|
2.10
|
|
|
10-Q
|
|
001-36008
|
|
2.10
|
|
9/3/2013
|
|
2.11
|
|
|
10-Q
|
|
001-36008
|
|
2.11
|
|
9/3/2013
|
|
2.12
|
|
|
10-Q
|
|
001-36008
|
|
2.12
|
|
9/3/2013
|
|
2.13
|
|
|
10-Q
|
|
001-36008
|
|
2.13
|
|
9/3/2013
|
|
2.14
|
|
|
10-Q
|
|
001-36008
|
|
2.14
|
|
9/3/2013
|
|
2.15
|
|
|
8-K/A
|
|
001-36008
|
|
2.1
|
|
7/2/2014
|
|
2.16
|
|
|
8-K
|
|
001-36008
|
|
2.1
|
|
9/15/2014
|
|
2.17
|
|
|
8-K
|
|
001-36008
|
|
2.1
|
|
12/8/2014
|
|
2.18
|
|
|
8-K
|
|
001-36008
|
|
2.1
|
|
4/11/2016
|
|
2.19
|
|
|
10-Q
|
|
001-36008
|
|
10.1
|
|
8/4/2017
|
2.20
|
|
|
10-Q
|
|
001-36008
|
|
10.2
|
|
8/4/2017
|
|
2.21
|
|
|
10-Q
|
|
001-36008
|
|
10.3
|
|
11/3/2017
|
|
3.1
|
|
|
S-11/A
|
|
333-188806
|
|
3.1
|
|
7/15/2013
|
|
3.2
|
|
|
8-K
|
|
001-36008
|
|
3.1
|
|
5/4/2018
|
|
3.3
|
|
|
8-A
|
|
001-36008
|
|
3.3
|
|
8/15/2016
|
|
3.4
|
|
|
8-A12B
|
|
001-36008
|
|
3.3
|
|
11/9/2017
|
|
4.1
|
|
|
S-11/A
|
|
333-188806
|
|
4.1
|
|
7/15/2013
|
|
4.2
|
|
|
8-A
|
|
001-36008
|
|
4.1
|
|
8/15/2016
|
|
4.3
|
|
|
8-A12B
|
|
001-36008
|
|
4.1
|
|
11/9/2017
|
|
10.1
|
|
|
8-K
|
|
001-36008
|
|
3.2
|
|
11/13/2017
|
|
10.2
|
|
|
10-Q
|
|
001-36008
|
|
10.2
|
|
9/3/2013
|
|
10.3†
|
|
|
10-Q
|
|
001-36008
|
|
10.3
|
|
9/3/2013
|
|
10.4†
|
|
|
S-11/A
|
|
333-188806
|
|
10.4
|
|
7/15/2013
|
|
10.5
|
|
|
S-11/A
|
|
333-188806
|
|
10.5
|
|
7/9/2013
|
|
10.6
|
|
|
10-Q
|
|
001-36008
|
|
10.6
|
|
9/3/2013
|
|
10.7†
|
|
|
10-Q
|
|
001-36008
|
|
10.8
|
|
9/3/2013
|
|
10.8†
|
|
|
8-K
|
|
001-36008
|
|
10.2
|
|
6/29/2017
|
|
10.9†
|
|
|
10-Q
|
|
001-36008
|
|
10.9
|
|
9/3/2013
|
|
10.10†
|
|
|
8-K
|
|
001-36008
|
|
10.3
|
|
6/29/2017
|
|
10.11†
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
12/2/2014
|
|
10.12†
|
|
|
8-K
|
|
001-36008
|
|
10.4
|
|
6/29/2017
|
|
10.13†
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
6/29/2017
|
|
10.14†
|
|
|
10-K
|
|
001-36008
|
|
10.11
|
|
3/9/2015
|
|
10.15†
|
|
|
8-K
|
|
001-36008
|
|
10.2
|
|
12/21/2015
|
|
10.16†
|
|
|
8-K
|
|
001-36008
|
|
10.3
|
|
12/21/2015
|
|
10.17
|
|
|
10-Q
|
|
001-36008
|
|
10.12
|
|
9/3/2013
|
|
10.18
|
|
|
10-K
|
|
001-36008
|
|
10.20
|
|
3/20/2014
|
10.19
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
8/12/2014
|
|
10.20
|
|
|
8-K
|
|
001-36008
|
|
10.2
|
|
8/12/2014
|
|
10.21
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
7/20/2015
|
|
10.22
|
|
|
10-Q
|
|
001-36008
|
|
10.1
|
|
5/11/2015
|
|
10.23
|
|
|
10-K
|
|
001-36008
|
|
10.24
|
|
2/25/2016
|
|
10.24
|
|
|
10-K
|
|
001-36008
|
|
10.25
|
|
2/25/2016
|
|
10.25
|
|
|
10-K
|
|
001-36008
|
|
10.26
|
|
2/25/2016
|
|
10.26
|
|
|
8-K
|
|
001-36008
|
|
1.1
|
|
6/13/2018
|
|
10.27
|
|
|
8-K
|
|
001-36008
|
|
1.2
|
|
6/13/2018
|
|
10.28
|
|
|
8-K
|
|
001-36008
|
|
1.3
|
|
6/13/2018
|
|
10.29
|
|
|
8-K
|
|
001-36008
|
|
1.4
|
|
6/13/2018
|
|
10.30
|
|
|
8-K
|
|
001-36008
|
|
1.5
|
|
6/13/2018
|
|
10.31
|
|
|
8-K
|
|
001-36008
|
|
1.6
|
|
6/13/2018
|
|
10.32
|
|
|
8-K
|
|
001-36008
|
|
1.7
|
|
6/13/2018
|
|
10.33
|
|
|
8-K
|
|
001-36008
|
|
1.8
|
|
6/13/2018
|
|
10.34
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
1/20/2016
|
|
10.35
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
4/15/2016
|
|
10.36
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
2/15/2017
|
10.37
|
|
|
10-K
|
|
001-36008
|
|
10.33
|
|
2/23/2017
|
|
10.38
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
7/19/2017
|
|
10.39
|
|
|
10-Q
|
|
001-36008
|
|
10.3
|
|
8/4/2017
|
|
10.40
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
1/22/2018
|
|
10.41
|
|
|
10-K
|
|
001-36008
|
|
10.40
|
|
2/21/2018
|
|
10.42
|
|
|
10-Q
|
|
001-36008
|
|
10.2
|
|
5/7/2018
|
|
10.43
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
5/25/2018
|
|
10.44
|
|
|
8-K
|
|
001-36008
|
|
10.1
|
|
7/3/2018
|
|
21.1*
|
|
|
|
|
|
|
|
|
|
|
23.1*
|
|
|
|
|
|
|
|
|
|
|
24.1*
|
|
|
|
|
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
|
|
|
|
|
31.3*
|
|
|
|
|
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
|
|
|
|
|
32.2*
|
|
|
|
|
|
|
|
|
|
|
32.3*
|
|
|
|
|
|
|
|
|
|
|
101.1*
|
|
The following financial information from Rexford Industrial Realty, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements
|
|
|
|
|
|
|
|
|
*
|
Filed herein
|
**
|
Furnished herein
|
†
|
Compensatory plan or arrangement
|
|
|
Rexford Industrial Realty, Inc.
|
February 15, 2019
|
|
/s/ Michael S. Frankel
|
|
|
Michael S. Frankel
|
|
|
Co-Chief Executive Officer (Principal Executive Officer)
|
|
|
|
February 15, 2019
|
|
/s/ Howard Schwimmer
|
|
|
Howard Schwimmer
|
|
|
Co-Chief Executive Officer (Principal Executive Officer)
|
|
|
|
February 15, 2019
|
|
/s/ Adeel Khan
|
|
|
Adeel Khan
|
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Michael S. Frankel
|
|
Co- Chief Executive Officer and Director
(Principal Executive Officer)
|
|
February 15, 2019
|
Michael S. Frankel
|
|
|
|
|
|
|
|
|
|
/s/ Howard Schwimmer
|
|
Co- Chief Executive Officer and Director
(Principal Executive Officer)
|
|
February 15, 2019
|
Howard Schwimmer
|
|
|
|
|
|
|
|
|
|
/s/ Adeel Khan
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
February 15, 2019
|
Adeel Khan
|
|
|
|
|
|
|
|
|
|
/s/ Richard Ziman
|
|
Chairman of the Board
|
|
February 15, 2019
|
Richard Ziman
|
|
|
|
|
|
|
|
|
|
/s/ Robert L. Antin
|
|
Director
|
|
February 15, 2019
|
Robert L. Antin
|
|
|
|
|
|
|
|
|
|
/s/ Steven C. Good
|
|
Director
|
|
February 15, 2019
|
Steven C. Good
|
|
|
|
|
|
|
|
|
|
/s/ Diana J. Ingram
|
|
Director
|
|
February 15, 2019
|
Diana J. Ingram
|
|
|
|
|
|
|
|
|
|
/s/ Tyler H. Rose
|
|
Director
|
|
February 15, 2019
|
Tyler H. Rose
|
|
|
|
|
|
|
|
|
|
/s/ Peter Schwab
|
|
Director
|
|
February 15, 2019
|
Peter Schwab
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
ASSETS
|
|
|
|
||||
Land
|
$
|
1,298,957
|
|
|
$
|
997,588
|
|
Buildings and improvements
|
1,332,438
|
|
|
1,079,746
|
|
||
Tenant improvements
|
60,024
|
|
|
49,692
|
|
||
Furniture, fixtures, and equipment
|
149
|
|
|
167
|
|
||
Construction in progress
|
24,515
|
|
|
34,772
|
|
||
Total real estate held for investment
|
2,716,083
|
|
|
2,161,965
|
|
||
Accumulated depreciation
|
(228,742
|
)
|
|
(173,541
|
)
|
||
Investments in real estate, net
|
2,487,341
|
|
|
1,988,424
|
|
||
Cash and cash equivalents
|
180,601
|
|
|
6,620
|
|
||
Restricted cash
|
—
|
|
|
250
|
|
||
Rents and other receivables, net
|
4,944
|
|
|
3,664
|
|
||
Deferred rent receivable, net
|
22,228
|
|
|
15,826
|
|
||
Deferred leasing costs, net
|
14,002
|
|
|
12,014
|
|
||
Deferred loan costs, net
|
1,312
|
|
|
1,930
|
|
||
Acquired lease intangible assets, net
|
55,683
|
|
|
49,239
|
|
||
Acquired indefinite-lived intangible
|
5,156
|
|
|
5,156
|
|
||
Interest rate swap asset
|
8,770
|
|
|
7,193
|
|
||
Other assets
|
6,723
|
|
|
6,146
|
|
||
Acquisition related deposits
|
925
|
|
|
2,475
|
|
||
Assets associated with real estate held for sale, net
|
—
|
|
|
12,436
|
|
||
Total Assets
|
$
|
2,787,685
|
|
|
$
|
2,111,373
|
|
LIABILITIES & EQUITY
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Notes payable
|
$
|
757,371
|
|
|
$
|
668,941
|
|
Interest rate swap liability
|
2,351
|
|
|
219
|
|
||
Accounts payable, accrued expenses and other liabilities
|
21,074
|
|
|
21,134
|
|
||
Dividends payable
|
15,938
|
|
|
11,727
|
|
||
Acquired lease intangible liabilities, net
|
52,727
|
|
|
18,067
|
|
||
Tenant security deposits
|
23,262
|
|
|
19,521
|
|
||
Prepaid rents
|
6,539
|
|
|
6,267
|
|
||
Liabilities associated with real estate held for sale
|
—
|
|
|
243
|
|
||
Total Liabilities
|
879,262
|
|
|
746,119
|
|
||
Equity
|
|
|
|
||||
Rexford Industrial Realty, Inc. stockholders’ equity
|
|
|
|
||||
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized,
|
|
|
|
||||
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding as of December 31, 2018 and December 31, 2017 ($90,000 liquidation preference)
|
86,651
|
|
|
86,651
|
|
||
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding as of December 31, 2018 and December 31, 2017 ($75,000 liquidation preference)
|
72,443
|
|
|
73,062
|
|
||
Common Stock, $0.01 par value per share, 490,000,000 authorized and 96,810,504 and 78,495,882 outstanding as of December 31, 2018 and December 31, 2017, respectively
|
966
|
|
|
782
|
|
||
Additional paid in capital
|
1,798,113
|
|
|
1,239,810
|
|
||
Cumulative distributions in excess of earnings
|
(88,341
|
)
|
|
(67,058
|
)
|
||
Accumulated other comprehensive income
|
6,262
|
|
|
6,799
|
|
||
Total stockholders’ equity
|
1,876,094
|
|
|
1,340,046
|
|
||
Noncontrolling interests
|
32,329
|
|
|
25,208
|
|
||
Total Equity
|
1,908,423
|
|
|
1,365,254
|
|
||
Total Liabilities and Equity
|
$
|
2,787,685
|
|
|
$
|
2,111,373
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
RENTAL REVENUES
|
|
|
|
|
|
||||||
Rental income
|
$
|
177,568
|
|
|
$
|
136,185
|
|
|
$
|
107,594
|
|
Tenant reimbursements
|
32,195
|
|
|
23,363
|
|
|
16,723
|
|
|||
Other income
|
880
|
|
|
869
|
|
|
943
|
|
|||
TOTAL RENTAL REVENUES
|
210,643
|
|
|
160,417
|
|
|
125,260
|
|
|||
Management, leasing and development services
|
473
|
|
|
493
|
|
|
473
|
|
|||
Interest income
|
1,378
|
|
|
445
|
|
|
459
|
|
|||
TOTAL REVENUES
|
212,494
|
|
|
161,355
|
|
|
126,192
|
|
|||
OPERATING EXPENSES
|
|
|
|
|
|
||||||
Property expenses
|
51,671
|
|
|
42,139
|
|
|
33,619
|
|
|||
General and administrative
|
25,194
|
|
|
21,610
|
|
|
17,415
|
|
|||
Depreciation and amortization
|
80,042
|
|
|
64,852
|
|
|
51,407
|
|
|||
TOTAL OPERATING EXPENSES
|
156,907
|
|
|
128,601
|
|
|
102,441
|
|
|||
OTHER EXPENSE
|
|
|
|
|
|
||||||
Acquisition expenses
|
318
|
|
|
454
|
|
|
1,855
|
|
|||
Interest expense
|
25,416
|
|
|
20,209
|
|
|
14,848
|
|
|||
TOTAL OTHER EXPENSES
|
25,734
|
|
|
20,663
|
|
|
16,703
|
|
|||
TOTAL EXPENSES
|
182,641
|
|
|
149,264
|
|
|
119,144
|
|
|||
Equity in income from unconsolidated real estate entities
|
—
|
|
|
11
|
|
|
1,451
|
|
|||
Gain on extinguishment of debt
|
—
|
|
|
25
|
|
|
—
|
|
|||
Gain on sale of real estate
|
17,222
|
|
|
29,573
|
|
|
17,377
|
|
|||
NET INCOME
|
47,075
|
|
|
41,700
|
|
|
25,876
|
|
|||
Less: net income attributable to noncontrolling interest
|
(865
|
)
|
|
(988
|
)
|
|
(750
|
)
|
|||
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.
|
46,210
|
|
|
40,712
|
|
|
25,126
|
|
|||
Less: preferred stock dividends
|
(9,694
|
)
|
|
(5,875
|
)
|
|
(1,983
|
)
|
|||
Less: earnings allocated to participating securities
|
(378
|
)
|
|
(410
|
)
|
|
(302
|
)
|
|||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
36,138
|
|
|
$
|
34,427
|
|
|
$
|
22,841
|
|
Net income attributable to common stockholders per share - basic
|
$
|
0.42
|
|
|
$
|
0.48
|
|
|
$
|
0.36
|
|
Net income attributable to common stockholders per share - diluted
|
$
|
0.41
|
|
|
$
|
0.48
|
|
|
$
|
0.36
|
|
Weighted average shares of common stock outstanding - basic
|
86,824,235
|
|
|
71,198,862
|
|
|
62,723,021
|
|
|||
Weighted average shares of common stock outstanding - diluted
|
87,335,749
|
|
|
71,598,654
|
|
|
62,965,554
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
Other comprehensive (loss) income: cash flow hedge adjustment
|
(555
|
)
|
|
3,425
|
|
|
6,693
|
|
|||
Comprehensive income
|
46,520
|
|
|
45,125
|
|
|
32,569
|
|
|||
Less: comprehensive income attributable to noncontrolling interests
|
(847
|
)
|
|
(1,059
|
)
|
|
(965
|
)
|
|||
Comprehensive income attributable to common stockholders
|
$
|
45,673
|
|
|
$
|
44,066
|
|
|
$
|
31,604
|
|
|
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, 2015
|
$
|
—
|
|
|
55,598,684
|
|
|
$
|
553
|
|
|
$
|
722,722
|
|
|
$
|
(48,103
|
)
|
|
$
|
(3,033
|
)
|
|
$
|
672,139
|
|
|
$
|
21,605
|
|
|
$
|
693,744
|
|
Issuance of preferred stock
|
90,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90,000
|
|
|
—
|
|
|
90,000
|
|
||||||||
Issuance of common stock
|
—
|
|
|
10,752,683
|
|
|
108
|
|
|
191,882
|
|
|
—
|
|
|
—
|
|
|
191,990
|
|
|
—
|
|
|
191,990
|
|
||||||||
Offering costs
|
(3,349
|
)
|
|
—
|
|
|
—
|
|
|
(8,662
|
)
|
|
—
|
|
|
—
|
|
|
(12,011
|
)
|
|
—
|
|
|
(12,011
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
79,736
|
|
|
1
|
|
|
2,009
|
|
|
—
|
|
|
—
|
|
|
2,010
|
|
|
1,972
|
|
|
3,982
|
|
||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock
|
—
|
|
|
(36,374
|
)
|
|
—
|
|
|
(747
|
)
|
|
—
|
|
|
—
|
|
|
(747
|
)
|
|
—
|
|
|
(747
|
)
|
||||||||
Conversion of units to common stock
|
—
|
|
|
59,646
|
|
|
—
|
|
|
630
|
|
|
—
|
|
|
—
|
|
|
630
|
|
|
(630
|
)
|
|
—
|
|
||||||||
Acquisition of real estate portfolio
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|
125
|
|
||||||||
Net income
|
1,983
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,143
|
|
|
—
|
|
|
25,126
|
|
|
750
|
|
|
25,876
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,478
|
|
|
6,478
|
|
|
215
|
|
|
6,693
|
|
||||||||
Preferred stock dividends
|
(1,983
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,983
|
)
|
|
—
|
|
|
(1,983
|
)
|
||||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,317
|
)
|
|
—
|
|
|
(34,317
|
)
|
|
—
|
|
|
(34,317
|
)
|
||||||||
Distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,212
|
)
|
|
(1,212
|
)
|
||||||||
Balance at December 31, 2016
|
$
|
86,651
|
|
|
66,454,375
|
|
|
$
|
662
|
|
|
$
|
907,834
|
|
|
$
|
(59,277
|
)
|
|
$
|
3,445
|
|
|
$
|
939,315
|
|
|
$
|
22,825
|
|
|
$
|
962,140
|
|
Issuance of preferred stock
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|
—
|
|
|
75,000
|
|
||||||||
Issuance of common stock
|
—
|
|
|
11,968,927
|
|
|
119
|
|
|
336,515
|
|
|
—
|
|
|
—
|
|
|
336,634
|
|
|
—
|
|
|
336,634
|
|
||||||||
Offering costs
|
(2,525
|
)
|
|
—
|
|
|
—
|
|
|
(5,734
|
)
|
|
—
|
|
|
—
|
|
|
(8,259
|
)
|
|
—
|
|
|
(8,259
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
68,768
|
|
|
1
|
|
|
2,145
|
|
|
—
|
|
|
—
|
|
|
2,146
|
|
|
3,414
|
|
|
5,560
|
|
||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock
|
—
|
|
|
(57,444
|
)
|
|
—
|
|
|
(1,568
|
)
|
|
—
|
|
|
—
|
|
|
(1,568
|
)
|
|
—
|
|
|
(1,568
|
)
|
||||||||
Conversion of units to common stock
|
—
|
|
|
61,256
|
|
|
—
|
|
|
618
|
|
|
—
|
|
|
—
|
|
|
618
|
|
|
(618
|
)
|
|
—
|
|
||||||||
Redemption of preferred stock in connection with liquidation of private REIT
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(125
|
)
|
|
(125
|
)
|
||||||||
Net income
|
5,875
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,837
|
|
|
—
|
|
|
40,712
|
|
|
988
|
|
|
41,700
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,354
|
|
|
3,354
|
|
|
71
|
|
|
3,425
|
|
||||||||
Preferred stock dividends
|
(5,288
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,288
|
)
|
|
—
|
|
|
(5,288
|
)
|
||||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,618
|
)
|
|
—
|
|
|
(42,618
|
)
|
|
—
|
|
|
(42,618
|
)
|
||||||||
Distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,347
|
)
|
|
(1,347
|
)
|
||||||||
Balance at December 31, 2017
|
$
|
159,713
|
|
|
78,495,882
|
|
|
$
|
782
|
|
|
$
|
1,239,810
|
|
|
$
|
(67,058
|
)
|
|
$
|
6,799
|
|
|
$
|
1,340,046
|
|
|
$
|
25,208
|
|
|
$
|
1,365,254
|
|
|
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
|
|||||||||||||||||
Issuance of common stock
|
—
|
|
|
18,177,242
|
|
|
182
|
|
|
565,447
|
|
|
—
|
|
|
—
|
|
|
565,629
|
|
|
—
|
|
|
565,629
|
|
||||||||
Offering costs
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
(9,077
|
)
|
|
—
|
|
|
—
|
|
|
(9,109
|
)
|
|
—
|
|
|
(9,109
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
91,529
|
|
|
1
|
|
|
1,904
|
|
|
—
|
|
|
—
|
|
|
1,905
|
|
|
8,497
|
|
|
10,402
|
|
||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock
|
—
|
|
|
(21,324
|
)
|
|
—
|
|
|
(594
|
)
|
|
—
|
|
|
—
|
|
|
(594
|
)
|
|
—
|
|
|
(594
|
)
|
||||||||
Conversion of units to common stock
|
—
|
|
|
67,175
|
|
|
1
|
|
|
623
|
|
|
—
|
|
|
—
|
|
|
624
|
|
|
(624
|
)
|
|
—
|
|
||||||||
Net income
|
9,694
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,516
|
|
|
—
|
|
|
46,210
|
|
|
865
|
|
|
47,075
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(537
|
)
|
|
(537
|
)
|
|
(18
|
)
|
|
(555
|
)
|
||||||||
Preferred stock dividends
|
(10,281
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,281
|
)
|
|
—
|
|
|
(10,281
|
)
|
||||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57,799
|
)
|
|
—
|
|
|
(57,799
|
)
|
|
—
|
|
|
(57,799
|
)
|
||||||||
Distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,599
|
)
|
|
(1,599
|
)
|
||||||||
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
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
Adjustments to reconcile net income to net
cash provided by operating activities:
|
|
|
|
|
|
||||||
Equity in income from unconsolidated real estate entities
|
—
|
|
|
(11
|
)
|
|
(1,451
|
)
|
|||
Provision for doubtful accounts
|
1,098
|
|
|
1,061
|
|
|
1,287
|
|
|||
Depreciation and amortization
|
80,042
|
|
|
64,852
|
|
|
51,407
|
|
|||
Amortization of (below) above market lease intangibles, net
|
(5,981
|
)
|
|
(2,270
|
)
|
|
(78
|
)
|
|||
Amortization of loan origination fees
|
—
|
|
|
(150
|
)
|
|
(150
|
)
|
|||
Deferred interest income on notes receivable
|
—
|
|
|
84
|
|
|
(84
|
)
|
|||
Gain on extinguishment of debt
|
—
|
|
|
(25
|
)
|
|
—
|
|
|||
Gain on sale of real estate
|
(17,222
|
)
|
|
(29,573
|
)
|
|
(17,377
|
)
|
|||
Amortization of loan costs
|
1,332
|
|
|
1,147
|
|
|
1,014
|
|
|||
Amortization of discount (premium) on notes payable, net
|
5
|
|
|
(169
|
)
|
|
(238
|
)
|
|||
Equity based compensation expense
|
10,147
|
|
|
5,398
|
|
|
3,835
|
|
|||
Straight-line rent
|
(6,477
|
)
|
|
(4,737
|
)
|
|
(4,507
|
)
|
|||
Change in working capital components:
|
|
|
|
|
|
|
|
||||
Rents and other receivables
|
(2,347
|
)
|
|
(2,007
|
)
|
|
(988
|
)
|
|||
Deferred leasing costs
|
(6,212
|
)
|
|
(5,693
|
)
|
|
(5,596
|
)
|
|||
Other assets
|
(1,271
|
)
|
|
(1,491
|
)
|
|
71
|
|
|||
Accounts payable, accrued expenses and other liabilities
|
651
|
|
|
4,203
|
|
|
1,667
|
|
|||
Tenant security deposits
|
2,731
|
|
|
2,580
|
|
|
2,155
|
|
|||
Prepaid rents
|
(796
|
)
|
|
1,751
|
|
|
(411
|
)
|
|||
Net cash provided by operating activities
|
102,775
|
|
|
76,650
|
|
|
56,432
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Acquisition of investments in real estate
|
(494,202
|
)
|
|
(664,361
|
)
|
|
(367,621
|
)
|
|||
Capital expenditures
|
(57,951
|
)
|
|
(42,313
|
)
|
|
(31,928
|
)
|
|||
Payments for deposits on real estate acquisitions
|
(25
|
)
|
|
(2,475
|
)
|
|
—
|
|
|||
Distributions from unconsolidated real estate entities
|
—
|
|
|
11
|
|
|
5,530
|
|
|||
Issuance of notes receivable
|
—
|
|
|
—
|
|
|
(5,700
|
)
|
|||
Principal repayments of notes receivable
|
—
|
|
|
6,000
|
|
|
—
|
|
|||
Proceeds from deposit on real estate sale
|
—
|
|
|
250
|
|
|
—
|
|
|||
Proceeds from sale of real estate
|
44,965
|
|
|
95,988
|
|
|
38,505
|
|
|||
Net cash used in investing activities
|
(507,213
|
)
|
|
(606,900
|
)
|
|
(361,214
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Issuance of preferred stock, net
|
—
|
|
|
72,475
|
|
|
86,651
|
|
|||
Issuance of common stock, net
|
556,520
|
|
|
330,900
|
|
|
183,386
|
|
|||
Proceeds from notes payable
|
401,000
|
|
|
612,000
|
|
|
263,000
|
|
|||
Repayment of notes payable
|
(311,541
|
)
|
|
(442,818
|
)
|
|
(179,223
|
)
|
|||
Debt issuance costs
|
(1,748
|
)
|
|
(2,268
|
)
|
|
(1,925
|
)
|
|||
Debt extinguishment costs
|
—
|
|
|
(193
|
)
|
|
—
|
|
|||
Redemption of preferred stock in connection with liquidation of private REIT
|
—
|
|
|
(125
|
)
|
|
—
|
|
|||
Dividends paid to preferred stockholders
|
(10,281
|
)
|
|
(5,288
|
)
|
|
(1,983
|
)
|
|||
Dividends paid to common stockholders
|
(53,691
|
)
|
|
(40,207
|
)
|
|
(32,852
|
)
|
|||
Distributions paid to common unitholders
|
(1,496
|
)
|
|
(1,313
|
)
|
|
(1,201
|
)
|
|||
Repurchase of common shares to satisfy employee tax withholding requirements
|
(594
|
)
|
|
(1,568
|
)
|
|
(747
|
)
|
|||
Net cash provided by financing activities
|
578,169
|
|
|
521,595
|
|
|
315,106
|
|
|||
Increase (decrease) in cash, cash equivalents and restricted cash
|
173,731
|
|
|
(8,655
|
)
|
|
10,324
|
|
|||
Cash, cash equivalents and restricted cash, beginning of period
|
6,870
|
|
|
15,525
|
|
|
5,201
|
|
|||
Cash, cash equivalents and restricted cash, end of period
|
$
|
180,601
|
|
|
$
|
6,870
|
|
|
$
|
15,525
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid for interest (net of capitalized interest of $2,053, $1,694 and $1,653 for 2018, 2017 and 2016, respectively)
|
$
|
23,791
|
|
|
$
|
18,423
|
|
|
$
|
13,943
|
|
Supplemental disclosure of noncash investing and financing transactions:
|
|
|
|
|
|
||||||
Increase in capital expenditure accrual
|
$
|
81
|
|
|
$
|
2,216
|
|
|
$
|
1,284
|
|
Accrual of dividends
|
$
|
15,938
|
|
|
$
|
11,727
|
|
|
$
|
9,282
|
|
2.
|
Summary of Significant Accounting Policies
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
Cash and cash equivalents
|
$
|
180,601
|
|
|
$
|
6,620
|
|
Restricted cash
|
—
|
|
|
250
|
|
||
Cash, cash equivalents and restricted cash
|
$
|
180,601
|
|
|
$
|
6,870
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Rents and other receivables
|
$
|
6,772
|
|
|
$
|
5,369
|
|
Allowance for doubtful accounts
|
(1,828
|
)
|
|
(1,705
|
)
|
||
Rents and other receivables, net
|
$
|
4,944
|
|
|
$
|
3,664
|
|
|
|
|
|
||||
Deferred rent receivable
|
$
|
22,420
|
|
|
$
|
15,912
|
|
Allowance for doubtful accounts
|
(192
|
)
|
|
(86
|
)
|
||
Deferred rent receivable, net
|
$
|
22,228
|
|
|
$
|
15,826
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Provision for doubtful accounts
|
$
|
1,203
|
|
|
$
|
1,118
|
|
|
$
|
1,233
|
|
3.
|
Investments in Real Estate
|
Property
|
|
Submarket
|
|
Date of Acquisition
|
|
Rentable Square Feet
|
|
Number of Buildings
|
|
Contractual Purchase Price
(1)
(in thousands) |
||||
13971 Norton Avenue
(2)
|
|
Inland Empire West
|
|
1/17/2018
|
|
103,208
|
|
|
1
|
|
|
$
|
11,364
|
|
Ontario Airport Commerce Center
(3)
|
|
Inland Empire West
|
|
2/23/2018
|
|
213,603
|
|
|
3
|
|
|
24,122
|
|
|
16010 Shoemaker Avenue
(4)
|
|
Los Angeles - Mid-Counties
|
|
3/13/2018
|
|
115,600
|
|
|
1
|
|
|
17,218
|
|
|
4039 Calle Platino
(5)
|
|
San Diego - North County
|
|
4/4/2018
|
|
143,274
|
|
|
1
|
|
|
20,000
|
|
|
851 Lawrence Drive
(6)
|
|
Ventura
|
|
4/5/2018
|
|
49,976
|
|
|
1
|
|
|
6,600
|
|
|
1581 North Main Street
(6)
|
|
Orange County - North
|
|
4/6/2018
|
|
39,661
|
|
|
1
|
|
|
7,150
|
|
|
1580 West Carson Street
(7)
|
|
Los Angeles - South Bay
|
|
4/26/2018
|
|
43,787
|
|
|
1
|
|
|
7,500
|
|
|
660 & 664 North Twin Oaks Valley Road
(6)
|
|
San Diego - North County
|
|
4/26/2018
|
|
96,993
|
|
|
2
|
|
|
14,000
|
|
|
1190 Stanford Court
(6)
|
|
Orange County - North
|
|
5/8/2018
|
|
34,494
|
|
|
1
|
|
|
6,080
|
|
|
5300 Sheila Street
(6)
|
|
Los Angeles - Central
|
|
5/9/2018
|
|
695,120
|
|
|
1
|
|
|
121,000
|
|
|
15777 Gateway Circle
(4)
|
|
Orange - OC Airport
|
|
5/17/2018
|
|
37,592
|
|
|
1
|
|
|
8,050
|
|
|
1998 Surveyor Avenue
(4)(8)
|
|
Ventura
|
|
5/18/2018
|
|
—
|
|
(8)
|
—
|
|
(8)
|
5,821
|
|
|
3100 Fujita Street
(4)
|
|
Los Angeles - South Bay
|
|
5/31/2018
|
|
91,516
|
|
|
1
|
|
|
14,037
|
|
|
4416 Azusa Canyon Road
(4)
|
|
Los Angeles - San Gabriel Valley
|
|
6/8/2018
|
|
70,510
|
|
|
1
|
|
|
12,000
|
|
|
1420 Mckinley Avenue
(4)
|
|
Los Angeles - South Bay
|
|
6/12/2018
|
|
136,685
|
|
|
1
|
|
|
30,000
|
|
|
12154 Montague Street
(4)
|
|
Los Angeles - San Fernando Valley
|
|
6/29/2018
|
|
122,868
|
|
|
1
|
|
|
22,525
|
|
|
10747 Norwalk Boulevard
(4)
|
|
Los Angeles - Mid-Counties
|
|
7/18/2018
|
|
52,691
|
|
|
1
|
|
|
10,835
|
|
|
29003 Avenue Sherman
(4)
|
|
Los Angeles - San Fernando Valley
|
|
7/19/2018
|
|
68,123
|
|
|
1
|
|
|
9,500
|
|
|
16121 Carmenita Road
(4)
|
|
Los Angeles - Mid-Counties
|
|
8/14/2018
|
|
108,500
|
|
|
1
|
|
|
13,300
|
|
|
1332-1340 Rocky Point Drive
(4)
|
|
San Diego - North County
|
|
10/17/2018
|
|
73,747
|
|
|
3
|
|
|
10,170
|
|
|
6131-6133 Innovation Way
(4)
|
|
San Diego - North County
|
|
11/6/2018
|
|
114,572
|
|
|
2
|
|
|
24,200
|
|
|
263-321 Gardena Boulevard
(4)
|
|
Los Angeles - South Bay
|
|
11/8/2018
|
|
55,238
|
|
|
2
|
|
|
16,101
|
|
|
9200 Mason Avenue
(4)
|
|
Los Angeles - San Fernando Valley
|
|
11/30/2018
|
|
80,410
|
|
|
1
|
|
|
9,041
|
|
|
9230 Mason Avenue
(4)
|
|
Los Angeles - San Fernando Valley
|
|
11/30/2018
|
|
54,000
|
|
|
1
|
|
|
5,300
|
|
|
9250 Mason Avenue
(4)
|
|
Los Angeles - San Fernando Valley
|
|
11/30/2018
|
|
56,292
|
|
|
1
|
|
|
6,626
|
|
|
9171 Oso Avenue
(4)
|
|
Los Angeles - San Fernando Valley
|
|
11/30/2018
|
|
65,560
|
|
|
1
|
|
|
8,565
|
|
|
5593-5595 Fresca Drive
(4)
|
|
Orange County - North
|
|
11/30/2018
|
|
115,200
|
|
|
1
|
|
|
14,000
|
|
|
6100 Sheila Street
(4)
|
|
Los Angeles - Central
|
|
12/7/2018
|
|
74,527
|
|
|
1
|
|
|
18,245
|
|
|
14421-14441 Bonelli Street
(9)
|
|
Los Angeles - San Gabriel Valley
|
|
12/28/2018
|
|
148,740
|
|
|
1
|
|
|
19,500
|
|
|
Total 2018 Wholly-Owned Property Acquisitions
|
|
|
|
3,062,487
|
|
|
35
|
|
|
$
|
492,850
|
|
(1)
|
Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs.
|
(2)
|
This acquisition was partially funded through a 1031 Exchange using
$10.7 million
of net cash proceeds from the sale of our property located at 8900-8980 Benson Avenue and 5637 Arrow Highway and borrowings under our unsecured revolving credit facility.
|
(3)
|
The Ontario Airport Commerce Center is an industrial park which includes two properties located at 1900 Proforma Avenue and 1910-1920 Archibald Avenue. This acquisition was partially funded through a 1031 Exchange using
$10.3 million
of net cash proceeds from the sale of our property located at 700 Allen Avenue and 1851 Flower Street, borrowings under our unsecured revolving credit facility and available cash on hand. On May 9, 2018, we sold the property located at 1910-1920 Archibald Avenue (see Note 12).
|
(4)
|
This acquisition was funded with available cash on hand.
|
(5)
|
This acquisition was partially funded through a 1031 Exchange using
$4.2 million
of net cash proceeds from the sale of our property located at 200-220 South Grand Avenue and borrowings under our unsecured revolving credit facility.
|
(6)
|
This acquisition was funded with available cash on hand and borrowings under our unsecured revolving credit facility.
|
(7)
|
This acquisition was partially funded through a 1031 Exchange using
$1.6 million
of net cash proceeds from the sale of our property located at 6770 Central Avenue—Building B and borrowings under our unsecured revolving credit facility.
|
(8)
|
We acquired 1998 Surveyor Avenue as an under-construction building for a cost of
$5.8 million
and the assumption of the seller’s fixed-price construction contracts with approximately
$4.4 million
of remaining costs. At completion, the property will be one single-tenant building containing
56,306
rentable square feet.
|
(9)
|
This acquisition was partially funded through a 1031 Exchange using
$9.8 million
of net cash proceeds from the sale of three buildings located at 311 East 157th Street, 329 East 157th Street and 319 East 157th Street and available cash on hand.
|
(1)
|
Represents the gross contractual purchase price before prorations and closing costs.
|
(2)
|
This acquisition was funded with available cash on hand and borrowings under our unsecured revolving credit facility.
|
(3)
|
This acquisition was partially funded through a 1031 Exchange using
$6.5 million
of net cash proceeds from the sale of our property located at 9375 Archibald Avenue and borrowings under our unsecured revolving credit facility.
|
(4)
|
This acquisition was partially funded through a 1031 Exchange using
$39.7 million
of net cash proceeds from the sale of our property located at 2535 Midway Drive, borrowings under our unsecured revolving credit facility and available cash on hand.
|
(5)
|
This acquisition was funded with available cash on hand.
|
(6)
|
This acquisition was partially funded with net cash proceeds from the issuance of
$125.0 million
of senior unsecured guaranteed notes and borrowings under our unsecured revolving credit facility.
|
(7)
|
This acquisition was partially funded through a 1031 Exchange using
$29.3 million
of net cash proceeds from the sale of our properties located at 12345 First American Way and 9401 De Soto Avenue and available cash on hand.
|
(8)
|
This acquisition was partially funded through a 1031 Exchange using
$2.2 million
of net cash proceeds from the sale of our property located at 77-700 Enfield Lane and available cash on hand.
|
|
|
2018
|
|
2017
|
||||||||||||
|
|
Total Acquisitions
|
|
Rancho Pacifica Park
|
|
Other Acquisitions
|
|
Total Acquisitions
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Land
|
|
$
|
312,410
|
|
|
$
|
121,329
|
|
|
$
|
233,207
|
|
|
$
|
354,536
|
|
Buildings and improvements
|
|
198,362
|
|
|
85,336
|
|
|
202,137
|
|
|
287,473
|
|
||||
Tenant improvements
|
|
2,739
|
|
|
1,440
|
|
|
5,570
|
|
|
7,010
|
|
||||
Acquired lease intangible assets
(1)
|
|
26,085
|
|
|
8,852
|
|
|
22,414
|
|
|
31,266
|
|
||||
Other acquired assets
(2)
|
|
206
|
|
|
5
|
|
|
223
|
|
|
228
|
|
||||
Total assets acquired
|
|
$
|
539,802
|
|
|
$
|
216,962
|
|
|
$
|
463,551
|
|
|
$
|
680,513
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Acquired lease intangible liabilities
(3)
|
|
41,778
|
|
|
6,264
|
|
|
6,338
|
|
|
12,602
|
|
||||
Other assumed liabilities
(2)
|
|
2,247
|
|
|
1,126
|
|
|
2,424
|
|
|
3,550
|
|
||||
Total liabilities assumed
|
|
$
|
44,025
|
|
|
$
|
7,390
|
|
|
$
|
8,762
|
|
|
$
|
16,152
|
|
Net assets acquired
|
|
$
|
495,777
|
|
|
$
|
209,572
|
|
|
$
|
454,789
|
|
|
$
|
664,361
|
|
(1)
|
For the 2018 acquisitions, acquired lease intangible assets are comprised of
$25.5 million
of in-place lease intangibles with a weighted average amortization period of
14.8
years and
$0.6 million
of above-market lease intangibles with a weighted average amortization period of
7.1
years. For Rancho Pacifica Park, acquired lease intangible assets is comprised of in-place lease intangibles with a weighted average amortization period of
3.2
years. For the other 2017 acquisitions, acquired lease intangible assets is comprised of
$21.0 million
of in-place lease intangibles with a weighted average amortization period of
5.6
years and
$1.4 million
of above-market lease intangibles with a weighted average amortization period of
10.6
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
26.3
years,
3.5
years and
3.4
years, for the 2018 acquisitions, Rancho Pacifica Park and the other 2017 acquisitions, respectively.
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Acquired Lease Intangible Assets:
|
|
|
|
||||
In-place lease intangibles
|
$
|
119,517
|
|
|
$
|
95,750
|
|
Accumulated amortization
|
(68,481
|
)
|
|
(51,735
|
)
|
||
In-place lease intangibles, net
|
$
|
51,036
|
|
|
$
|
44,015
|
|
|
|
|
|
||||
Above-market tenant leases
|
$
|
11,125
|
|
|
$
|
10,718
|
|
Accumulated amortization
|
(6,478
|
)
|
|
(5,494
|
)
|
||
Above-market tenant leases, net
|
$
|
4,647
|
|
|
$
|
5,224
|
|
Acquired lease intangible assets, net
|
$
|
55,683
|
|
|
$
|
49,239
|
|
|
|
|
|
||||
Acquired Lease Intangible Liabilities:
|
|
|
|
|
|
||
Below-market tenant leases
|
$
|
(66,388
|
)
|
|
$
|
(24,843
|
)
|
Accumulated accretion
|
13,778
|
|
|
6,925
|
|
||
Below-market tenant leases, net
|
$
|
(52,610
|
)
|
|
$
|
(17,918
|
)
|
|
|
|
|
||||
Above-market ground lease
|
$
|
(290
|
)
|
|
$
|
(290
|
)
|
Accumulated accretion
|
173
|
|
|
141
|
|
||
Above-market ground lease, net
|
$
|
(117
|
)
|
|
$
|
(149
|
)
|
Acquired lease intangible liabilities, net
|
$
|
(52,727
|
)
|
|
$
|
(18,067
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
In-place lease intangibles
(1)
|
$
|
18,135
|
|
|
$
|
15,598
|
|
|
$
|
13,560
|
|
Net below market tenant leases
(2)
|
$
|
(5,949
|
)
|
|
$
|
(2,238
|
)
|
|
$
|
(46
|
)
|
Above-market ground lease
(3)
|
$
|
(32
|
)
|
|
$
|
(32
|
)
|
|
$
|
(32
|
)
|
(1)
|
The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.
|
(2)
|
The amortization of net below market tenant leases is recorded as an increase to rental revenues in the consolidated statements of operations for the periods presented.
|
(3)
|
The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated statements of operations for the periods presented.
|
Year Ending
|
In-place Leases
(1)
|
|
Net Above/(Below)
Market Operating Leases (2) |
|
Above Market
Ground Lease (3) |
||||||
2019
|
$
|
15,560
|
|
|
$
|
(7,156
|
)
|
|
$
|
(32
|
)
|
2020
|
10,852
|
|
|
(4,983
|
)
|
|
(32
|
)
|
|||
2021
|
5,943
|
|
|
(3,059
|
)
|
|
(32
|
)
|
|||
2022
|
2,631
|
|
|
(1,800
|
)
|
|
(21
|
)
|
|||
2023
|
1,734
|
|
|
(1,465
|
)
|
|
—
|
|
|||
Thereafter
|
14,316
|
|
|
(29,500
|
)
|
|
—
|
|
|||
Total
|
$
|
51,036
|
|
|
$
|
(47,963
|
)
|
|
$
|
(117
|
)
|
(1)
|
Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operation.
|
(2)
|
Estimated amounts of amortization will be recorded as a net increase to rental revenues in the consolidated statements of operations.
|
(3)
|
Estimated amounts of accretion will be recorded as a decrease to property expenses in the consolidated statements of operations.
|
5.
|
Notes Payable
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
Principal amount
|
|
$
|
761,116
|
|
|
$
|
671,658
|
|
Less: unamortized discount and debt issuance costs
(1)
|
|
(3,745
|
)
|
|
(2,717
|
)
|
||
Carrying value
|
|
$
|
757,371
|
|
|
$
|
668,941
|
|
|
December 31, 2018
|
|
December 31, 2017
|
|
|
|
|
|
|
|
||||||||||||||
|
Principal Amount
|
|
Unamortized Discount and Debt Issuance Costs
|
|
Principal Amount
|
|
Unamortized Discount and Debt Issuance Costs
|
|
Contractual
Maturity Date |
|
Stated Interest Rate
(1)
|
|
Effective Interest Rate
(2)
|
|
||||||||||
Secured Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
$60M Term Loan
(3)
|
$
|
58,499
|
|
|
$
|
(230
|
)
|
|
$
|
58,891
|
|
|
$
|
(125
|
)
|
|
8/1/2023
|
(4)
|
LIBOR+1.70%
|
|
|
3.70
|
%
|
|
Gilbert/La Palma
(5)
|
2,617
|
|
|
(129
|
)
|
|
2,767
|
|
|
(138
|
)
|
|
3/1/2031
|
|
5.125
|
%
|
|
5.45
|
%
|
|
||||
Unsecured Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
$100M Term Loan Facility
|
100,000
|
|
|
(260
|
)
|
|
100,000
|
|
|
(343
|
)
|
|
2/14/2022
|
|
LIBOR+1.20%
|
|
(6)
|
3.05
|
%
|
(7)
|
||||
Revolving Credit Facility
|
—
|
|
|
—
|
|
|
60,000
|
|
|
—
|
|
|
2/12/2021
|
(8)
|
LIBOR+1.10%
|
|
(6)(9)
|
3.60
|
%
|
|
||||
$225M Term Loan Facility
|
225,000
|
|
|
(1,476
|
)
|
|
225,000
|
|
|
(1,398
|
)
|
|
1/14/2023
|
|
LIBOR+1.20%
|
|
(6)
|
2.74
|
%
|
(10)
|
||||
$150M Term Loan Facility
|
150,000
|
|
|
(1,028
|
)
|
|
—
|
|
|
—
|
|
|
5/22/2025
|
|
LIBOR+1.50%
|
|
(6)
|
4.11
|
%
|
|
||||
$100M Notes
|
100,000
|
|
|
(500
|
)
|
|
100,000
|
|
|
(576
|
)
|
|
8/6/2025
|
|
4.290
|
%
|
|
4.37
|
%
|
|
||||
$125M Notes
|
125,000
|
|
|
(122
|
)
|
|
125,000
|
|
|
(137
|
)
|
|
7/13/2027
|
|
3.930
|
%
|
|
3.94
|
%
|
|
||||
Total
|
$
|
761,116
|
|
|
$
|
(3,745
|
)
|
|
$
|
671,658
|
|
|
$
|
(2,717
|
)
|
|
|
|
|
|
|
|
(1)
|
Reflects the contractual interest rate under the terms of the loan, as of
December 31, 2018
.
|
(2)
|
Reflects the effective interest rate as of
December 31, 2018
, which includes the effect of the amortization of discounts and debt issuance costs and the effect of interest rate swaps that are effective as of
December 31, 2018
.
|
(3)
|
This term loan was modified on June 27, 2018, as further described below under “Modification of $60 Million Term Loan”. This term loan is secured by
six
properties. As of
December 31, 2018
, the interest rate on this variable-rate term loan has been effectively fixed through the use of
two
interest rate swaps. See Note 7 for details.
|
(4)
|
One
24-month extension available at the borrower’s option.
|
(5)
|
Monthly payments of interest and principal are based on a
20
-year amortization table.
|
(6)
|
The LIBOR margin will range from
1.20%
to
1.70%
per annum for the
$100.0 million
term loan facility,
1.10%
to
1.50%
per annum for the unsecured revolving credit facility,
1.20%
to
1.70%
per annum for the
$225.0 million
term loan facility and
1.50%
to
2.20%
per annum for the $150.0 million term loan facility, depending on the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value, or leverage ratio, which is measured on a quarterly basis.
|
(7)
|
As of
December 31, 2018
, interest on the
$100.0 million
term loan facility has been effectively fixed through the use of
one
interest rate swap. See Note 7 for details.
|
(8)
|
Two
additional
six
-month extensions are available at the borrower’s option.
|
(9)
|
The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. The applicable facility fee will range from
0.15%
to
0.30%
per annum depending upon our leverage ratio.
|
(10)
|
As of
December 31, 2018
, interest on the
$225.0 million
term loan facility has been effectively fixed through the use of two interest rate swaps. See Note 7 for details.
|
2019
|
$
|
158
|
|
2020
|
166
|
|
|
2021
|
566
|
|
|
2022
|
100,967
|
|
|
2023
|
282,518
|
|
|
Thereafter
|
376,741
|
|
|
Total
|
$
|
761,116
|
|
•
|
Maintaining a ratio of total indebtedness to total asset value of not more than
60%
;
|
•
|
For the Credit Facility, the $225 Million Term Loan Facility and the $150 Million Term Loan Facility, maintaining a ratio of secured debt to total asset value of not more than
45%
;
|
•
|
For the $100 Million Notes and the $125 Million Notes, maintaining a ratio of secured debt to total asset value of not more than
40%
;
|
•
|
Maintaining a ratio of total secured recourse debt to total asset value of not more than
15%
;
|
•
|
Maintaining a minimum tangible net worth of at least the sum of (i)
$760,740,750
, and (ii) an amount equal to at least
75%
of the net equity proceeds received by the Company after September 30,2016;
|
•
|
Maintaining a ratio of adjusted EBITDA (as defined in each of the loan agreements) to fixed charges of at least
1.5
to 1.0;
|
•
|
Maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than
60%
; and
|
•
|
Maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least
1.75
to 1.00.
|
•
|
Maintaining a Debt Service Coverage Ratio (as defined in the term loan agreement) of at least
1.10
to 1.00, to be tested quarterly;
|
•
|
Maintaining Unencumbered Liquid Assets (as defined in the term loan agreement) of not less than (i)
$5,000,000
, or (ii)
$8,000,000
if we elect to have Line of Credit Availability (as defined in the term loan agreement) included in the calculation, of which
$2,000,000
must be cash or cash equivalents, to be tested annually as of December 31 of each year;
|
•
|
Maintaining a minimum Fair Market Net Worth (as defined in the term loan agreement) of at least
$75,000,000
, to be tested annually as of December 31 of each year.
|
6.
|
Operating Leases
|
7.
|
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
Current Notional Amount
(2)
|
|
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)
(2)
|
|||||||||||||
Derivative Instrument
|
|
Effective Date
|
|
Maturity Date
|
|
LIBOR Interest Strike Rate
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2018
|
|
December 31, 2017
|
|||||||||
Interest Rate Swap
|
|
1/15/2015
|
|
2/15/2019
|
|
1.8260
|
%
|
|
$
|
30,000
|
|
|
$
|
30,000
|
|
|
$
|
25
|
|
|
$
|
(11
|
)
|
Interest Rate Swap
|
|
7/15/2015
|
|
2/15/2019
|
|
2.0100
|
%
|
|
$
|
28,108
|
|
|
$
|
28,891
|
|
|
$
|
17
|
|
|
$
|
(70
|
)
|
Interest Rate Swap
|
|
8/14/2015
|
|
12/14/2018
|
|
1.7900
|
%
|
|
$
|
—
|
|
|
$
|
50,000
|
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
Interest Rate Swap
|
|
2/16/2016
|
|
12/14/2018
|
|
2.0050
|
%
|
|
$
|
—
|
|
|
$
|
50,000
|
|
|
$
|
—
|
|
|
$
|
(120
|
)
|
Interest Rate Swap
|
|
2/14/2018
|
|
1/14/2022
|
|
1.3490
|
%
|
|
$
|
125,000
|
|
|
$
|
—
|
|
|
$
|
3,974
|
|
|
$
|
3,582
|
|
Interest Rate Swap
|
|
8/14/2018
|
|
1/14/2022
|
|
1.4060
|
%
|
|
$
|
100,000
|
|
|
$
|
—
|
|
|
$
|
3,023
|
|
|
$
|
2,521
|
|
Interest Rate Swap
|
|
12/14/2018
|
|
8/14/2021
|
|
1.7640
|
%
|
|
$
|
100,000
|
|
|
$
|
—
|
|
|
$
|
1,731
|
|
|
$
|
1,090
|
|
Interest Rate Swap
|
|
7/22/2019
|
|
11/22/2024
|
|
2.7625
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2,351
|
)
|
|
$
|
—
|
|
(1)
|
Represents the notional value of swaps that are effective as of the balance sheet date presented.
|
(2)
|
The fair value of derivative assets are included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets and the fair value of (derivative liabilities) are included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Interest Rate Swaps in Cash Flow Hedging Relationships:
|
|
|
|
|
|
||||||
Amount of gain recognized in AOCI on derivatives
|
$
|
649
|
|
|
$
|
2,084
|
|
|
$
|
4,475
|
|
Amount of gain (loss) reclassified from AOCI into earnings under “Interest expense”
|
$
|
1,204
|
|
|
$
|
(1,341
|
)
|
|
$
|
(2,218
|
)
|
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)
|
$
|
25,416
|
|
|
$
|
20,209
|
|
|
$
|
14,848
|
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset in the Balance Sheet
|
|
|
||||||||
Offsetting of Derivative Assets
|
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts of Assets Presented in the Balance Sheet
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
Net Amount
|
||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
8,770
|
|
|
—
|
|
|
8,770
|
|
|
—
|
|
|
—
|
|
|
8,770
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
7,193
|
|
|
—
|
|
|
7,193
|
|
|
(219
|
)
|
|
—
|
|
|
6,974
|
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset in the Balance Sheet
|
|
|
||||||||
Offsetting of Derivative Liabilities
|
|
Gross Amounts of Recognized Liabilities
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts of Assets Presented in the Balance Sheet
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
Net Amount
|
||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
(2,351
|
)
|
|
—
|
|
|
(2,351
|
)
|
|
—
|
|
|
—
|
|
|
(2,351
|
)
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
219
|
|
|
—
|
|
|
219
|
|
|
(219
|
)
|
|
—
|
|
|
—
|
|
8.
|
Fair Value Measurements
|
|
|
Fair Value Measurement Using
|
||||||||||||||
|
|
Total Fair Value
|
|
Quoted Price in Active
Markets for Identical
Assets and Liabilities
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swap Asset
|
|
$
|
8,770
|
|
|
$
|
—
|
|
|
$
|
8,770
|
|
|
$
|
—
|
|
Interest Rate Swap Liability
|
|
$
|
(2,351
|
)
|
|
$
|
—
|
|
|
$
|
(2,351
|
)
|
|
$
|
—
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swap Asset
|
|
$
|
7,193
|
|
|
$
|
—
|
|
|
$
|
7,193
|
|
|
$
|
—
|
|
Interest Rate Swap Liability
|
|
$
|
(219
|
)
|
|
$
|
—
|
|
|
$
|
(219
|
)
|
|
$
|
—
|
|
|
|
Fair Value Measurement Using
|
|
|
||||||||||||||||
Liabilities
|
|
Total Fair Value
|
|
Quoted Price in Active
Markets for Identical
Assets and Liabilities
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
Carrying Value
|
||||||||||
Notes Payable at:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
$
|
759,491
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
759,491
|
|
|
$
|
757,371
|
|
December 31, 2017
|
|
$
|
673,377
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
673,377
|
|
|
$
|
668,941
|
|
9.
|
Related Party Transactions
|
For the year ending December 31:
|
Office Lease
|
|
Ground Lease
|
||||
2019
|
$
|
668
|
|
|
$
|
144
|
|
2020
|
257
|
|
|
144
|
|
||
2021
|
167
|
|
|
144
|
|
||
2022
|
—
|
|
|
144
|
|
||
2023
|
—
|
|
|
144
|
|
||
Thereafter
|
—
|
|
|
5,532
|
|
||
Total
|
$
|
1,092
|
|
|
$
|
6,252
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,281
|
|
Expenses
|
—
|
|
|
—
|
|
|
(442
|
)
|
|||
Gain on sale of properties
|
—
|
|
|
—
|
|
|
3,458
|
|
|||
Net income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,297
|
|
Property
|
|
Submarket
|
|
Date of
Disposition
|
|
Rentable
Square Feet
|
|
Contract Sales Price
(1)
(In thousands)
|
|
Gain
Recorded
|
|||||
2018 Dispositions:
|
|
|
|
|
|
|
|
|
|
|
|||||
8900-8980 Benson Avenue and 5637 Arrow Highway
|
|
Inland Empire West
|
|
1/2/2018
|
|
88,016
|
|
|
$
|
11,440
|
|
|
$
|
4,029
|
|
700 Allen Avenue and 1851 Flower Street
|
|
Los Angeles - San Fernando Valley
|
|
1/17/2018
|
|
25,168
|
|
|
$
|
10,900
|
|
|
$
|
4,753
|
|
200-220 South Grand Avenue
|
|
Orange County - Airport
|
|
3/7/2018
|
|
27,200
|
|
|
$
|
4,515
|
|
|
$
|
1,201
|
|
6770 Central Avenue—Building B
|
|
Inland Empire West
|
|
4/9/2018
|
|
11,808
|
|
|
$
|
1,676
|
|
|
$
|
1,113
|
|
1910-1920 Archibald Avenue
|
|
Inland Empire West
|
|
5/9/2018
|
|
78,243
|
|
|
$
|
9,050
|
|
|
$
|
495
|
|
311 East 157th Street
|
|
Los Angeles - South Bay
|
|
12/12/2018
|
|
12,000
|
|
|
$
|
3,000
|
|
|
$
|
1,578
|
|
329 East 157th Street
|
|
Los Angeles - South Bay
|
|
12/20/2018
|
|
12,000
|
|
|
$
|
2,675
|
|
|
$
|
1,597
|
|
319 East 157th Street
|
|
Los Angeles - South Bay
|
|
12/27/2018
|
|
24,000
|
|
|
$
|
4,763
|
|
|
$
|
2,456
|
|
Total
|
|
|
|
|
|
278,435
|
|
|
$
|
48,019
|
|
|
$
|
17,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
2017 Dispositions:
|
|
|
|
|
|
|
|
|
|
|
|||||
9375 Archibald Avenue
|
|
Inland Empire West
|
|
3/31/2017
|
|
62,677
|
|
|
$
|
6,875
|
|
|
$
|
2,668
|
|
2535 Midway Drive
|
|
San Diego - Central
|
|
5/17/2017
|
|
373,744
|
|
|
$
|
40,050
|
|
|
$
|
16,026
|
|
2811 Harbor Boulevard
|
|
Orange County - Airport
|
|
6/28/2017
|
|
126,796
|
|
|
$
|
18,700
|
|
|
$
|
594
|
|
12345 First American Way
|
|
San Diego - Central
|
|
10/31/2017
|
|
40,022
|
|
|
$
|
7,600
|
|
|
$
|
4,146
|
|
9401 De Soto Avenue
|
|
Los Angeles - San Fernando Valley
|
|
11/2/2017
|
|
150,831
|
|
|
$
|
23,000
|
|
|
$
|
4,748
|
|
77-700 Enfield Lane
|
|
Inland Empire East
|
|
11/29/2017
|
|
21,607
|
|
|
$
|
2,431
|
|
|
$
|
1,391
|
|
Total
|
|
|
|
|
|
775,677
|
|
|
$
|
98,656
|
|
|
$
|
29,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
2016 Dispositions:
|
|
|
|
|
|
|
|
|
|
|
|||||
6010 N. Paramount Boulevard
|
|
Los Angeles - South Bay
|
|
5/2/2016
|
|
16,534
|
|
|
$
|
2,480
|
|
|
$
|
944
|
|
1840 Dana Street
|
|
Los Angeles - San Fernando Valley
|
|
5/25/2016
|
|
13,497
|
|
|
$
|
4,250
|
|
|
$
|
1,445
|
|
12910 East Mulberry Drive
|
|
Los Angeles - Mid-Counties
|
|
6/7/2016
|
|
153,080
|
|
|
$
|
15,000
|
|
|
$
|
9,174
|
|
22343-22349 La Palma Avenue
|
|
Orange County - North
|
|
11/22/2016
|
|
115,760
|
|
|
$
|
17,000
|
|
|
$
|
4,752
|
|
331 East 157th Street
|
|
Los Angeles - South Bay
|
|
11/28/2016
|
|
12,000
|
|
|
$
|
1,975
|
|
|
$
|
1,062
|
|
Total
|
|
|
|
|
|
310,871
|
|
|
$
|
40,705
|
|
|
$
|
17,377
|
|
|
|
December 31, 2017
|
|
|
Land
|
|
$
|
5,671
|
|
Buildings and improvements
|
|
7,180
|
|
|
Tenant improvements
|
|
429
|
|
|
Construction in progress
|
|
16
|
|
|
Real estate held for sale
|
|
13,296
|
|
|
Accumulated depreciation
|
|
(1,609
|
)
|
|
Real estate held for sale, net
|
|
11,687
|
|
|
Acquired lease intangible assets, net
|
|
71
|
|
|
Other assets associated with real estate held for sale
|
|
678
|
|
|
Total assets associated with real estate held for sale, net
|
|
$
|
12,436
|
|
|
|
|
||
Tenant security deposits
|
|
$
|
193
|
|
Other liabilities associated with real estate held for sale
|
|
50
|
|
|
Total liabilities associated with real estate held for sale
|
|
$
|
243
|
|
13.
|
Stockholders’ Equity
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Accumulated other comprehensive income - beginning balance
|
$
|
6,799
|
|
|
$
|
3,445
|
|
Other comprehensive income before reclassifications
|
649
|
|
|
2,084
|
|
||
Amounts reclassified from accumulated other comprehensive income to interest expense
|
(1,204
|
)
|
|
1,341
|
|
||
Net current period other comprehensive (loss) income
|
(555
|
)
|
|
3,425
|
|
||
Less: other comprehensive loss (income) attributable to noncontrolling interests
|
18
|
|
|
(71
|
)
|
||
Other comprehensive (loss) income attributable to common stockholders
|
(537
|
)
|
|
3,354
|
|
||
Accumulated other comprehensive income - ending balance
|
$
|
6,262
|
|
|
$
|
6,799
|
|
|
Common Stock
|
|||||||||||||||||||
|
Year Ended December 31,
|
|||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
Ordinary Income
|
$
|
0.623496
|
|
|
99.76
|
%
|
|
$
|
0.498827
|
|
|
95.68
|
%
|
|
$
|
0.452085
|
|
|
99.66
|
%
|
Return of Capital
|
0.001504
|
|
|
0.24
|
%
|
|
0.022526
|
|
|
4.32
|
%
|
|
—
|
|
|
—
|
%
|
|||
Capital Gain
(1)
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
0.001562
|
|
|
0.34
|
%
|
|||
Total
|
$
|
0.625000
|
|
|
100.00
|
%
|
|
$
|
0.521353
|
|
|
100.00
|
%
|
|
$
|
0.453647
|
|
|
100.00
|
%
|
(1)
|
100.0%
of the capital gain reported for the year ended December 31, 2016, is comprised of an unrecaptured Section 1250 gain. There were no capital gains reported for the years ended December 31, 2018 and 2017.
|
|
Series A Preferred Stock
|
|||||||||||||||||||
|
Year Ended December 31,
|
|||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
Ordinary Income
|
$
|
1.468752
|
|
|
100.00
|
%
|
|
$
|
0.146875
|
|
|
100.00
|
%
|
|
$
|
0.548884
|
|
|
99.66
|
%
|
Return of Capital
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Capital Gain
(1)
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
0.001896
|
|
|
0.34
|
%
|
|||
Total
|
$
|
1.468752
|
|
|
100.00
|
%
|
|
$
|
0.146875
|
|
|
100.00
|
%
|
|
$
|
0.550780
|
|
|
100.00
|
%
|
(1)
|
100.0%
of the capital gain reported for the year ended December 31, 2016, is comprised of an unrecaptured Section 1250 gain. There were no capital gains reported for the years ended December 31, 2018 and 2017.
|
|
Series B Preferred Stock
|
|||||
|
Year Ended December 31,
|
|||||
|
2018
|
|||||
Ordinary Income
|
$
|
1.664585
|
|
|
100.00
|
%
|
Return of Capital
|
—
|
|
|
—
|
%
|
|
Capital Gain
|
—
|
|
|
—
|
%
|
|
Total
|
$
|
1.664585
|
|
|
100.00
|
%
|
14.
|
Incentive Award Plan
|
|
2018 LTIP Award
|
|
2017 LTIP Award
|
|
2016 LTIP Award
|
||||||
Valuation date
|
December 15, 2018
|
|
|
December 15, 2017
|
|
|
December 29, 2016
|
|
|||
Closing share price of common stock
|
$
|
31.42
|
|
|
$
|
30.58
|
|
|
$
|
22.71
|
|
Discount for post-vesting restrictions and book-up events
|
7.7
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
|||
Grant date fair value (in thousands)
|
$
|
3,853
|
|
|
$
|
3,563
|
|
|
$
|
2,518
|
|
|
Number of Unvested LTIP Units
|
|
Weighted-Average Grant Date Fair Value per Unit
|
|||
Balance at December 31, 2015
|
166,669
|
|
|
$
|
15.11
|
|
Granted
|
116,690
|
|
|
$
|
21.57
|
|
Vested
|
(41,668
|
)
|
|
$
|
13.91
|
|
Balance at December 31, 2016
|
241,691
|
|
|
$
|
18.43
|
|
Granted
|
122,631
|
|
|
$
|
29.05
|
|
Vested
|
(70,837
|
)
|
|
$
|
17.48
|
|
Balance at December 31, 2017
|
293,485
|
|
|
$
|
23.10
|
|
Granted
|
190,318
|
|
|
$
|
28.43
|
|
Vested
|
(156,755
|
)
|
|
$
|
23.29
|
|
Balance at December 31, 2018
|
327,048
|
|
|
$
|
26.12
|
|
•
|
Absolute TSR Base Units
- base units that will vest based on varying levels of the Company’s total shareholder return (“TSR”) over the
three
-year performance period of an award. TSR is measured as the appreciation in the price per share of a company’s common stock plus dividends paid during the
three
-year performance period, assuming the reinvestment in common stock of all dividends paid during the performance period.
|
•
|
Relative TSR Base Units
- base units that will vest based on the Company’s TSR as compared to the TSR percentage of a selected peer group of companies over the
three
-year performance period.
|
•
|
FFO Per-Share Base Units
- base units that will vest based on the Company’s FFO per share growth over the
three
-year performance period.
|
•
|
Distribution Equivalent Units
- Performance Units that have not vested will receive
10%
of the distributions paid on OP units. The remaining
90%
of the distributions will accrue (assuming the reinvestment in common stock of these distributions) during the
three
-year performance period and a portion will be paid out as distribution equivalent units based upon the number of base units that ultimately vest.
|
|
|
|
Absolute TSR Base Units
|
|
Relative TSR Base Units
|
|
FFO Per-Share Base Units
|
|
|
|||||||||||
|
Performance Level
|
|
Company TSR Percentage
|
|
Absolute TSR Vesting Percentage
|
|
Peer Group Relative Performance
|
|
Relative TSR Vesting Percentage
|
|
FFO per Share Growth
|
|
FFO Vesting Percentage
|
|
Three-Year Performance Period
|
|||||
2018 Award
|
|
|
< 18%
|
|
|
—
|
%
|
|
< 35th Percentile
|
|
—
|
%
|
|
< 12%
|
|
|
—
|
%
|
|
|
“Threshold Level”
|
|
18
|
%
|
|
25
|
%
|
|
35th Percentile
|
|
25
|
%
|
|
12
|
%
|
|
25
|
%
|
|
Jan 1, 2019
|
|
“Target Level”
|
|
24
|
%
|
|
60
|
%
|
|
55th Percentile
|
|
60
|
%
|
|
16.5
|
%
|
|
60
|
%
|
|
to
|
|
“Maximum Level”
|
|
≥ 30%
|
|
|
100
|
%
|
|
≥ 75th Percentile
|
|
100
|
%
|
|
≥ 21%
|
|
|
100
|
%
|
|
Dec 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
2017 Award
|
|
|
< 18%
|
|
|
—
|
%
|
|
< 35th Percentile
|
|
—
|
%
|
|
--
|
|
|
--
|
|
|
|
“Threshold Level”
|
|
18
|
%
|
|
25
|
%
|
|
35th Percentile
|
|
25
|
%
|
|
--
|
|
|
--
|
|
|
Dec 15, 2017
|
|
“Target Level”
|
|
27
|
%
|
|
60
|
%
|
|
55th Percentile
|
|
60
|
%
|
|
--
|
|
|
--
|
|
|
to
|
|
“Maximum Level”
|
|
≥ 36%
|
|
|
100
|
%
|
|
≥ 75th Percentile
|
|
100
|
%
|
|
--
|
|
|
--
|
|
|
Dec 14, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
2016 Award
|
|
|
< 21%
|
|
|
—
|
%
|
|
< 50th Percentile
|
|
—
|
%
|
|
--
|
|
|
--
|
|
|
|
“Threshold Level”
|
|
21
|
%
|
|
25
|
%
|
|
50th Percentile
|
|
25
|
%
|
|
--
|
|
|
--
|
|
|
Dec 29, 2016
|
|
“Target Level”
|
|
35.5
|
%
|
|
60
|
%
|
|
62.5th Percentile
|
|
60
|
%
|
|
--
|
|
|
--
|
|
|
to
|
|
“Maximum Level”
|
|
≥ 50%
|
|
|
100
|
%
|
|
≥ 75th Percentile
|
|
100
|
%
|
|
--
|
|
|
--
|
|
|
Dec 28, 2019
|
|
2018 Market Performance Award
|
|
2017 Market Performance Award
|
|
2016 Market Performance Award
|
||||||
Valuation date
|
December 15, 2018
|
|
|
December 15, 2017
|
|
|
December 29, 2016
|
|
|||
Expected share price volatility for the Company
|
20.0
|
%
|
|
18.0
|
%
|
|
20.0
|
%
|
|||
Expected share price volatility for peer group companies - low end of range
(1)
|
16.0
|
%
|
|
15.0
|
%
|
|
21.0
|
%
|
|||
Expected share price volatility for peer group companies - high end of range
(1)
|
100.0
|
%
|
|
100.0
|
%
|
|
50.0
|
%
|
|||
Expected dividend yield
|
2.50
|
%
|
|
2.40
|
%
|
|
2.80
|
%
|
|||
Risk-free interest rate
|
2.80
|
%
|
|
1.96
|
%
|
|
1.49
|
%
|
|||
Grant date fair value (in thousands)
|
$
|
2,090
|
|
|
$
|
2,714
|
|
|
$
|
1,753
|
|
(1)
|
For the 2018 Market Performance Award, the median and average expected share price volatilities for the peer group companies are
23.0%
and
27.1%
, respectively. For the 2017 Market Performance Award, the median and average expected share price volatilities for the peer group companies are
21.0%
and
25.3%
, respectively.
|
|
Number of Unvested Shares of Restricted Common Stock
|
|
Weighted-Average Grant Date Fair Value per Share
|
|||
Balance at December 31, 2015
|
333,441
|
|
|
$
|
14.30
|
|
Granted
|
103,704
|
|
|
$
|
18.03
|
|
Forfeited
|
(23,968
|
)
|
|
$
|
15.37
|
|
Vested
(1)(2)
|
(125,350
|
)
|
|
$
|
14.63
|
|
Balance at December 31, 2016
|
287,827
|
|
|
$
|
15.92
|
|
Granted
|
104,727
|
|
|
$
|
23.78
|
|
Forfeited
|
(35,959
|
)
|
|
$
|
18.74
|
|
Vested
(1)(2)
|
(165,900
|
)
|
|
$
|
15.43
|
|
Balance at December 31, 2017
|
190,695
|
|
|
$
|
20.13
|
|
Granted
|
104,560
|
|
|
$
|
27.72
|
|
Forfeited
|
(13,031
|
)
|
|
$
|
23.51
|
|
Vested
(1)(2)
|
(81,826
|
)
|
|
$
|
19.40
|
|
Balance at December 31, 2018
|
200,398
|
|
|
$
|
24.17
|
|
(1)
|
The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was
$2.4 million
,
$4.5 million
and
$2.6 million
for the years ended
December 31, 2018
,
2017
and
2016
, respectively.
|
(2)
|
Total shares vested include
21,324
,
57,444
and
36,374
shares of common stock that were tendered by employees during the years ended
December 31, 2018
,
2017
and
2016
, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Expensed share-based compensation
(1)
|
$
|
10,147
|
|
|
$
|
5,398
|
|
|
$
|
3,835
|
|
Capitalized share-based compensation
(2)
|
255
|
|
|
162
|
|
|
147
|
|
|||
Total share-based compensation
|
$
|
10,402
|
|
|
$
|
5,560
|
|
|
$
|
3,982
|
|
(1)
|
Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
|
(2)
|
Amounts capitalized, which relate to employees who provide construction and leasing services, are included in “Building and improvements” and “Deferred leasing costs, net” in the accompanying consolidated balance sheets.
|
15.
|
Earnings Per Share
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
47,075
|
|
|
$
|
41,700
|
|
|
$
|
25,876
|
|
Less: Preferred stock dividends
|
(9,694
|
)
|
|
(5,875
|
)
|
|
(1,983
|
)
|
|||
Less: Net income attributable to noncontrolling interests
|
(865
|
)
|
|
(988
|
)
|
|
(750
|
)
|
|||
Less: Net income attributable to participating securities
|
(378
|
)
|
|
(410
|
)
|
|
(302
|
)
|
|||
Net income attributable to common stockholders
|
$
|
36,138
|
|
|
$
|
34,427
|
|
|
$
|
22,841
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
|
|
|||
Weighted average shares of common stock outstanding - basic
|
86,824,235
|
|
|
71,198,862
|
|
|
62,723,021
|
|
|||
Effect of dilutive securities - performance units
|
511,514
|
|
|
399,792
|
|
|
242,533
|
|
|||
Weighted average shares of common stock outstanding - diluted
|
87,335,749
|
|
|
71,598,654
|
|
|
62,965,554
|
|
|||
|
|
|
|
|
|
||||||
Earnings per share - Basic
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
0.42
|
|
|
$
|
0.48
|
|
|
$
|
0.36
|
|
Earnings per share - Diluted:
|
|
|
|
|
|
|
|
|
|||
Net income attributable to common stockholders
|
$
|
0.41
|
|
|
$
|
0.48
|
|
|
$
|
0.36
|
|
16.
|
Quarterly Information (unaudited)
|
|
Three Months Ended
|
||||||||||||||
|
December 31, 2018
|
|
September 30, 2018
|
|
June 30, 2018
|
|
March 31, 2018
|
||||||||
Total revenues
|
$
|
57,008
|
|
|
$
|
55,194
|
|
|
$
|
51,756
|
|
|
$
|
48,536
|
|
Net income
|
$
|
15,207
|
|
|
$
|
8,965
|
|
|
$
|
7,819
|
|
|
$
|
15,084
|
|
Net income attributable to common stockholders
|
$
|
12,413
|
|
|
$
|
6,307
|
|
|
$
|
5,172
|
|
|
$
|
12,246
|
|
Net income attributable to common stockholders per share - basic
|
$
|
0.13
|
|
|
$
|
0.07
|
|
|
$
|
0.06
|
|
|
$
|
0.16
|
|
Net income attributable to common stockholders per share - diluted
|
$
|
0.13
|
|
|
$
|
0.07
|
|
|
$
|
0.06
|
|
|
$
|
0.15
|
|
|
Three Months Ended
|
||||||||||||||
|
December 31, 2017
|
|
September 30, 2017
|
|
June 30, 2017
|
|
March 31, 2017
|
||||||||
Total revenues
|
$
|
45,880
|
|
|
$
|
43,339
|
|
|
$
|
36,782
|
|
|
$
|
35,354
|
|
Net income
|
$
|
14,115
|
|
|
$
|
2,009
|
|
|
$
|
19,855
|
|
|
$
|
5,721
|
|
Net income attributable to common stockholders
|
$
|
11,819
|
|
|
$
|
586
|
|
|
$
|
17,846
|
|
|
$
|
4,176
|
|
Net income attributable to common stockholders per share - basic
|
$
|
0.15
|
|
|
$
|
0.01
|
|
|
$
|
0.26
|
|
|
$
|
0.06
|
|
Net income attributable to common stockholders per share - diluted
|
$
|
0.15
|
|
|
$
|
0.01
|
|
|
$
|
0.26
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
(1)
|
|
Gross Amounts at Which Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Address
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
Building and Improvements
|
|
Building and Improvements
|
|
Land
(2)
|
|
Building & Improvements
(2)
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Year Build / Year Renovated
|
|
Year Acquired
|
||||||||||||||||
15241 - 15277, 15317 - 15339 Don Julian Rd.
|
|
City of Industry, CA
|
|
--
|
|
(4)
|
$
|
3,875
|
|
|
$
|
2,407
|
|
|
$
|
9,682
|
|
|
$
|
3,875
|
|
|
$
|
12,089
|
|
|
$
|
15,964
|
|
|
$
|
(6,343
|
)
|
|
1965, 2005 / 2003
|
|
2002
|
|
300 South Lewis Rd.
|
|
Camarillo, CA
|
|
--
|
|
(4)
|
4,150
|
|
|
3,050
|
|
|
8,104
|
|
|
4,150
|
|
|
11,154
|
|
|
15,304
|
|
|
(5,917
|
)
|
|
1960-1963 / 2006
|
|
2003
|
||||||||
1400 South Shamrock
|
|
Monrovia, CA
|
|
--
|
|
|
2,317
|
|
|
2,534
|
|
|
828
|
|
|
2,317
|
|
|
3,362
|
|
|
5,679
|
|
|
(2,152
|
)
|
|
1957, 1962 / 2004
|
|
2003
|
||||||||
2220-2260 Camino del Sol
|
|
Oxnard, CA
|
|
--
|
|
(4)
|
868
|
|
|
—
|
|
|
4,172
|
|
|
868
|
|
|
4,172
|
|
|
5,040
|
|
|
(1,642
|
)
|
|
2005
|
|
2003
|
||||||||
14250-14278 Valley Blvd.
|
|
La Puente, CA
|
|
--
|
|
|
2,539
|
|
|
2,020
|
|
|
2,977
|
|
|
2,539
|
|
|
4,997
|
|
|
7,536
|
|
|
(2,535
|
)
|
|
1974 / 2007
|
|
2003
|
||||||||
2300-2386 East Walnut Ave.
|
|
Fullerton, CA
|
|
--
|
|
(4)
|
6,817
|
|
|
6,089
|
|
|
1,048
|
|
|
6,817
|
|
|
7,137
|
|
|
13,954
|
|
|
(3,801
|
)
|
|
1985-1986 / 2005
|
|
2004
|
||||||||
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.
|
|
Sylmar, CA
|
|
--
|
|
|
2,525
|
|
|
3,380
|
|
|
6,426
|
|
|
2,525
|
|
|
9,806
|
|
|
12,331
|
|
|
(3,896
|
)
|
|
1969, 2008 / 2016
|
|
2004
|
||||||||
28340 - 28400 Avenue Crocker
|
|
Valencia, CA
|
|
--
|
|
|
2,666
|
|
|
3,343
|
|
|
3,715
|
|
|
2,666
|
|
|
7,058
|
|
|
9,724
|
|
|
(3,161
|
)
|
|
1987 / 2006 / 2015
|
|
2004
|
||||||||
21-29 West Easy St.
|
|
Simi Valley, CA
|
|
--
|
|
|
2,346
|
|
|
4,522
|
|
|
2,322
|
|
|
2,346
|
|
|
6,844
|
|
|
9,190
|
|
|
(3,374
|
)
|
|
1991 / 2006
|
|
2004
|
||||||||
10439-10477 Roselle St.
|
|
San Diego, CA
|
|
--
|
|
|
4,711
|
|
|
3,199
|
|
|
2,740
|
|
|
4,711
|
|
|
5,939
|
|
|
10,650
|
|
|
(1,027
|
)
|
|
1970 / 2007
|
|
2013
|
||||||||
1631 N. Placentia Ave., 2350 - 2384 E. Orangethorpe Ave.
|
|
Anaheim, CA
|
|
--
|
|
|
4,893
|
|
|
1,386
|
|
|
1,463
|
|
|
4,893
|
|
|
2,849
|
|
|
7,742
|
|
|
(1,384
|
)
|
|
1973 / 2007
|
|
2005
|
||||||||
2575 Pioneer Ave.
|
|
Vista, CA
|
|
--
|
|
|
1,784
|
|
|
2,974
|
|
|
1,940
|
|
|
1,784
|
|
|
4,914
|
|
|
6,698
|
|
|
(2,424
|
)
|
|
1988 / 2006
|
|
2004
|
||||||||
9641 - 9657 Santa Fe Springs Rd.
|
|
Santa Fe Springs, CA
|
|
--
|
|
|
3,740
|
|
|
260
|
|
|
6,939
|
|
|
3,740
|
|
|
7,199
|
|
|
10,939
|
|
|
(2,165
|
)
|
|
1982 / 2009
|
|
2006
|
||||||||
28159 Avenue Stanford
|
|
Valencia, CA
|
|
--
|
|
|
1,849
|
|
|
6,776
|
|
|
4,653
|
|
|
1,849
|
|
|
11,429
|
|
|
13,278
|
|
|
(4,911
|
)
|
|
1987 / 2008 / 2015
|
|
2006
|
||||||||
15715 Arrow Highway
|
|
Irwindale, CA
|
|
--
|
|
(4)
|
3,604
|
|
|
5,056
|
|
|
(84
|
)
|
|
3,604
|
|
|
4,972
|
|
|
8,576
|
|
|
(2,360
|
)
|
|
1989
|
|
2006
|
||||||||
2431-2465 Impala Dr.
|
|
Carlsbad, CA
|
|
--
|
|
|
5,470
|
|
|
7,308
|
|
|
3,892
|
|
|
5,470
|
|
|
11,200
|
|
|
16,670
|
|
|
(5,225
|
)
|
|
1983 / 2006
|
|
2006
|
||||||||
6200 & 6300 Yarrow Dr.
|
|
Carlsbad, CA
|
|
--
|
|
|
5,001
|
|
|
7,658
|
|
|
3,544
|
|
|
5,001
|
|
|
11,202
|
|
|
16,203
|
|
|
(5,859
|
)
|
|
1977-1988 / 2006
|
|
2005
|
||||||||
6231 & 6241 Yarrow Dr.
|
|
Carlsbad, CA
|
|
--
|
|
|
3,473
|
|
|
5,119
|
|
|
1,133
|
|
|
3,473
|
|
|
6,252
|
|
|
9,725
|
|
|
(3,160
|
)
|
|
1977 / 2006
|
|
2006
|
||||||||
9160 - 9220 Cleveland Ave., 10860 6th St.
|
|
Rancho Cucamonga, CA
|
|
--
|
|
|
3,647
|
|
|
11,867
|
|
|
2,220
|
|
|
3,647
|
|
|
14,087
|
|
|
17,734
|
|
|
(7,621
|
)
|
|
1988-1989 / 2006
|
|
2006
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
(1)
|
|
Gross Amounts at Which Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Address
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
Building and Improvements
|
|
Building and Improvements
|
|
Land
(2)
|
|
Building & Improvements
(2)
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Year Build / Year Renovated
|
|
Year Acquired
|
||||||||||||||||
18118-18120 S. Broadway
|
|
Carson, CA
|
|
--
|
|
|
3,013
|
|
|
2,161
|
|
|
867
|
|
|
3,013
|
|
|
3,028
|
|
|
6,041
|
|
|
(691
|
)
|
|
1957 / 1989, 2017
|
|
2013
|
||||||||
901 W. Alameda Ave.
|
|
Burbank, CA
|
|
--
|
|
|
6,304
|
|
|
2,996
|
|
|
5,291
|
|
|
6,304
|
|
|
8,287
|
|
|
14,591
|
|
|
(3,880
|
)
|
|
1969 / 2009
|
|
2007
|
||||||||
1938-1946 E. 46th St.
|
|
Vernon, CA
|
|
--
|
|
|
7,015
|
|
|
7,078
|
|
|
1,702
|
|
|
7,015
|
|
|
8,780
|
|
|
15,795
|
|
|
(3,562
|
)
|
|
1961, 1983 / 2008-2010
|
|
2007
|
||||||||
89-91 N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St.
|
|
Pasadena, CA
|
|
--
|
|
|
1,759
|
|
|
2,834
|
|
|
1,936
|
|
|
1,759
|
|
|
4,770
|
|
|
6,529
|
|
|
(1,744
|
)
|
|
1947, 1985 / 2009
|
|
2008
|
||||||||
9220-9268 Hall Rd.
|
|
Downey, CA
|
|
--
|
|
|
6,974
|
|
|
2,902
|
|
|
228
|
|
|
6,974
|
|
|
3,130
|
|
|
10,104
|
|
|
(1,389
|
)
|
|
2008
|
|
2009
|
||||||||
131 W. 33rd St.
|
|
National City, CA
|
|
--
|
|
|
2,390
|
|
|
5,029
|
|
|
486
|
|
|
2,390
|
|
|
5,515
|
|
|
7,905
|
|
|
(2,624
|
)
|
|
1969 / 2008
|
|
2006
|
||||||||
5803 Newton Dr.
|
|
Carlsbad, CA
|
|
--
|
|
|
3,152
|
|
|
7,155
|
|
|
1,707
|
|
|
1,692
|
|
|
5,742
|
|
|
7,434
|
|
|
(2,940
|
)
|
|
1997-1999 / 2009
|
|
2007
|
||||||||
929, 935, 939 & 951 Poinsettia Ave.
|
|
Vista, CA
|
|
--
|
|
|
4,453
|
|
|
5,900
|
|
|
866
|
|
|
2,830
|
|
|
4,804
|
|
|
7,634
|
|
|
(2,149
|
)
|
|
1989 / 2007
|
|
2008
|
||||||||
3720-3750 W. Warner Ave.
|
|
Santa Ana, CA
|
|
--
|
|
|
3,028
|
|
|
1,058
|
|
|
917
|
|
|
3,028
|
|
|
1,975
|
|
|
5,003
|
|
|
(872
|
)
|
|
1973 / 2008
|
|
2007
|
||||||||
6750 Unit C - 6780 Central Ave.
|
|
Riverside, CA
|
|
--
|
|
|
2,659
|
|
|
911
|
|
|
1,515
|
|
|
1,153
|
|
|
1,526
|
|
|
2,679
|
|
|
(774
|
)
|
|
1978
|
|
2007
|
||||||||
1050 Arroyo Ave.
|
|
San Fernando, CA
|
|
--
|
|
|
3,092
|
|
|
1,900
|
|
|
536
|
|
|
3,092
|
|
|
2,436
|
|
|
5,528
|
|
|
(571
|
)
|
|
1969 / 2012
|
|
2010
|
||||||||
600-650 South Grand Ave.
|
|
Santa Ana, CA
|
|
--
|
|
|
4,298
|
|
|
5,075
|
|
|
1,231
|
|
|
4,298
|
|
|
6,306
|
|
|
10,604
|
|
|
(1,481
|
)
|
|
1988
|
|
2010
|
||||||||
121-125 N. Vinedo Ave.
|
|
Pasadena, CA
|
|
--
|
|
|
3,481
|
|
|
3,530
|
|
|
15
|
|
|
3,481
|
|
|
3,545
|
|
|
7,026
|
|
|
(1,109
|
)
|
|
1953 / 1993
|
|
2011
|
||||||||
3441 West MacArthur Blvd.
|
|
Santa Ana, CA
|
|
--
|
|
|
4,179
|
|
|
5,358
|
|
|
5
|
|
|
4,179
|
|
|
5,363
|
|
|
9,542
|
|
|
(1,159
|
)
|
|
1973
|
|
2011
|
||||||||
6701 & 6711 Odessa Ave.
|
|
Van Nuys, CA
|
|
--
|
|
|
1,582
|
|
|
1,856
|
|
|
116
|
|
|
1,582
|
|
|
1,972
|
|
|
3,554
|
|
|
(415
|
)
|
|
1970-1972 / 2012
|
|
2011
|
||||||||
13914-13932 Valley Blvd.
|
|
La Puente, CA
|
|
--
|
|
|
2,372
|
|
|
2,431
|
|
|
519
|
|
|
2,372
|
|
|
2,950
|
|
|
5,322
|
|
|
(712
|
)
|
|
1978, 1988 / 2012
|
|
2011
|
||||||||
10700 Jersey Blvd.
|
|
Rancho Cucamonga, CA
|
|
--
|
|
|
3,158
|
|
|
4,860
|
|
|
498
|
|
|
3,158
|
|
|
5,358
|
|
|
8,516
|
|
|
(1,337
|
)
|
|
1988-1989
|
|
2011
|
||||||||
15705, 15709 Arrow Highway & 5220 Fourth St.
|
|
Irwindale, CA
|
|
--
|
|
|
3,608
|
|
|
2,699
|
|
|
335
|
|
|
3,608
|
|
|
3,034
|
|
|
6,642
|
|
|
(742
|
)
|
|
1987
|
|
2011
|
||||||||
20920-20950 Normandie Ave.
|
|
Torrance, CA
|
|
--
|
|
|
3,253
|
|
|
1,605
|
|
|
466
|
|
|
3,253
|
|
|
2,071
|
|
|
5,324
|
|
|
(513
|
)
|
|
1989
|
|
2011
|
||||||||
14944, 14946, 14948 Shoemaker Ave.
|
|
Santa Fe Springs, CA
|
|
--
|
|
|
3,720
|
|
|
2,641
|
|
|
487
|
|
|
3,720
|
|
|
3,128
|
|
|
6,848
|
|
|
(768
|
)
|
|
1978 / 2012
|
|
2011
|
||||||||
6423-6431 & 6407-6119 Alondra Blvd.
|
|
Paramount, CA
|
|
--
|
|
|
1,396
|
|
|
925
|
|
|
17
|
|
|
1,396
|
|
|
942
|
|
|
2,338
|
|
|
(229
|
)
|
|
1986
|
|
2011
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
(1)
|
|
Gross Amounts at Which Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Address
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
Building and Improvements
|
|
Building and Improvements
|
|
Land
(2)
|
|
Building & Improvements
(2)
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Year Build / Year Renovated
|
|
Year Acquired
|
||||||||||||||||
1400 S. Campus Ave.
|
|
Ontario, CA
|
|
--
|
|
|
3,266
|
|
|
2,961
|
|
|
2
|
|
|
3,266
|
|
|
2,963
|
|
|
6,229
|
|
|
(1,470
|
)
|
|
1964-1966, 1973, 1987
|
|
2012
|
||||||||
15041 Calvert St.
|
|
Van Nuys, CA
|
|
--
|
|
|
4,096
|
|
|
1,570
|
|
|
241
|
|
|
4,096
|
|
|
1,811
|
|
|
5,907
|
|
|
(359
|
)
|
|
1971
|
|
2012
|
||||||||
701 Del Norte Blvd.
|
|
Oxnard, CA
|
|
--
|
|
|
3,082
|
|
|
6,230
|
|
|
497
|
|
|
3,082
|
|
|
6,727
|
|
|
9,809
|
|
|
(1,489
|
)
|
|
2000
|
|
2012
|
||||||||
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.
|
|
Los Angeles, CA
|
|
--
|
|
|
17,978
|
|
|
39,471
|
|
|
2,892
|
|
|
17,978
|
|
|
42,363
|
|
|
60,341
|
|
|
(9,041
|
)
|
|
1966, 1992, 1993, 1994
|
|
2013
|
||||||||
1661 240th St.
|
|
Los Angeles, CA
|
|
--
|
|
|
3,043
|
|
|
2,550
|
|
|
3,636
|
|
|
3,043
|
|
|
6,186
|
|
|
9,229
|
|
|
(1,414
|
)
|
|
1975 / 1995
|
|
2013
|
||||||||
8101-8117 Orion Ave.
|
|
Van Nuys, CA
|
|
--
|
|
|
1,389
|
|
|
3,872
|
|
|
281
|
|
|
1,389
|
|
|
4,153
|
|
|
5,542
|
|
|
(956
|
)
|
|
1978
|
|
2013
|
||||||||
18310-18330 Oxnard St.
|
|
Tarzana, CA
|
|
--
|
|
|
2,497
|
|
|
5,494
|
|
|
904
|
|
|
2,497
|
|
|
6,398
|
|
|
8,895
|
|
|
(1,480
|
)
|
|
1973
|
|
2013
|
||||||||
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.
|
|
Anaheim, CA
|
|
2,488
|
|
(5)
|
4,582
|
|
|
5,135
|
|
|
1,140
|
|
|
4,582
|
|
|
6,275
|
|
|
10,857
|
|
|
(1,449
|
)
|
|
1972 / 1990 / 2013
|
|
2013
|
||||||||
280 Bonita Ave., 2743 Thompson Creek Rd.
|
|
Pomona, CA
|
|
--
|
|
|
8,001
|
|
|
17,734
|
|
|
36
|
|
|
8,001
|
|
|
17,770
|
|
|
25,771
|
|
|
(3,371
|
)
|
|
1983
|
|
2013
|
||||||||
2950 Madera Rd.
|
|
Simi Valley, CA
|
|
--
|
|
(4)
|
3,601
|
|
|
8,033
|
|
|
2
|
|
|
3,601
|
|
|
8,035
|
|
|
11,636
|
|
|
(1,528
|
)
|
|
1988 / 2005
|
|
2013
|
||||||||
10635 Vanowen St.
|
|
Burbank, CA
|
|
--
|
|
|
1,517
|
|
|
1,833
|
|
|
759
|
|
|
1,517
|
|
|
2,592
|
|
|
4,109
|
|
|
(529
|
)
|
|
1977
|
|
2013
|
||||||||
7110 Rosecrans Ave.
|
|
Paramount, CA
|
|
--
|
|
|
3,117
|
|
|
1,894
|
|
|
945
|
|
|
3,117
|
|
|
2,839
|
|
|
5,956
|
|
|
(528
|
)
|
|
1972 / 2015
|
|
2014
|
||||||||
14723-14825 Oxnard St.
|
|
Van Nuys, CA
|
|
--
|
|
|
4,458
|
|
|
3,948
|
|
|
1,520
|
|
|
4,458
|
|
|
5,468
|
|
|
9,926
|
|
|
(1,023
|
)
|
|
1964 / 1968
|
|
2014
|
||||||||
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.
|
|
Ontario, CA
|
|
--
|
|
|
2,260
|
|
|
6,043
|
|
|
369
|
|
|
2,260
|
|
|
6,412
|
|
|
8,672
|
|
|
(1,516
|
)
|
|
1985
|
|
2014
|
||||||||
1500-1510 W. 228th St.
|
|
Torrance, CA
|
|
--
|
|
|
2,428
|
|
|
4,271
|
|
|
3,359
|
|
|
2,428
|
|
|
7,630
|
|
|
10,058
|
|
|
(1,057
|
)
|
|
1963 / 1968, 2017
|
|
2014
|
||||||||
24105 Frampton Ave.
|
|
Torrance, CA
|
|
--
|
|
|
2,315
|
|
|
1,553
|
|
|
2,071
|
|
|
2,315
|
|
|
3,624
|
|
|
5,939
|
|
|
(424
|
)
|
|
1974 / 2016
|
|
2014
|
||||||||
1700 Saturn Way
|
|
Seal Beach, CA
|
|
--
|
|
|
7,935
|
|
|
10,525
|
|
|
—
|
|
|
7,935
|
|
|
10,525
|
|
|
18,460
|
|
|
(1,965
|
)
|
|
2006
|
|
2014
|
||||||||
2980 & 2990 N San Fernando Road
|
|
Burbank, CA
|
|
--
|
|
|
6,373
|
|
|
7,356
|
|
|
494
|
|
|
6,373
|
|
|
7,850
|
|
|
14,223
|
|
|
(1,752
|
)
|
|
1950 / 2004
|
|
2014
|
||||||||
20531 Crescent Bay Dr.
|
|
Lake Forest, CA
|
|
--
|
|
|
2,181
|
|
|
4,012
|
|
|
415
|
|
|
2,181
|
|
|
4,427
|
|
|
6,608
|
|
|
(840
|
)
|
|
1998
|
|
2014
|
||||||||
2610 & 2701 S. Birch Street
|
|
Santa Ana, CA
|
|
--
|
|
|
9,305
|
|
|
2,115
|
|
|
4,327
|
|
|
9,305
|
|
|
6,442
|
|
|
15,747
|
|
|
(853
|
)
|
|
1965 / 2016
|
|
2014
|
||||||||
710 South Dupont Avenue & 4051 Santa Ana Street
|
|
Ontario, CA
|
|
--
|
|
|
3,725
|
|
|
6,145
|
|
|
158
|
|
|
3,725
|
|
|
6,303
|
|
|
10,028
|
|
|
(1,247
|
)
|
|
2001
|
|
2014
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
(1)
|
|
Gross Amounts at Which Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Address
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
Building and Improvements
|
|
Building and Improvements
|
|
Land
(2)
|
|
Building & Improvements
(2)
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Year Build / Year Renovated
|
|
Year Acquired
|
||||||||||||||||
9755 Distribution Ave.
|
|
San Diego, CA
|
|
--
|
|
|
1,863
|
|
|
3,211
|
|
|
(60
|
)
|
|
1,863
|
|
|
3,151
|
|
|
5,014
|
|
|
(552
|
)
|
|
1974
|
|
2014
|
||||||||
9855 Distribution Ave
|
|
San Diego, CA
|
|
--
|
|
|
2,733
|
|
|
5,041
|
|
|
66
|
|
|
2,733
|
|
|
5,107
|
|
|
7,840
|
|
|
(971
|
)
|
|
1983
|
|
2014
|
||||||||
9340 Cabot Drive
|
|
San Diego, CA
|
|
--
|
|
|
4,311
|
|
|
6,126
|
|
|
713
|
|
|
4,311
|
|
|
6,839
|
|
|
11,150
|
|
|
(1,217
|
)
|
|
1975 / 1976
|
|
2014
|
||||||||
9404 Cabot Drive
|
|
San Diego, CA
|
|
--
|
|
|
2,413
|
|
|
3,451
|
|
|
47
|
|
|
2,413
|
|
|
3,498
|
|
|
5,911
|
|
|
(654
|
)
|
|
1975 / 1976
|
|
2014
|
||||||||
9455 Cabot Drive
|
|
San Diego, CA
|
|
--
|
|
|
4,423
|
|
|
6,799
|
|
|
308
|
|
|
4,423
|
|
|
7,107
|
|
|
11,530
|
|
|
(1,539
|
)
|
|
1975 / 1976
|
|
2014
|
||||||||
14955-14971 E Salt Lake Ave
|
|
City of Industry, CA
|
|
--
|
|
|
5,125
|
|
|
5,009
|
|
|
810
|
|
|
5,125
|
|
|
5,819
|
|
|
10,944
|
|
|
(1,181
|
)
|
|
1979
|
|
2014
|
||||||||
5235 East Hunter Ave.
|
|
Anaheim, CA
|
|
--
|
|
|
5,240
|
|
|
5,065
|
|
|
577
|
|
|
5,240
|
|
|
5,642
|
|
|
10,882
|
|
|
(1,363
|
)
|
|
1987
|
|
2014
|
||||||||
3880 West Valley Blvd.
|
|
Pomona, CA
|
|
--
|
|
|
3,982
|
|
|
4,796
|
|
|
3,597
|
|
|
3,982
|
|
|
8,393
|
|
|
12,375
|
|
|
(1,393
|
)
|
|
1980 / 2017
|
|
2014
|
||||||||
1601 Alton Pkwy.
|
|
Irvine, CA
|
|
--
|
|
|
7,638
|
|
|
4,946
|
|
|
7,955
|
|
|
7,638
|
|
|
12,901
|
|
|
20,539
|
|
|
(1,048
|
)
|
|
1974 / 2018
|
|
2014
|
||||||||
3116 W. Avenue 32
|
|
Los Angeles, CA
|
|
--
|
|
|
3,761
|
|
|
6,729
|
|
|
2,077
|
|
|
3,761
|
|
|
8,806
|
|
|
12,567
|
|
|
(1,266
|
)
|
|
1974
|
|
2014
|
||||||||
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street
|
|
Chatsworth, CA
|
|
--
|
|
|
7,230
|
|
|
9,058
|
|
|
1,455
|
|
|
7,230
|
|
|
10,513
|
|
|
17,743
|
|
|
(2,077
|
)
|
|
1979 / 1980
|
|
2014
|
||||||||
24935 & 24955 Avenue Kearny
|
|
Santa Clarita, CA
|
|
--
|
|
|
4,773
|
|
|
5,970
|
|
|
749
|
|
|
4,773
|
|
|
6,719
|
|
|
11,492
|
|
|
(1,370
|
)
|
|
1988
|
|
2014
|
||||||||
605 8th Street
|
|
San Fernando, CA
|
|
--
|
|
|
2,393
|
|
|
2,742
|
|
|
1,744
|
|
|
2,393
|
|
|
4,486
|
|
|
6,879
|
|
|
(593
|
)
|
|
1991 / 2015
|
|
2014
|
||||||||
9120 Mason Ave.
|
|
Chatsworth, CA
|
|
--
|
|
|
9,224
|
|
|
19,346
|
|
|
1
|
|
|
9,224
|
|
|
19,347
|
|
|
28,571
|
|
|
(3,240
|
)
|
|
1967 / 1999
|
|
2014
|
||||||||
7900 Nelson Rd.
|
|
Los Angeles, CA
|
|
--
|
|
|
8,495
|
|
|
15,948
|
|
|
2,068
|
|
|
8,495
|
|
|
18,016
|
|
|
26,511
|
|
|
(2,699
|
)
|
|
1998 / 2015
|
|
2014
|
||||||||
679-691 S Anderson St.
|
|
Los Angeles, CA
|
|
--
|
|
|
1,723
|
|
|
4,767
|
|
|
1,303
|
|
|
1,723
|
|
|
6,070
|
|
|
7,793
|
|
|
(737
|
)
|
|
1992 / 2017
|
|
2014
|
||||||||
10509 Business Drive
|
|
Fontana, CA
|
|
--
|
|
|
3,505
|
|
|
5,237
|
|
|
544
|
|
|
3,505
|
|
|
5,781
|
|
|
9,286
|
|
|
(1,007
|
)
|
|
1989
|
|
2014
|
||||||||
13231 Slover Avenue
|
|
Fontana, CA
|
|
--
|
|
|
2,812
|
|
|
4,739
|
|
|
574
|
|
|
2,812
|
|
|
5,313
|
|
|
8,125
|
|
|
(867
|
)
|
|
1990
|
|
2014
|
||||||||
240 W Ivy Avenue
|
|
Inglewood, CA
|
|
--
|
|
|
2,064
|
|
|
3,675
|
|
|
2,017
|
|
|
2,064
|
|
|
5,692
|
|
|
7,756
|
|
|
(716
|
)
|
|
1981
|
|
2014
|
||||||||
3000 Paseo Mercado, 3120-3150 Paseo Mercado
|
|
Oxnard, CA
|
|
--
|
|
|
2,616
|
|
|
8,311
|
|
|
520
|
|
|
2,616
|
|
|
8,831
|
|
|
11,447
|
|
|
(1,620
|
)
|
|
1988
|
|
2014
|
||||||||
2350-2380 Eastman Ave
|
|
Oxnard, CA
|
|
--
|
|
|
1,805
|
|
|
3,856
|
|
|
560
|
|
|
1,805
|
|
|
4,416
|
|
|
6,221
|
|
|
(970
|
)
|
|
2003
|
|
2014
|
||||||||
1800 Eastman Ave
|
|
Oxnard, CA
|
|
--
|
|
|
842
|
|
|
2,209
|
|
|
67
|
|
|
842
|
|
|
2,276
|
|
|
3,118
|
|
|
(507
|
)
|
|
2009
|
|
2014
|
||||||||
2360-2364 E. Sturgis Road
|
|
Oxnard, CA
|
|
--
|
|
|
1,128
|
|
|
2,726
|
|
|
442
|
|
|
1,128
|
|
|
3,168
|
|
|
4,296
|
|
|
(663
|
)
|
|
1989
|
|
2014
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
(1)
|
|
Gross Amounts at Which Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Address
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
Building and Improvements
|
|
Building and Improvements
|
|
Land
(2)
|
|
Building & Improvements
(2)
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Year Build / Year Renovated
|
|
Year Acquired
|
||||||||||||||||
201 Rice Ave. & 2400-2420 Celsius
|
|
Oxnard, CA
|
|
--
|
|
|
3,487
|
|
|
9,589
|
|
|
271
|
|
|
3,487
|
|
|
9,860
|
|
|
13,347
|
|
|
(1,779
|
)
|
|
2008
|
|
2014
|
||||||||
11120, 11160, 11200 Hindry Ave
|
|
Los Angeles, CA
|
|
--
|
|
|
3,478
|
|
|
7,834
|
|
|
209
|
|
|
3,478
|
|
|
8,043
|
|
|
11,521
|
|
|
(1,366
|
)
|
|
1992 / 1994
|
|
2014
|
||||||||
6970-7170 & 7310-7374 Convoy Ct.
|
|
San Diego, CA
|
|
--
|
|
|
10,805
|
|
|
18,426
|
|
|
1,334
|
|
|
10,805
|
|
|
19,760
|
|
|
30,565
|
|
|
(3,564
|
)
|
|
1971
|
|
2014
|
||||||||
12907 Imperial Highway
|
|
Santa Fe Springs, CA
|
|
--
|
|
|
5,462
|
|
|
6,678
|
|
|
—
|
|
|
5,462
|
|
|
6,678
|
|
|
12,140
|
|
|
(1,071
|
)
|
|
1997
|
|
2015
|
||||||||
8902-8940 Activity Rd
|
|
San Diego, CA
|
|
--
|
|
|
9,427
|
|
|
8,103
|
|
|
1,046
|
|
|
9,427
|
|
|
9,149
|
|
|
18,576
|
|
|
(1,609
|
)
|
|
1987 / 1997
|
|
2015
|
||||||||
1210 N Red Gum St
|
|
Anaheim, CA
|
|
--
|
|
|
3,326
|
|
|
4,020
|
|
|
150
|
|
|
3,326
|
|
|
4,170
|
|
|
7,496
|
|
|
(795
|
)
|
|
1985
|
|
2015
|
||||||||
9615 Norwalk Blvd.
|
|
Santa Fe Springs, CA
|
|
--
|
|
|
8,508
|
|
|
1,134
|
|
|
804
|
|
|
8,508
|
|
|
1,938
|
|
|
10,446
|
|
|
(308
|
)
|
|
1975
|
|
2015
|
||||||||
16221 Arthur St.
|
|
Cerritos, CA
|
|
--
|
|
|
2,979
|
|
|
3,204
|
|
|
190
|
|
|
2,979
|
|
|
3,394
|
|
|
6,373
|
|
|
(535
|
)
|
|
1979
|
|
2015
|
||||||||
2588 & 2605 Industry Way
|
|
Lynwood, CA
|
|
--
|
|
|
8,738
|
|
|
9,415
|
|
|
—
|
|
|
8,738
|
|
|
9,415
|
|
|
18,153
|
|
|
(1,484
|
)
|
|
1969 / 1971
|
|
2015
|
||||||||
425 S. Hacienda Blvd.
|
|
City of Industry, CA
|
|
--
|
|
|
4,010
|
|
|
3,050
|
|
|
117
|
|
|
4,010
|
|
|
3,167
|
|
|
7,177
|
|
|
(498
|
)
|
|
1997
|
|
2015
|
||||||||
6700 S Alameda St.
|
|
Huntington Park, CA
|
|
--
|
|
|
3,502
|
|
|
9,279
|
|
|
257
|
|
|
3,502
|
|
|
9,536
|
|
|
13,038
|
|
|
(1,740
|
)
|
|
1990 / 2008
|
|
2015
|
||||||||
12720-12860 Danielson Ct.
|
|
Poway, CA
|
|
--
|
|
|
6,902
|
|
|
8,949
|
|
|
316
|
|
|
6,902
|
|
|
9,265
|
|
|
16,167
|
|
|
(1,982
|
)
|
|
1999
|
|
2015
|
||||||||
10950 Norwalk Blvd & 12241 Lakeland Rd.
|
|
Santa Fe Springs, CA
|
|
--
|
|
|
3,446
|
|
|
1,241
|
|
|
84
|
|
|
3,446
|
|
|
1,325
|
|
|
4,771
|
|
|
(287
|
)
|
|
1982
|
|
2015
|
||||||||
610-760 W Hueneme Rd & 5651-5721 Perkins Rd
|
|
Oxnard, CA
|
|
--
|
|
|
3,310
|
|
|
5,806
|
|
|
820
|
|
|
3,310
|
|
|
6,626
|
|
|
9,936
|
|
|
(1,240
|
)
|
|
1985
|
|
2015
|
||||||||
10701-10719 Norwalk Blvd.
|
|
Santa Fe Springs, CA
|
|
--
|
|
|
3,357
|
|
|
3,527
|
|
|
115
|
|
|
3,357
|
|
|
3,642
|
|
|
6,999
|
|
|
(557
|
)
|
|
2004
|
|
2015
|
||||||||
6020 Sheila St.
|
|
Commerce, CA
|
|
--
|
|
|
4,590
|
|
|
7,772
|
|
|
581
|
|
|
4,590
|
|
|
8,353
|
|
|
12,943
|
|
|
(1,096
|
)
|
|
2000
|
|
2015
|
||||||||
9805 6th St.
|
|
Rancho Cucamonga, CA
|
|
--
|
|
|
3,503
|
|
|
3,204
|
|
|
787
|
|
|
3,503
|
|
|
3,991
|
|
|
7,494
|
|
|
(680
|
)
|
|
1986
|
|
2015
|
||||||||
16321 Arrow Hwy.
|
|
Irwindale, CA
|
|
--
|
|
|
3,087
|
|
|
4,081
|
|
|
345
|
|
|
3,087
|
|
|
4,426
|
|
|
7,513
|
|
|
(587
|
)
|
|
1955 / 2001
|
|
2015
|
||||||||
601-605 S. Milliken Ave.
|
|
Ontario, CA
|
|
--
|
|
|
5,479
|
|
|
7,036
|
|
|
798
|
|
|
5,479
|
|
|
7,834
|
|
|
13,313
|
|
|
(1,303
|
)
|
|
1987 / 1988
|
|
2015
|
||||||||
1065 E. Walnut Ave.
|
|
Carson, CA
|
|
--
|
|
|
10,038
|
|
|
4,380
|
|
|
2,845
|
|
|
10,038
|
|
|
7,225
|
|
|
17,263
|
|
|
(1,282
|
)
|
|
1974
|
|
2015
|
||||||||
12247 Lakeland Rd.
|
|
Santa Fe Springs, CA
|
|
--
|
|
|
3,481
|
|
|
776
|
|
|
1,159
|
|
|
3,481
|
|
|
1,935
|
|
|
5,416
|
|
|
(200
|
)
|
|
1971 / 2016
|
|
2015
|
||||||||
17311 Nichols Ln.
|
|
Huntington Beach, CA
|
|
--
|
|
|
7,988
|
|
|
8,728
|
|
|
—
|
|
|
7,988
|
|
|
8,728
|
|
|
16,716
|
|
|
(1,139
|
)
|
|
1993 / 2014
|
|
2015
|
||||||||
8525 Camino Santa Fe
|
|
San Diego, CA
|
|
--
|
|
|
4,038
|
|
|
4,055
|
|
|
686
|
|
|
4,038
|
|
|
4,741
|
|
|
8,779
|
|
|
(556
|
)
|
|
1986
|
|
2016
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
(1)
|
|
Gross Amounts at Which Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Address
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
Building and Improvements
|
|
Building and Improvements
|
|
Land
(2)
|
|
Building & Improvements
(2)
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Year Build / Year Renovated
|
|
Year Acquired
|
||||||||||||||||
28454 Livingston Avenue
|
|
Valencia, CA
|
|
--
|
|
|
5,150
|
|
|
9,666
|
|
|
—
|
|
|
5,150
|
|
|
9,666
|
|
|
14,816
|
|
|
(1,172
|
)
|
|
2007
|
|
2016
|
||||||||
20 Icon
|
|
Lake Forest, CA
|
|
--
|
|
|
12,576
|
|
|
8,817
|
|
|
92
|
|
|
12,576
|
|
|
8,909
|
|
|
21,485
|
|
|
(1,473
|
)
|
|
1999 / 2015
|
|
2016
|
||||||||
16425 Gale Avenue
|
|
City of Industry, CA
|
|
--
|
|
|
18,803
|
|
|
6,029
|
|
|
248
|
|
|
18,803
|
|
|
6,277
|
|
|
25,080
|
|
|
(798
|
)
|
|
1976
|
|
2016
|
||||||||
2700_2722 Fairview Street
|
|
Santa Ana, CA
|
|
--
|
|
|
10,144
|
|
|
5,989
|
|
|
1,218
|
|
|
10,144
|
|
|
7,207
|
|
|
17,351
|
|
|
(741
|
)
|
|
1964 / 1984, 2018
|
|
2016
|
||||||||
12131 Western Avenue
|
|
Garden Grove, CA
|
|
--
|
|
|
15,077
|
|
|
11,149
|
|
|
4,685
|
|
|
15,077
|
|
|
15,834
|
|
|
30,911
|
|
|
(1,421
|
)
|
|
1987 / 2007, 2017
|
|
2016
|
||||||||
9 Holland
|
|
Irvine, CA
|
|
--
|
|
|
13,724
|
|
|
9,365
|
|
|
71
|
|
|
13,724
|
|
|
9,436
|
|
|
23,160
|
|
|
(1,179
|
)
|
|
1980 / 2013
|
|
2016
|
||||||||
15996 Jurupa Avenue
|
|
Fontana, CA
|
|
--
|
|
|
7,855
|
|
|
12,056
|
|
|
2
|
|
|
7,855
|
|
|
12,058
|
|
|
19,913
|
|
|
(1,359
|
)
|
|
2015
|
|
2016
|
||||||||
11127 Catawba Avenue
|
|
Fontana, CA
|
|
--
|
|
|
5,562
|
|
|
8,094
|
|
|
2
|
|
|
5,562
|
|
|
8,096
|
|
|
13,658
|
|
|
(917
|
)
|
|
2015
|
|
2016
|
||||||||
13550 Stowe Drive
|
|
Poway, CA
|
|
--
|
|
|
9,126
|
|
|
8,043
|
|
|
—
|
|
|
9,126
|
|
|
8,043
|
|
|
17,169
|
|
|
(1,150
|
)
|
|
1991
|
|
2016
|
||||||||
10750-10826 Lower Azusa Road
|
|
El Monte, CA
|
|
--
|
|
|
4,433
|
|
|
2,961
|
|
|
988
|
|
|
4,433
|
|
|
3,949
|
|
|
8,382
|
|
|
(449
|
)
|
|
1975
|
|
2016
|
||||||||
525 Park Avenue
|
|
San Fernando, CA
|
|
--
|
|
|
3,830
|
|
|
3,887
|
|
|
111
|
|
|
3,830
|
|
|
3,998
|
|
|
7,828
|
|
|
(467
|
)
|
|
2003
|
|
2016
|
||||||||
3233 Mission Oaks Blvd
|
|
Camarillo, CA
|
|
--
|
|
|
13,791
|
|
|
10,017
|
|
|
8,166
|
|
|
13,791
|
|
|
18,183
|
|
|
31,974
|
|
|
(1,478
|
)
|
|
1980-1982 / 2014, 2018
|
|
2016
|
||||||||
1600 Orangethorpe & 1335-1375 Acacia
|
|
Fullerton, CA
|
|
--
|
|
|
26,659
|
|
|
12,673
|
|
|
3,337
|
|
|
26,659
|
|
|
16,010
|
|
|
42,669
|
|
|
(1,864
|
)
|
|
1968 / 1985
|
|
2016
|
||||||||
14742-14750 Nelson Avenue
|
|
City of Industry, CA
|
|
--
|
|
|
13,463
|
|
|
1,680
|
|
|
16,822
|
|
|
13,463
|
|
|
18,502
|
|
|
31,965
|
|
|
(24
|
)
|
|
1969 / 2018
|
|
2016
|
||||||||
3927 Oceanic Drive
|
|
Oceanside, CA
|
|
--
|
|
|
2,667
|
|
|
4,581
|
|
|
147
|
|
|
2,667
|
|
|
4,728
|
|
|
7,395
|
|
|
(421
|
)
|
|
2004
|
|
2016
|
||||||||
301-445 Figueroa Street
|
|
Wilmington, CA
|
|
--
|
|
|
7,126
|
|
|
5,728
|
|
|
4,605
|
|
|
7,126
|
|
|
10,333
|
|
|
17,459
|
|
|
(596
|
)
|
|
1972 / 2018
|
|
2016
|
||||||||
12320 4th Street
|
|
Rancho Cucamonga, CA
|
|
--
|
|
|
12,642
|
|
|
14,179
|
|
|
2
|
|
|
12,642
|
|
|
14,181
|
|
|
26,823
|
|
|
(1,434
|
)
|
|
1997 / 2003
|
|
2016
|
||||||||
9190 Activity Road
|
|
San Diego, CA
|
|
--
|
|
|
8,497
|
|
|
5,622
|
|
|
397
|
|
|
8,497
|
|
|
6,019
|
|
|
14,516
|
|
|
(671
|
)
|
|
1986
|
|
2016
|
||||||||
28903-28903 Avenue Paine
|
|
Valencia, CA
|
|
--
|
|
|
10,620
|
|
|
6,510
|
|
|
6,047
|
|
|
10,620
|
|
|
12,557
|
|
|
23,177
|
|
|
—
|
|
|
1999 / 2018
|
|
2017
|
||||||||
2390 Ward Avenue
|
|
Simi Valley, CA
|
|
--
|
|
|
5,624
|
|
|
10,045
|
|
|
364
|
|
|
5,624
|
|
|
10,409
|
|
|
16,033
|
|
|
(928
|
)
|
|
1989
|
|
2017
|
||||||||
Safari Business Center
(5)
|
|
Ontario, CA
|
|
--
|
|
|
50,807
|
|
|
86,065
|
|
|
4,056
|
|
|
50,807
|
|
|
90,121
|
|
|
140,928
|
|
|
(6,434
|
)
|
|
1989
|
|
2017
|
||||||||
4175 Conant Street
|
|
Long Beach, CA
|
|
--
|
|
|
13,785
|
|
|
13,440
|
|
|
—
|
|
|
13,785
|
|
|
13,440
|
|
|
27,225
|
|
|
(947
|
)
|
|
2015
|
|
2017
|
||||||||
5421 Argosy Avenue
|
|
Huntington Beach, CA
|
|
--
|
|
|
3,577
|
|
|
1,490
|
|
|
2
|
|
|
3,577
|
|
|
1,492
|
|
|
5,069
|
|
|
(190
|
)
|
|
1976
|
|
2017
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
(1)
|
|
Gross Amounts at Which Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Address
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
Building and Improvements
|
|
Building and Improvements
|
|
Land
(2)
|
|
Building & Improvements
(2)
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Year Build / Year Renovated
|
|
Year Acquired
|
||||||||||||||||
14820-14830 Carmenita Road
|
|
Norwalk, CA
|
|
--
|
|
|
22,938
|
|
|
6,738
|
|
|
180
|
|
|
22,938
|
|
|
6,918
|
|
|
29,856
|
|
|
(581
|
)
|
|
1970, 2000
|
|
2017
|
||||||||
3002-3072 Inland Empire Blvd
|
|
Ontario, CA
|
|
--
|
|
|
12,031
|
|
|
14,439
|
|
|
1,777
|
|
|
12,031
|
|
|
16,216
|
|
|
28,247
|
|
|
(1,005
|
)
|
|
1981
|
|
2017
|
||||||||
17000 Kingsview Avenue & 800 Sandhill Avenue
|
|
Carson, CA
|
|
--
|
|
|
7,988
|
|
|
5,472
|
|
|
125
|
|
|
7,988
|
|
|
5,597
|
|
|
13,585
|
|
|
(368
|
)
|
|
1984
|
|
2017
|
||||||||
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way
|
|
Rancho Dominguez, CA
|
|
--
|
|
|
121,329
|
|
|
86,776
|
|
|
1,992
|
|
|
121,329
|
|
|
88,768
|
|
|
210,097
|
|
|
(5,859
|
)
|
|
1989
|
|
2017
|
||||||||
11190 White Birch Drive
|
|
Rancho Cucamonga, CA
|
|
--
|
|
|
9,405
|
|
|
9,840
|
|
|
3
|
|
|
9,405
|
|
|
9,843
|
|
|
19,248
|
|
|
(692
|
)
|
|
1986
|
|
2017
|
||||||||
4832-4850 Azusa Canyon Road
|
|
Irwindale, CA
|
|
--
|
|
|
5,330
|
|
|
8,856
|
|
|
7
|
|
|
5,330
|
|
|
8,863
|
|
|
14,193
|
|
|
(543
|
)
|
|
2016
|
|
2017
|
||||||||
1825 Soto Street
|
|
Los Angeles, CA
|
|
--
|
|
|
2,129
|
|
|
1,315
|
|
|
—
|
|
|
2,129
|
|
|
1,315
|
|
|
3,444
|
|
|
(90
|
)
|
|
1993
|
|
2017
|
||||||||
19402 Susana Road
|
|
Rancho Dominguez, CA
|
|
--
|
|
|
3,524
|
|
|
357
|
|
|
7
|
|
|
3,524
|
|
|
364
|
|
|
3,888
|
|
|
(44
|
)
|
|
1957
|
|
2017
|
||||||||
13225 Western Avenue
|
|
Gardena, CA
|
|
--
|
|
|
1,918
|
|
|
355
|
|
|
49
|
|
|
1,918
|
|
|
404
|
|
|
2,322
|
|
|
(32
|
)
|
|
1955
|
|
2017
|
||||||||
15401 Figueroa Street
|
|
Los Angeles, CA
|
|
--
|
|
|
3,255
|
|
|
1,248
|
|
|
698
|
|
|
3,255
|
|
|
1,946
|
|
|
5,201
|
|
|
(51
|
)
|
|
1964 / 2018
|
|
2017
|
||||||||
8542 Slauson Avenue
|
|
Pico Rivera, CA
|
|
--
|
|
|
8,681
|
|
|
576
|
|
|
94
|
|
|
8,681
|
|
|
670
|
|
|
9,351
|
|
|
(75
|
)
|
|
1964
|
|
2017
|
||||||||
687 Eucalyptus Avenue
|
|
Inglewood, CA
|
|
--
|
|
|
37,035
|
|
|
15,120
|
|
|
—
|
|
|
37,035
|
|
|
15,120
|
|
|
52,155
|
|
|
(670
|
)
|
|
2017
|
|
2017
|
||||||||
302 Rockefeller Avenue
|
|
Ontario, CA
|
|
--
|
|
|
6,859
|
|
|
7,185
|
|
|
5
|
|
|
6,859
|
|
|
7,190
|
|
|
14,049
|
|
|
(350
|
)
|
|
2000
|
|
2017
|
||||||||
4355 Brickell Street
|
|
Ontario, CA
|
|
--
|
|
|
7,295
|
|
|
5,616
|
|
|
29
|
|
|
7,295
|
|
|
5,645
|
|
|
12,940
|
|
|
(294
|
)
|
|
2004
|
|
2017
|
||||||||
12622-12632 Monarch Street
|
|
Garden Grove, CA
|
|
--
|
|
|
11,691
|
|
|
8,290
|
|
|
12
|
|
|
11,691
|
|
|
8,302
|
|
|
19,993
|
|
|
(441
|
)
|
|
1967
|
|
2017
|
||||||||
8315 Hanan Way
|
|
Pico Rivera, CA
|
|
--
|
|
|
8,714
|
|
|
4,751
|
|
|
159
|
|
|
8,714
|
|
|
4,910
|
|
|
13,624
|
|
|
(219
|
)
|
|
1976
|
|
2017
|
||||||||
13971 Norton Avenue
|
|
Chino, CA
|
|
--
|
|
|
5,293
|
|
|
6,377
|
|
|
44
|
|
|
5,293
|
|
|
6,421
|
|
|
11,714
|
|
|
(294
|
)
|
|
1990
|
|
2018
|
||||||||
1900 Proforma Avenue
|
|
Ontario, CA
|
|
--
|
|
|
10,214
|
|
|
5,127
|
|
|
252
|
|
|
10,214
|
|
|
5,379
|
|
|
15,593
|
|
|
(315
|
)
|
|
1989
|
|
2018
|
||||||||
16010 Shoemaker Avenue
|
|
Cerritos, CA
|
|
--
|
|
|
9,927
|
|
|
6,948
|
|
|
60
|
|
|
9,927
|
|
|
7,008
|
|
|
16,935
|
|
|
(266
|
)
|
|
1985
|
|
2018
|
||||||||
4039 Calle Platino
|
|
Oceanside, CA
|
|
--
|
|
|
9,476
|
|
|
11,394
|
|
|
153
|
|
|
9,476
|
|
|
11,547
|
|
|
21,023
|
|
|
(371
|
)
|
|
1991
|
|
2018
|
||||||||
851 Lawrence Drive
|
|
Thousand Oaks, CA
|
|
--
|
|
|
6,717
|
|
|
—
|
|
|
431
|
|
|
6,717
|
|
|
431
|
|
|
7,148
|
|
|
—
|
|
|
1968
|
|
2018
|
||||||||
1581 North Main Street
|
|
Orange, CA
|
|
--
|
|
|
4,230
|
|
|
3,313
|
|
|
1
|
|
|
4,230
|
|
|
3,314
|
|
|
7,544
|
|
|
(108
|
)
|
|
1994
|
|
2018
|
|
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
(1)
|
|
Gross Amounts at Which Carried at Close of Period
|
|
|
|
|
|
|
|||||||||||||||||||||
Property Address
|
|
Location
|
|
Encumbrances
|
|
Land
|
|
Building and Improvements
|
|
Building and Improvements
|
|
Land
(2)
|
|
Building & Improvements
(2)
|
|
Total
|
|
Accumulated Depreciation
(3)
|
|
Year Build / Year Renovated
|
|
Year Acquired
|
||||||||||||||||
1580 West Carson Street
|
|
Long Beach, CA
|
|
--
|
|
|
5,252
|
|
|
2,496
|
|
|
1,346
|
|
|
5,252
|
|
|
3,842
|
|
|
9,094
|
|
|
(5
|
)
|
|
1982 / 2018
|
|
2018
|
||||||||
660 & 664 North Twin Oaks Valley Road
|
|
San Marcos, CA
|
|
--
|
|
|
6,307
|
|
|
6,573
|
|
|
74
|
|
|
6,307
|
|
|
6,647
|
|
|
12,954
|
|
|
(227
|
)
|
|
1978 - 1988
|
|
2018
|
||||||||
1190 Stanford Court
|
|
Anaheim, CA
|
|
--
|
|
|
3,583
|
|
|
2,430
|
|
|
3
|
|
|
3,583
|
|
|
2,433
|
|
|
6,016
|
|
|
(70
|
)
|
|
1979
|
|
2018
|
||||||||
5300 Sheila Street
|
|
Commerce, CA
|
|
--
|
|
|
90,568
|
|
|
54,086
|
|
|
2
|
|
|
90,568
|
|
|
54,088
|
|
|
144,656
|
|
|
(1,546
|
)
|
|
1975
|
|
2018
|
||||||||
15777 Gateway Circle
|
|
Tustin, CA
|
|
--
|
|
|
3,815
|
|
|
4,292
|
|
|
20
|
|
|
3,815
|
|
|
4,312
|
|
|
8,127
|
|
|
(108
|
)
|
|
2005
|
|
2018
|
||||||||
1998 Surveyor Avenue
|
|
Simi Valley, CA
|
|
--
|
|
|
3,670
|
|
|
2,263
|
|
|
4,231
|
|
|
3,670
|
|
|
6,494
|
|
|
10,164
|
|
|
—
|
|
|
--
|
|
2018
|
||||||||
3100 Fujita Street
|
|
Torrance, CA
|
|
--
|
|
|
7,723
|
|
|
5,649
|
|
|
32
|
|
|
7,723
|
|
|
5,681
|
|
|
13,404
|
|
|
(165
|
)
|
|
1970
|
|
2018
|
||||||||
4416 Azusa Canyon Road
|
|
Irwindale, CA
|
|
--
|
|
|
10,762
|
|
|
1,567
|
|
|
2
|
|
|
10,762
|
|
|
1,569
|
|
|
12,331
|
|
|
(48
|
)
|
|
1956
|
|
2018
|
||||||||
1420 Mckinley Avenue
|
|
Compton, CA
|
|
--
|
|
|
17,053
|
|
|
13,605
|
|
|
124
|
|
|
17,053
|
|
|
13,729
|
|
|
30,782
|
|
|
(311
|
)
|
|
2017
|
|
2018
|
||||||||
12154 Montague Street
|
|
Pacoima, CA
|
|
--
|
|
|
10,114
|
|
|
12,767
|
|
|
2
|
|
|
10,114
|
|
|
12,769
|
|
|
22,883
|
|
|
(262
|
)
|
|
1974
|
|
2018
|
||||||||
10747 Norwalk Boulevard
|
|
Santa Fe Springs, CA
|
|
--
|
|
|
5,646
|
|
|
4,966
|
|
|
—
|
|
|
5,646
|
|
|
4,966
|
|
|
10,612
|
|
|
(97
|
)
|
|
1999
|
|
2018
|
||||||||
29003 Avenue Sherman
|
|
Valencia, CA
|
|
--
|
|
|
3,094
|
|
|
6,467
|
|
|
272
|
|
|
3,094
|
|
|
6,739
|
|
|
9,833
|
|
|
—
|
|
|
2000
|
|
2018
|
||||||||
16121 Carmenita Road
|
|
Cerritos, CA
|
|
--
|
|
|
10,013
|
|
|
3,279
|
|
|
69
|
|
|
10,013
|
|
|
3,348
|
|
|
13,361
|
|
|
(85
|
)
|
|
1969
|
|
2018
|
||||||||
1332-1340 Rocky Point Drive
|
|
Oceanside, CA
|
|
--
|
|
|
3,816
|
|
|
6,148
|
|
|
82
|
|
|
3,816
|
|
|
6,230
|
|
|
10,046
|
|
|
(21
|
)
|
|
2009
|
|
2018
|
||||||||
6131-6133 Innovation Way
|
|
Carlsbad, CA
|
|
--
|
|
|
10,545
|
|
|
11,859
|
|
|
98
|
|
|
10,545
|
|
|
11,957
|
|
|
22,502
|
|
|
(67
|
)
|
|
2017
|
|
2018
|
||||||||
263-321 Gardena Boulevard
|
|
Carson, CA
|
|
--
|
|
|
14,302
|
|
|
1,960
|
|
|
29
|
|
|
14,302
|
|
|
1,989
|
|
|
16,291
|
|
|
(22
|
)
|
|
1977 - 1982
|
|
2018
|
||||||||
9200 Mason Avenue
|
|
Chatsworth, CA
|
|
--
|
|
|
4,887
|
|
|
4,080
|
|
|
—
|
|
|
4,887
|
|
|
4,080
|
|
|
8,967
|
|
|
(25
|
)
|
|
1968
|
|
2018
|
||||||||
9230 Mason Avenue
|
|
Chatsworth, CA
|
|
--
|
|
|
4,454
|
|
|
955
|
|
|
—
|
|
|
4,454
|
|
|
955
|
|
|
5,409
|
|
|
(10
|
)
|
|
1974
|
|
2018
|
||||||||
9250 Mason Avenue
|
|
Chatsworth, CA
|
|
--
|
|
|
4,034
|
|
|
2,464
|
|
|
—
|
|
|
4,034
|
|
|
2,464
|
|
|
6,498
|
|
|
(17
|
)
|
|
1977
|
|
2018
|
||||||||
9171 Oso Avenue
|
|
Chatsworth, CA
|
|
--
|
|
|
5,647
|
|
|
2,801
|
|
|
—
|
|
|
5,647
|
|
|
2,801
|
|
|
8,448
|
|
|
(19
|
)
|
|
1980
|
|
2018
|
||||||||
5593-5595 Fresca Drive
|
|
La Palma, CA
|
|
--
|
|
|
11,414
|
|
|
2,502
|
|
|
—
|
|
|
11,414
|
|
|
2,502
|
|
|
13,916
|
|
|
(21
|
)
|
|
1973
|
|
2018
|
||||||||
6100 Sheila Street
|
|
Commerce, CA
|
|
--
|
|
|
11,789
|
|
|
5,214
|
|
|
—
|
|
|
11,789
|
|
|
5,214
|
|
|
17,003
|
|
|
(18
|
)
|
|
1960
|
|
2018
|
||||||||
14421-14441 Bonelli Street
|
|
City of Industry, CA
|
|
--
|
|
|
12,191
|
|
|
7,489
|
|
|
—
|
|
|
12,191
|
|
|
7,489
|
|
|
19,680
|
|
|
—
|
|
|
1971
|
|
2018
|
||||||||
Investments in real estate
|
|
|
|
$
|
2,488
|
|
|
$
|
1,303,546
|
|
|
$
|
1,206,732
|
|
|
$
|
216,376
|
|
|
$
|
1,298,957
|
|
|
$
|
1,417,126
|
|
|
$
|
2,716,083
|
|
|
$
|
(228,742
|
)
|
|
|
|
|
(1)
|
Costs capitalized subsequent to acquisition are net of the write-off of fully depreciated assets and include construction in progress.
|
(2)
|
During 2009, we recorded impairment charges totaling
$19.6 million
in continuing operations (of which
$10.1 million
relates to properties still owned by us) to write down our investments in real estate to fair value. Of the
$10.1 million
,
$4.6 million
is included as a reduction of “Land” in the table above, with the remaining
$5.5 million
included as a reduction of “Buildings and Improvements”.
|
(3)
|
The depreciable life for buildings and improvements ranges from
10
-
30 years
for buildings,
5
-
20 years
for site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements.
|
(4)
|
These six properties secure a term loan that had a balance of
$58.5 million
as of
December 31, 2018
.
|
(5)
|
Includes unamortized discount of
$0.1 million
.
|
(6)
|
Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street.
|
|
|
Year Ended December 31,
|
||||||||||
Total Real Estate Held for Investment
|
|
2018
|
|
2017
|
|
2016
|
||||||
Balance, beginning of year
|
|
$
|
2,161,965
|
|
|
$
|
1,552,129
|
|
|
$
|
1,188,766
|
|
Acquisition of investment in real estate
|
|
513,511
|
|
|
649,019
|
|
|
356,336
|
|
|||
Construction costs and improvements
|
|
58,207
|
|
|
44,451
|
|
|
31,565
|
|
|||
Disposition of investment in real estate
(1)
|
|
(17,060
|
)
|
|
(69,616
|
)
|
|
(24,331
|
)
|
|||
Properties held for sale
(1)
|
|
—
|
|
|
(13,296
|
)
|
|
—
|
|
|||
Write-off of fully depreciated assets
|
|
(540
|
)
|
|
(722
|
)
|
|
(207
|
)
|
|||
Balance, end of year
|
|
$
|
2,716,083
|
|
|
$
|
2,161,965
|
|
|
$
|
1,552,129
|
|
|
|
Year Ended Year Ended December 31,
|
||||||||||
Accumulated Depreciation
|
|
2018
|
|
2017
|
|
2016
|
||||||
Balance, beginning of year
|
|
$
|
(173,541
|
)
|
|
$
|
(135,140
|
)
|
|
$
|
(103,623
|
)
|
Depreciation of investment in real estate
|
|
(57,312
|
)
|
|
(45,469
|
)
|
|
(34,779
|
)
|
|||
Disposition of investment in real estate
(1)
|
|
1,571
|
|
|
4,737
|
|
|
3,055
|
|
|||
Properties held for sale
(1)
|
|
—
|
|
|
1,609
|
|
|
—
|
|
|||
Write-off of fully depreciated assets
|
|
540
|
|
|
722
|
|
|
207
|
|
|||
Balance, end of year
|
|
$
|
(228,742
|
)
|
|
$
|
(173,541
|
)
|
|
$
|
(135,140
|
)
|
(1)
|
As of December 31, 2017, our properties located at (i) 700 Allen Avenue and 1830 Flower Street and (ii) 8900-8980 Benson Avenue and 5637 Highway were classified as held for sale and the balances associated with these properties were reclassified from “Total real estate held for investment, net” to “Assets associated with real estate held for sale, net” in the accompanying consolidated balance sheets as of December 31, 2017. These properties were sold during the year ended December 31, 2018. In the above reconciliations, the balances associated with these properties were included in “Properties held for sale” for the year ended December 31, 2017, and excluded from “Disposition of investment in real estate” for the year ended December 31, 2018. See Note 12 to our consolidated financial statements included in Item 15 of this Report on Form 10-K.
|
Name
|
|
Jurisdiction of Formation/Incorporation
|
Rexford Industrial Realty, L.P.
|
|
Maryland
|
REXFORD INDUSTRIAL REALTY AND MANAGEMENT, INC.
|
|
California
|
RIF V - SPE OWNER, LLC
|
|
Delaware
|
RIF V - SPE MANAGER, LLC
|
|
California
|
(1)
|
Registration Statement (Form S-8 No. 333-190074) pertaining to
the Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan,
|
(2)
|
Registration Statement (Form S-3 No. 333-197849) of Rexford Industrial Realty, Inc.; and
|
(3)
|
Registration Statement (Form S-3 No. 333-210691) of Rexford Industrial Realty, Inc.;
|
1.
|
I have reviewed this annual report on Form 10-K of Rexford Industrial Realty, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
February 15, 2019
|
|
By:
|
/s/ Michael S. Frankel
|
|
|
|
Michael S. Frankel
|
|
|
|
Co-Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Rexford Industrial Realty, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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February 15, 2019
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By:
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/s/ Howard Schwimmer
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Howard Schwimmer
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Co-Chief Executive Officer
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1.
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I have reviewed this annual report on Form 10-K of Rexford Industrial Realty, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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February 15, 2019
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|
By:
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/s/ Adeel Khan
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Adeel Khan
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|
|
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Chief Financial Officer
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(1)
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the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Michael S. Frankel
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Michael S. Frankel
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Co-Chief Executive Officer
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February 15, 2019
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(1)
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the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Howard Schwimmer
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Howard Schwimmer
|
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Co-Chief Executive Officer
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|
February 15, 2019
|
|
(1)
|
the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Adeel Khan
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Adeel Khan
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Chief Financial Officer
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February 15, 2019
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