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What changed in Rexford Industrial Realty, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Rexford Industrial Realty, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+544 added−523 removedSource: 10-K (2026-02-11) vs 10-K (2025-02-10)

Top changes in Rexford Industrial Realty, Inc.'s 2025 10-K

544 paragraphs added · 523 removed · 421 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeEmployees received formal recognition awards during our all-company quarterly meetings after being nominated by their peers for outstanding demonstration of our Core Values. Each employee also undergoes performance discussions at least twice per year, with annual compensation adjustment consideration based on market trends, individual contributions, and company performance.
Biggest changeEach employee also undergoes performance discussions at least twice per year, with annual compensation adjustment consideration based on market trends, individual contributions, and company performance. Our voluntary turnover rate was 5% in 2025, and our referral rate for new hires was 37%, which we believe reflects strong employee engagement and commitment.
Competitive Strengths We believe that our investment strategy and operating model distinguishes us from other owners, operators and acquirers of industrial real estate in several important ways, including the following: 4 Focus on Industrial Assets in Southern California’s Infill Market : We intend to continue our core strategy of owning and operating industrial properties within Southern California’s infill regions.
Competitive Strengths We believe that our investment strategy and operating model distinguishes us from other owners, operators and acquirers of industrial real estate in several important ways, including the following: Focus on Industrial Assets in Southern California’s Infill Market : We intend to continue our core strategy of owning and operating industrial properties within Southern California’s infill regions.
As of the filing date of this Annual Report on Form 10-K, we have sold $322.6 million of our common stock under the 2023 ATM program, leaving us with the capacity to issue up to $927.4 million of additional shares.
As of the filing date of this Annual Report on Form 10-K, we have sold $322.6 million of our common stock under the ATM Program, leaving us with the capacity to issue up to $927.4 million of additional shares.
Vertically Integrated Platform : We are a full-service real estate operating company, with substantial in-house capabilities in all aspects of our business. Our platform includes experienced in-house teams focused on acquisitions, analytics and underwriting, asset management, repositioning and redevelopment, property management, sales and leasing, design, construction management, as well as finance, accounting, legal, technology and human relations departments.
Vertically Integrated Platform : We are a full-service real estate operating company, with substantial in-house capabilities in all aspects of our business. Our platform includes experienced in-house teams focused on acquisitions, analytics and underwriting, asset management, repositioning and development, property management, sales and leasing, design, construction management, as well as finance, accounting, legal, technology and human relations departments.
We currently have an at-the-market equity offering program (“ATM program”) pursuant to which we may sell from time to time up to an aggregate of $1.25 billion of our common stock directly through sales agents or by entering into forward equity sale agreements with certain financial institutions acting as forward purchasers (the “2023 ATM Program”).
We currently have an at-the-market equity offering program pursuant to which we may sell from time to time up to an aggregate of $1.25 billion of our common stock directly through sales agents or by entering into forward equity sale agreements with certain financial institutions acting as forward purchasers (the “ATM Program”).
Our employee engagement platform, launched in 2023, continues to foster connection and participation across our workforce, achieving a 97% participation rate and reinforcing our commitment to an engaged and collaborative culture. Additionally, we have a paid parental leave policy for birthing and non-birthing parents, supporting the bonding and wellness of our employees and their newborn children.
Our employee engagement platform, launched in 2023, continues to foster connection and participation across our workforce, achieving a 98% participation rate and reinforcing our commitment to an engaged and collaborative culture. Additionally, we have a paid parental leave policy for birthing and non-birthing parents, supporting the bonding and wellness of our employees and their newborn children.
Our environmental, social and governance (ESG) goals influence our repositioning and redevelopment projects, where we focus on transforming outdated and inefficient buildings into high functioning, energy efficient and higher value industrial properties. Additionally, we pursue U.S. Green Building Council LEED certification for all ground-up developments.
Our environmental, social and governance (ESG) goals influence our repositioning and development projects, where we focus on transforming outdated and inefficient buildings into high functioning, energy efficient and higher value industrial properties. Additionally, we pursue U.S. Green Building Council LEED certification for all ground-up developments.
Website addresses referred to in this Annual Report on Form 10-K are not intended to function as hyperlinks, and the information contained on our website is not incorporated into, and does not form a part of, this Annual Report on Form 10-K or any other report or documents we file with or furnish to the SEC. 8
Website addresses referred to in this Annual Report on Form 10-K are not intended to function as hyperlinks, and the information contained on our website is not incorporated into, and does not form a part of, this Annual Report on Form 10-K or any other report or documents we file with or furnish to the SEC. 9
Our strategy includes proactive renewal of existing tenants, re-tenanting to achieve higher rents, and repositioning and redeveloping industrial property by renovating, modernizing, increasing functionality or constructing new industrial-use buildings to increase cash flow and value.
Our strategy includes proactive renewal of existing tenants, re-tenanting to achieve higher rents, and repositioning and developing industrial property by renovating, modernizing, increasing functionality or constructing new industrial-use buildings to increase cash flow and value.
Value-Add Repositioning and Redevelopment Expertise : Our in-house redevelopment and construction management team employs an entrepreneurial approach to redevelopment and repositioning activities that are designed to increase the functionality, cash flow and value of our properties.
Value-Add Repositioning and Development Expertise : Our in-house development and construction management team employs an entrepreneurial approach to development and repositioning activities that are designed to increase the functionality, cash flow and value of our properties.
In the fourth quarter of 2024, we implemented a Wellness Incentive Program to encourage health-focused activities and provide tailored resources for healthier lifestyles. The program resulted in benefits such as lowered monthly medical premiums and personalized health insights to support long-term wellness goals.
In 2024, we implemented a Wellness Incentive Program to encourage health-focused activities and provide tailored resources for healthier lifestyles. The program resulted in benefits such as lowered monthly medical premiums and personalized health insights to support long-term wellness goals.
Many of our employees have contributed to the creation of learning content, leveraging their expertise to promote a culture of learning and engagement. On average, each employee completed over 26 hours of focused training in 2024. We also have a tuition reimbursement program, providing employees with additional opportunities to grow and succeed in their careers.
Many of our employees have contributed to the creation of learning content, leveraging their expertise to promote a culture of learning and engagement. On average, each employee completed over 27 hours of focused training in 2025. We also have a tuition reimbursement program, providing employees with additional opportunities to grow and succeed in their careers.
Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P.
Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P.
We have a portfolio of 425 properties totaling approximately 50.8 million square feet, which are all strategically located in Southern California infill markets. Diversified Tenant Mix: Our portfolio is leased to a broad tenant base, drawn from diverse industry sectors. We believe that this diversification reduces our exposure to tenant default risk and earnings volatility.
We have a portfolio of 419 properties totaling approximately 51.2 million square feet, which are all strategically located in Southern California infill markets. Diversified Tenant Mix: Our portfolio is leased to a broad tenant base, drawn from diverse industry sectors. We believe that this diversification reduces our exposure to tenant default risk and earnings volatility.
In 2022, we introduced a flexible time-off policy, allowing employees to take time off as needed without accruing hours. We believe this approach supports a healthy work-life balance while enabling employees to exercise judgment in managing their workload and contributing to the Company’s goals.
In 2022, we introduced a flexible time-off policy, allowing employees to take time off as needed and balanced with the needs of their departments without accruing hours. We believe this approach supports a healthy work-life balance while enabling employees to exercise judgment in managing their workload and contributing to the Company’s goals.
The Company values diversity in experience, background, and ethnicity, and it is our policy to recruit talent based on skill, knowledge, attitude and experience, using legally compliant methods and without discrimination on the basis of any legally protected characteristic. Our workforce is 61% female or non-binary and 39% male, with 53% identifying as racial or ethnic minorities.
The Company values diversity in experience, background, and ethnicity, and it is our policy to recruit talent based on skill, knowledge, attitude and experience, using legally compliant methods and without discrimination on the basis of any legally protected characteristic. Our workforce is 63% female or non-binary and 37% male, with 57% identifying as racial or ethnic minorities.
Since our initial public offering, we have raised capital through ten public offerings of our common stock (including one completed in 2024), three public offerings of preferred stock, sales of common stock under our various at-the-market equity offering programs, three public offerings of senior notes and a private offering of exchangeable senior notes.
Since our initial public offering, we have raised capital through ten public offerings of our common stock, three public offerings of preferred stock, sales of common stock under our various at-the-market equity offering programs, three public offerings of senior notes and a private offering of exchangeable senior notes.
Additionally, our proactive approach to leasing and asset management is driven by our in-house asset management, leasing, construction management and customer solutions departments and team of portfolio and property managers who maintain direct, day-to-day relationships and dialogue with our tenants, which we believe enhances recurring cash flow and reduces periods of vacancy. External Growth through Acquisitions.
Additionally, our proactive approach to leasing and asset management is driven by our in-house asset management, leasing, construction management and customer solutions departments and team of portfolio and property managers who maintain direct, day-to-day relationships and dialogue with our tenants, which we believe enhances recurring cash flow and reduces periods of vacancy. Accretive Capital Recycling.
We also have a credit agreement with a $1.0 billion unsecured revolving credit facility, and as of the filing date of this Annual Report on Form 10-K, we only had $5.0 million outstanding in letters of credit that reduced our borrowing capacity, leaving $995.0 million available for future borrowings.
We also have a credit agreement with a $1.25 billion unsecured revolving credit facility, and as of the filing date of this Annual Report on Form 10-K, we only had $4.6 million outstanding in letters of credit that reduced our borrowing capacity, leaving $1.245 billion available for future borrowings.
We seek to acquire assets with value-add opportunities to increase their cash flow and asset values, often targeting and catalyzing off-market or lightly marketed transactions where our execution abilities and market credibility encourage owners to sell assets to us at what we consider pricing that is more favorable than heavily marketed transactions.
When pursuing acquisitions, we focus on assets with value-add opportunities to increase their cash flow and asset values, often targeting and catalyzing off-market or 4 lightly marketed transactions where our execution abilities and market credibility encourage owners to sell assets to us at what we consider pricing that is more favorable than heavily marketed transactions.
Our board of directors maintains charters for each of its committees and has adopted a written set of corporate governance guidelines and a code of business conduct and ethics applicable to independent directors, executive officers, employees and agents, each of which is available for viewing on our website at http://www.rexfordindustrial.com under the heading “Investor Relations—Governance—Documents & Policies.” We have also adopted an insider trading policy governing the purchase, sale and other dispositions of the Company’s securities by directors, officers and employees.
All reports we file with the SEC are also available free of charge via EDGAR through the SEC website at http://www.sec.gov . 8 Our board of directors maintains charters for each of its committees and has adopted a written set of corporate governance guidelines and a code of business conduct and ethics applicable to independent directors, executive officers, employees and agents, each of which is available for viewing on our website at http://www.rexfordindustrial.com under the heading “Investor Relations—Governance—Documents & Policies.” We have also adopted an insider trading policy governing the purchase, sale and other dispositions of the Company’s securities by directors, officers and employees.
As of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 million rentable square feet. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2013.
As of December 31, 2025, our consolidated portfolio consisted of 419 properties with approximately 51.2 million rentable square feet. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2013.
Beginning in May 2024, we manage a portion of our earthquake insurance indirectly through our wholly-owned captive insurance company, which provides $25.0 million of earthquake coverage to the Company and its affiliates for earthquake claims in excess of $250.0 million.
Since May 2024, we have managed a portion of our earthquake insurance indirectly through our wholly-owned captive insurance company, which provides $25.0 million of earthquake coverage to the Company and its affiliates for earthquake claims in excess of $350.0 million.
As of December 31, 2024, we had 1,650 leases, with no single tenant accounting for more than 2.5% of our total annualized base rent. Our portfolio is also geographically diversified within the Southern California market across the following submarkets: Los Angeles 56.2%; San Bernardino 18.9%; Orange County 11.7%; San Diego 7.1%; and Ventura 6.1%.
As of December 31, 2025, we had 1,558 leases, with no single tenant accounting for more than 2.4% of our total annualized base rent. Our portfolio is also geographically diversified within the Southern California market across the following submarkets: Los Angeles 57.3%; San Bernardino 18.7%; Orange County 10.9%; San Diego 6.8%; and Ventura 6.3%.
From time to time we are required to export soils (which may or may not contain hazardous materials) from our sites, and under applicable environmental laws, courts and government agencies also have the authority to require that a person who sent waste to a waste disposal facility, such as a landfill or an incinerator, pay for the clean-up of that facility if it becomes contaminated and threatens human health or the environment. 6 Furthermore, various court decisions have established that third parties may recover damages for injury caused by property contamination.
From time to time we are required to export soils (which may or may not contain hazardous materials) from our sites, and under applicable environmental laws, courts and government agencies also have the authority to require that a person who sent waste to a waste disposal facility, such as a landfill or an incinerator, pay for the clean-up of that facility if it becomes contaminated and threatens human health or the environment.
At the director level and above, 42% are female and 58% male. As of December 31, 2024, our eight-member board was 38% female and 25% ethnically diverse. Additional Information Our principal executive offices are located at 11620 Wilshire Boulevard, Suite 1000, Los Angeles, California 90025 (telephone 310-966-1680).
At the director level and above, 49% are female and 51% male. As of December 31, 2025, our nine-member board was 44% female and 22% ethnically diverse. Additional Information Our principal executive offices are located at 11620 Wilshire Boulevard, Suite 1000, Los Angeles, California 90025 (telephone 310-966-1680).
For instance, a person exposed to asbestos at a property may seek to recover damages if he or she suffers injury from the asbestos. Lastly, some of these environmental laws restrict the use of a property or place conditions on various activities.
Furthermore, various court decisions have established that third parties may recover damages for injury caused by property contamination. For instance, a person exposed to asbestos at a property may seek to recover damages if he or she suffers injury from the asbestos. Lastly, some of these environmental laws restrict the use of a property or place conditions on various activities.
Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, redevelop, lease and manage industrial real estate primarily located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property.
Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, develop, lease and manage industrial real estate primarily located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property. We also sell assets programmatically as part of our capital allocation strategy.
As of December 31, 2024, our ratio of net debt to total market capitalization was 26.5%. 5 Competition In acquiring our target properties, we compete with other public industrial property sector REITs, income oriented non-traded REITs, private real estate fund managers and local real estate investors and developers, some of which have greater financial resources or other competitive advantages than we do.
Competition In acquiring our target properties, we compete with other public industrial property sector REITs, income oriented non-traded REITs, private real estate fund managers and local real estate investors and developers, some of which have greater financial resources or other competitive advantages than we do.
We offer and encourage ongoing employee training and advancement opportunities, with a wide variety of courses on topics including management, leadership, personal development, diversity and inclusion, sexual harassment prevention, anti-bribery practices, health and safety, and technical skills development.
Additionally, all employees receive weekly updates via email from our executive management team. We offer and encourage ongoing employee training and advancement opportunities, with a wide variety of courses on topics including management, leadership, personal development, diversity and inclusion, sexual harassment prevention, anti-bribery practices, health and safety, and technical skills development.
We can make no assurances that (1) future laws, ordinances or regulations will not impose material environmental liabilities on us, or (2) the current environmental condition of our properties will not be affected by tenants, the condition of land or operations in the vicinity of our properties (such as releases from underground storage tanks), or by third parties unrelated to us.
We can make no assurances that (1) future laws, ordinances or regulations will not impose material environmental liabilities on us, or (2) the current environmental condition of our properties will not be affected by tenants, the condition of land or operations in the vicinity of our properties (such as releases from underground storage tanks), or by third parties unrelated to us. 7 Human Capital As of December 31, 2025, we employed 256 individuals, supported by five regional offices within our Southern California market.
Although we believe that the properties in our portfolio in the aggregate substantially comply with present requirements of the ADA, and we have not received any notice for correction from any regulatory agency, we have not conducted a comprehensive audit or investigation of all of our properties to determine whether we are in compliance, and therefore we may own properties that are not in compliance with current ADA standards.
Although we believe that the properties in our portfolio in the aggregate substantially comply with present requirements of the ADA, and we have not received any notice for correction from any regulatory agency, we have not conducted a comprehensive audit or investigation of all of our properties to determine whether we are in compliance, and therefore we may own properties that are not in compliance with current ADA standards. 6 ADA compliance is dependent upon the tenant’s specific use of the property, and as the use of a property changes or improvements to existing spaces are made, we will take steps to ensure compliance.
The credit agreement has an accordion feature that permits us to request additional lender commitments up to an additional $800 million, which may be comprised of additional revolving commitments, term loan commitments or any combination thereof, subject to certain conditions.
The credit agreement has an accordion feature that permits us to request additional lender commitments up to an additional $1.05 billion, which may be comprised of additional revolving commitments, term loan commitments or any combination thereof, subject to certain conditions. As of December 31, 2025, our ratio of net debt to total market capitalization was 24.9%.
We have implemented a Code of Business Conduct and Ethics, and Policies and Procedures for Complaints Regarding Accounting and Fraud. This includes a dedicated phone number and website for employees to voice anonymous concerns, which are subsequently brought to the attention of our independent audit committee of the board of directors and our general counsel.
This includes a dedicated phone number and website for employees to voice anonymous concerns, which are subsequently brought to the attention of our independent audit committee of the board of directors and our general counsel. These policies apply to all employees, and receipt and review by each employee is documented and verified annually.
Growth-Oriented, Flexible and Conservative Capital Structure : Our capital structure is designed to provide us with the resources, financial flexibility and the capacity to support the future growth of our business.
Development activities include fully or partially demolishing an existing building(s) due to building obsolescence and/or a property with excess or vacant land and constructing a ground-up building. 5 Growth-Oriented, Flexible and Conservative Capital Structure : Our capital structure is designed to provide us with the resources, financial flexibility and capacity to support the future growth of our business.
Nearly all employees have the opportunity to work remotely within Southern California and have regular access to various offices, thereby allowing them flexible working conditions while achieving performance objectives and maintaining business continuity. We believe that we maintain positive relations with our employees, none of whom are represented by a union.
These offices facilitate servicing our business and tenants, optimizing staff welfare and productivity, and minimizing commute times. We utilize a hybrid work environment, balancing opportunities to work remotely within Southern California with regular access to various offices, thereby allowing them flexible working conditions while achieving performance objectives and maintaining business continuity.
We continue to grow our portfolio through disciplined acquisitions in prime Southern California infill markets. We believe that our relationship-, data- and event-driven research allows us to identify and exploit asset mispricing and market inefficiencies.
We believe that our relationship-, data- and event-driven research positions us to identify and capitalize on asset mispricing and market inefficiencies when attractive opportunities emerge.
These policies apply to all employees, and receipt and review by each employee is documented and verified annually. Employee Engagement and Support We believe employee engagement and recognition of strong performance are key components of a strong corporate culture and essential determinants of our future success.
Employee Engagement and Support We believe employee engagement and recognition of strong performance are key components of a strong corporate culture and essential determinants of our future success. As part of our ongoing efforts to encourage employee engagement, we routinely solicit employee feedback, sometimes via anonymous surveys, and hold team-building events.
This repositioning and redevelopment work has the potential to revitalize our communities while reducing negative environmental impact. Redevelopment activities include fully or partially demolishing an existing building(s) due to building obsolescence and/or a property with excess or vacant land and constructing a ground-up building.
This repositioning and development work has the potential to revitalize our communities while reducing negative environmental impact.
As part of our ongoing efforts to encourage employee engagement, we routinely solicit employee feedback, sometimes via anonymous surveys, and hold team-building events. Our employees also actively participated in monthly volunteer events, collectively contributing 3,379 hours in 2024 to support and give back to our communities, surpassing our goal of 3,000 hours.
Our employees also actively participated in monthly volunteer events, collectively contributing 3,352 hours in 2025 to support and give back to our communities, surpassing our goal of 3,000 hours. Employees received formal recognition awards during our all-company quarterly meetings after being nominated by their peers for outstanding demonstration of our Core Values.
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ADA compliance is dependent upon the tenant’s specific use of the property, and as the use of a property changes or improvements to existing spaces are made, we will take steps to ensure compliance.
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In addition to these repositioning efforts, our strategy includes developing new industrial‑use buildings on a selective basis.
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Human Capital As of December 31, 2024, we employed 271 individuals, supported by five regional offices within our Southern California market. These offices facilitate servicing our business and tenants, optimizing staff welfare and productivity, and minimizing commute times.
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Our disciplined capital recycling strategy is positioned to enhance portfolio quality and drive long‑term value creation. In 2025, disposition activity focused on the opportunistic and selective sale of underperforming or fully-valued assets.
Removed
Our voluntary turnover rate was 4% in 2024, and our referral rate for 7 new hires was 23%, which we believe reflects strong employee engagement and commitment. Additionally, all employees receive weekly updates via email from our executive management team.
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Going forward, we expect disposition activity to be programmatic and continue to include such opportunistic sales, and we may also dispose of certain properties originally planned for development or repositioning when a sale represents a more attractive alternative to proceeding with additional capital investment.
Removed
All reports we file with the SEC are also available free of charge via EDGAR through the SEC website at http://www.sec.gov .
Added
Proceeds may be redeployed into higher‑return opportunities, including value‑add repositioning projects, share repurchases, and, when appropriate, selective acquisition opportunities. External Growth through Acquisitions. Disciplined acquisitions in our prime Southern California infill markets remain an important element of our long-term external growth strategy.
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We also maintain a Board‑authorized share repurchase program as part of our capital allocation strategy. During 2025, we repurchased $250 million of our common stock. Subsequent to December 31, 2025, we repurchased and settled $13.4 million of our common stock, and as of the filing date of this Annual Report on Form 10‑K, $486.6 million remained authorized for future repurchases.
Added
We believe that we maintain positive relations with our employees, none of whom are represented by a union. We have implemented a Code of Business Conduct and Ethics, and Policies and Procedures for Complaints Regarding Accounting and Fraud.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAlthough we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, including the engagement of independent third party consultants to analyze and remediate any vulnerabilities, implementation of software and systems intended to monitor systems and devices on our network to reduce the risk of IT security breaches and improve our ability to detect a breach, the engagement of a cyber forensics company who can assist our investigation in the event of a breach, and ongoing cybersecurity education and training for employees throughout the year, there can be no assurance that our security efforts and measures will always be effective or that attempted security breaches or disruptions would always be thwarted or mitigated.
Biggest changeAlthough we make efforts to maintain the security and integrity of these types of IT networks and related systems, there can be no assurance that our security efforts and measures will always be effective or that attempted security breaches or disruptions would always be thwarted or mitigated.
Certain provisions of the Maryland General Corporation Law (“MGCL”), may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including: • “Business combination” provisions that, subject to certain exceptions, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price or supermajority stockholder voting requirements on these combinations; and • “Control share” provisions that provide that holders of “control shares” of our company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise voting power in the election of directors within one of three increasing ranges) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of the voting power of issued and outstanding “control shares,” subject to certain exceptions) have no voting rights with respect to their control shares, except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
Certain provisions of the Maryland General Corporation Law (“MGCL”), may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including: • “Business combination” provisions that, subject to certain exceptions, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year 26 period immediately prior to the date in question) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price or supermajority stockholder voting requirements on these combinations; and • “Control share” provisions that provide that holders of “control shares” of our company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise voting power in the election of directors within one of three increasing ranges) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of the voting power of issued and outstanding “control shares,” subject to certain exceptions) have no voting rights with respect to their control shares, except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
These provisions include, among others: • redemption rights of qualifying parties; 26 • a requirement that we may not be removed as the general partner of our Operating Partnership without our consent; • transfer restrictions on common units; • our ability, as general partner, in some cases, to amend the partnership agreement and to cause our Operating Partnership to issue additional partnership interests with terms that could delay, defer or prevent a merger or other change of control of us or our Operating Partnership without the consent of our stockholders or the limited partners; and • the right of the limited partners to consent to certain transfers of our general partnership interest (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise).
These provisions include, among others: • redemption rights of qualifying parties; • a requirement that we may not be removed as the general partner of our Operating Partnership without our consent; • transfer restrictions on common units; • our ability, as general partner, in some cases, to amend the partnership agreement and to cause our Operating Partnership to issue additional partnership interests with terms that could delay, defer or prevent a merger or other change of control of us or our Operating Partnership without the consent of our stockholders or the limited partners; and • the right of the limited partners to consent to certain transfers of our general partnership interest (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise).
The partnership agreement provides that, in the event of a conflict between the interests of our Operating Partnership or any partner, on the one hand, and the separate interests of our company or our stockholders, on the other hand, we, in our capacity as the general partner of our Operating Partnership, may give priority to the separate interests of our company or our stockholders (including with respect to tax consequences to limited partners, assignees or our stockholders), and, in the event of such a conflict, any action or failure to act on our part or on the part of our directors that gives priority to the separate interests of our company or our stockholders that does not result in a violation of the contract rights of the limited partners of our Operating Partnership under its partnership agreement does not violate the duty of loyalty or any other duty that we, in our capacity as the general partner of our Operating Partnership, owe to our Operating Partnership and its partners or violate the obligation of good faith and fair dealing.
The partnership agreement provides that, in the event of a conflict between the interests of our Operating Partnership or any partner, on the one hand, and the separate interests of our company or our stockholders, on the other hand, we, in our capacity as the general partner of our Operating Partnership, may give priority to the separate interests of our company or our stockholders (including with respect to tax consequences to limited partners, assignees or our stockholders), and, in the event of such a conflict, any action or failure to act on our part or on the part of our directors that gives priority to the separate interests of our company or our stockholders that does not result in a violation of the contract rights of the limited partners of our Operating Partnership under its partnership agreement does not violate the duty of 25 loyalty or any other duty that we, in our capacity as the general partner of our Operating Partnership, owe to our Operating Partnership and its partners or violate the obligation of good faith and fair dealing.
Another economic or financial crisis or rapid decline of the consumer economy, significant concerns over energy costs, geopolitical issues, including the ongoing conflict between Ukraine and Russia, recent events in the Middle East, the availability and cost of credit, the U.S. mortgage market, or a declining real estate market in the U.S. can contribute to increased volatility, diminished expectations for the economy and the markets, and high levels of structural unemployment by historical standards.
Another economic or financial crisis or rapid decline of the consumer economy, significant concerns over energy costs, geopolitical issues, including the ongoing conflict between Ukraine and Russia, recent events in the Middle East and Venezuela, the availability and cost of credit, the U.S. mortgage market, or a declining real estate market in the U.S. can contribute to increased volatility, diminished expectations for the economy and the markets, and high levels of structural unemployment by historical standards.
In particular, our ability to dispose of one or more properties within a specific time period is subject to certain limitations imposed by our Tax Matters Agreements (as defined below), as well as weakness in or even the lack of an established market for a 20 property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, and changes in laws, regulations or fiscal policies of jurisdictions in which the property is located.
In particular, our ability to dispose of one or more properties within a specific time period is subject to certain limitations imposed by our Tax Matters Agreements (as defined below), as well as weakness in or even the lack of an established market for a property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, and changes in laws, regulations or fiscal policies of jurisdictions in which the property is located.
Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, such characterization is a factual determination (unless a sale or disposition qualifies under 30 certain statutory safe harbors), and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.
Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, such characterization is a factual determination (unless a sale or disposition qualifies under certain statutory safe harbors), and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.
A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct; however, indemnification for an adverse judgment in a suit by us or on our behalf, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.
A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct; however, indemnification for an adverse judgment in a suit by 28 us or on our behalf, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.
Additionally, in 2023 we announced a target to reach net-zero greenhouse gas emissions across scope 1, 2 and 3 by 2045, as well as a near-term science-based target to reduce absolute scope 1 and 2 emissions by 42% by 2030 from a 2022 baseline, aligned with The Science Based Targets initiative (SBTi) 1.5-degree Celsius pathway.
Additionally, in 2023 we announced a long-term target to reach net-zero greenhouse gas emissions across scope 1, 2 and 3 by 2045, as well as a near-term science-based target to reduce absolute scope 1 and 2 emissions by 42% by 2030 from a 2022 baseline, aligned with The Science Based Targets initiative (SBTi) 1.5-degree Celsius pathway.
Our executive officers’ involvement in other businesses and real estate-related activities could divert their attention from our day-to-day operations, and state law may limit our ability to enforce any non-compete agreements. 25 We could increase the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval.
Our executive officers’ involvement in other businesses and real estate-related activities could divert their attention from our day-to-day operations, and state law may limit our ability to enforce any non-compete agreements. We could increase the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval.
Because of these distribution requirements, we are highly dependent on third-party sources to fund capital needs, including any necessary acquisition financing. We may not be able to obtain such financing on favorable terms or at all and any additional debt we incur will increase our leverage and likelihood of default.
Because of these distribution requirements, we are highly dependent on third-party sources to fund 18 capital needs, including any necessary acquisition financing. We may not be able to obtain such financing on favorable terms or at all, and any additional debt we incur will increase our leverage and likelihood of default.
These restrictions limit our ability to sell an asset at a time, or on terms, that would otherwise be favorable absent such restrictions. Our real estate development, redevelopment and repositioning activities are subject to risks. We are actively engaged in the development, redevelopment and repositioning activities with respect to certain of our properties.
These restrictions limit our ability to sell an asset at a time, or on terms, that would otherwise be favorable absent such restrictions. Our real estate development and repositioning activities are subject to risks. We are actively engaged in the development and repositioning activities with respect to certain of our properties.
Trump, and changes in governmental policy on a variety of matters such as trade, tariffs and manufacturing policies may adversely affect the economy and financial markets, our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock.
Trump, and changes in governmental policy on a variety of matters such as trade, tariffs and manufacturing 14 policies may adversely affect the economy and financial markets, our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Factors That May Influence Future Results of Operations.” Mortgage and other secured debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Factors That May Influence Future Results of Operations.” 19 Mortgage and other secured debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
We 22 usually perform a Phase I environmental site assessment at any property we are considering acquiring. Phase I environmental site assessments are limited in scope and do not involve sampling of soil, soil vapor, or groundwater, and these assessments may not include or identify all potential environmental liabilities or risks associated with the property.
We usually perform a Phase I environmental site assessment at any property we are considering acquiring. Phase I environmental site assessments are limited in scope and do not involve sampling of soil, soil vapor, or groundwater, and these assessments may not include or identify all potential environmental liabilities or risks associated with the property.
Moreover, the fact that a substantial majority of our tenants are not investment grade may cause investors or lenders to view our cash flows as less stable, which may increase our cost of capital, limit our financing options or adversely affect the trading price of our common stock.
Moreover, the fact that a substantial majority of our tenants are not investment grade may cause investors or lenders to view our 15 cash flows as less stable, which may increase our cost of capital, limit our financing options or adversely affect the trading price of our common stock.
If the property taxes we pay increase, our cash flow would be adversely impacted to the extent that we are not reimbursed by tenants for those taxes due to lease restrictions or tenant disputes. We face certain risks in connection with Section 1031 Exchanges.
If the property taxes we pay increase, our cash flow would be adversely impacted to the extent that we are not reimbursed by tenants for those taxes due to lease restrictions or tenant disputes. 22 We face certain risks in connection with Section 1031 Exchanges.
The bankruptcy or insolvency of a major tenant also may adversely affect the income produced by our properties. 14 We may acquire properties or portfolios of properties through tax-deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
The bankruptcy or insolvency of a major tenant also may adversely affect the income produced by our properties. We may acquire properties or portfolios of properties through tax-deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
For such projects, we will be subject to the following risks associated with such development, redevelopment and repositioning activities: • construction, redevelopment and repositioning may be unsuccessful and/or costs of a project may exceed original estimates (including as a result of the imposition of tariffs), possibly making the project less profitable than originally estimated, or unprofitable; • time required to complete the construction, redevelopment or repositioning of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity; • non-industrial properties targeted for development, redevelopment or repositioning may be more difficult to manage compared to our industrial properties where we have the most property management expertise; • contractor and subcontractor disputes, strikes, labor disputes or supply disruptions, which may cause delays or increase costs; • delays from utility companies may prevent the energization and delivery of buildings to tenants; • failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all; • delays with respect to obtaining, or the inability to obtain, necessary zoning, occupancy, land use and other governmental permits, and changes in zoning and land use laws; • statewide and local changes in zoning and land use laws and state attorney general actions that result in moratoriums on industrial and warehouse development or materially restrict the size and uses of industrial and warehouse projects, such as the recently enacted California Assembly Bill 98 which enacts statewide heightened industrial development standards effective as of January 1, 2026; • occupancy rates and rents of a completed project may not be sufficient to make the project profitable; • the availability and pricing of financing to fund our development activities on favorable terms or at all.
For such projects, we will be subject to the following risks associated with such development, development and repositioning activities: • construction, development and repositioning may be unsuccessful and/or costs of a project may exceed original estimates (including as a result of the imposition of tariffs), possibly making the project less profitable than originally estimated, or unprofitable; • time required to complete the construction, development or repositioning of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity; • non-industrial properties targeted for development or repositioning may be more difficult to manage compared to our industrial properties where we have the most property management expertise; • contractor and subcontractor disputes, strikes, labor disputes or supply disruptions, which may cause delays or increase costs; • delays from utility companies may prevent the energization and delivery of buildings to tenants; • failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all; • delays with respect to obtaining, or the inability to obtain, necessary zoning, occupancy, land use and other governmental permits, and changes in zoning and land use laws; • statewide and local changes in zoning and land use laws and state attorney general actions that result in moratoriums on industrial and warehouse development or materially restrict the size and uses of industrial and warehouse projects, such as the recently enacted California Assembly Bill 98 and California Senate Bill 415, which enacted statewide heightened industrial development standards effective as of January 1, 2026; • occupancy rates and rents of a completed project may not be sufficient to make the project profitable; • the availability and pricing of financing to fund our development activities on favorable terms or at all.
Emerging threats include the use of artificial intelligence (“AI”) to automate and enhance cyberattacks, generate sophisticated phishing attempts, bypass traditional security controls, and exploit vulnerabilities more efficiently. AI-powered attacks may increase the speed and complexity of cyber threats, making detection and response more challenging.
Emerging threats include the use of artificial intelligence (“AI”) to automate and enhance cyberattacks, generate sophisticated phishing attempts, bypass traditional security controls, and exploit vulnerabilities more efficiently. AI-powered attacks increase the speed and complexity of cyber threats, making detection and response more challenging.
As a result, we could potentially incur material liability for these issues. Environmental laws also govern the presence, maintenance and removal of asbestos-containing building materials, or ACBM, and may impose fines and penalties for failure to comply with these requirements.
As a result, we could potentially incur material liability for these issues. 23 Environmental laws also govern the presence, maintenance and removal of asbestos-containing building materials, or ACBM, and may impose fines and penalties for failure to comply with these requirements.
In addition, we will be subject to federal and state corporate income tax to the extent that we distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction, including any net capital gains.
In addition, we will be subject to federal and state corporate income tax to the extent that we distribute in any year less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains.
We may acquire properties utilized for non-industrial uses, including office properties, where our long-term strategy is to develop, redevelop or reposition such office asset into industrial property. Prior to executing our strategy, we may lack non-industrial property management expertise necessary to optimally manage the non-industrial properties.
We may acquire properties utilized for non-industrial uses, including office properties, where our long-term strategy is to develop or reposition such office asset into industrial property. Prior to executing our strategy, we may lack non-industrial property management expertise necessary to optimally manage the non-industrial properties.
Adverse U.S. and global market, economic and political conditions, including the ongoing conflict between Ukraine and Russia, recent events in the Middle East and other events or circumstances beyond our control could have a material adverse effect on us.
Adverse U.S. and global market, economic and political conditions, including the ongoing conflict between Ukraine and Russia, recent events in the Middle East and Venezuela and other events or circumstances beyond our control could have a material adverse effect on us.
The risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased.
The risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased.
Such a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets. 18 Our debt level reduces cash available for distribution and may expose us to the risk of default under our debt obligations.
Such a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets. Our debt level reduces cash available for distribution and may expose us to the risk of default under our debt obligations.
Further, proposed climate change and environmental laws and regulations at the federal, state and local level, including climate change and greenhouse gas emissions related disclosure rules proposed by the Securities and Exchange Commission, may increase compliance and data collection costs and compliance risks.
Further, proposed climate change and environmental laws and regulations at the federal, state and local level, including climate change and greenhouse gas emissions (“GHG”) related disclosure rules proposed by the Securities and Exchange Commission, may increase compliance and data collection costs and compliance risks.
While we carry insurance for losses resulting from earthquakes, such policies are subject to material deductibles, insurance payouts could be delayed, contested or insurers could be unable to pay claims due to their financial instability.
While we carry insurance for losses resulting from earthquakes, such policies are subject to material deductibles, insurance payouts could be delayed, contested or insurers could be 16 unable to pay claims due to their financial instability.
Any adverse economic or real estate developments in the Southern California market as described above, or any decrease in demand for industrial space resulting from the regulatory environment, business climate or energy or fiscal problems, could adversely impact us and our stockholders. 9 The impact from governmental emergency declarations with emergency powers, may impact our ability to collect rent and could adversely impact our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations.
Any adverse economic or real estate developments in the Southern California market as described above, or any decrease in demand for industrial space resulting from the regulatory environment, business climate or energy or fiscal problems, could adversely impact us and our stockholders. 10 The impact from governmental emergency declarations with emergency powers, may impact our ability to collect rent and could adversely impact our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations.
Market, political and economic challenges, including dislocations and volatility in the credit markets, general global economic uncertainty, uncertainty or volatility from matters such as the implementation of the governing agenda of President Donald J.
Market, political and economic challenges, including dislocations and volatility in the credit markets, general global economic uncertainty, uncertainty or volatility from matters such as the continued implementation of the governing agenda of President Donald J.
In addition, steady but high interest rates or increases in interest rates could decrease the amount third parties are willing to pay for our assets, thereby limiting our ability to recycle capital and our portfolio promptly in response to changes in economic or other conditions. 12 The potential impacts of current and future climate change and governmental initiatives remain uncertain at this time but could result in increased operating costs.
In addition, steady but high interest rates or increases in interest rates could decrease the amount third parties are willing to pay for our assets, thereby limiting our ability to recycle capital and our portfolio promptly in response to changes in economic or other conditions. 13 The potential impacts of current and future climate change and governmental initiatives remain uncertain at this time but could result in increased operating costs.
Our IT networks and related systems are essential to the operation of our business and our ability to perform day‑to‑day operations and, in some cases, may be critical to the operations of many of our tenants.
Our IT networks and related systems and information are essential to the operation of our business and our ability to perform day‑to‑day operations and, in some cases, may be critical to the operations of many of our tenants.
Events and conditions generally applicable to owners and operators of real property that are beyond our control may decrease cash available for distribution and the value of our properties.
Events and conditions generally applicable to owners and operators of real property that are beyond our control may decrease cash available for distribution and the value of 20 our properties.
Our properties 23 could also be subject to local, state or federal eminent domain or condemnation proceedings, which could impact the functionality of those properties (or portions thereof) impacted.
Our properties could also be subject to local, state or federal eminent domain or condemnation proceedings, which could impact the functionality of those properties (or portions thereof) impacted.
As of December 31, 2024, approximately 77% of the acquisitions by property count completed by us since our initial public offering (“IPO”) were acquired in off-market or lightly-marketed transactions, which are transactions that are characterized by a lack of a formal marketing process and lack of widely-disseminated marketing materials.
As of December 31, 2025, approximately 77% of the acquisitions by property count completed by us since our initial public offering (“IPO”) were acquired in off-market or lightly-marketed transactions, which are transactions that are characterized by a lack of a formal marketing process and lack of widely-disseminated marketing materials.
If we cannot obtain off-market or lightly-marketed 10 deal flow in the future, our ability to locate and acquire additional properties in the manner in which we have historically may be adversely affected and may cause us to revisit our core strategies. Our future acquisitions may not yield the returns we expect.
If we cannot obtain off-market or lightly-marketed 11 deal flow in the future, our ability to locate and acquire additional properties in the manner in which we have historically may be adversely affected and may cause us to revisit our core strategies. Our future acquisitions may not yield the returns we expect.
Certain increases in the costs of construction materials can often be managed in our repositioning and redevelopment projects through either general budget contingencies built into our overall construction costs estimates for each of our projects or guaranteed maximum price construction contracts, which stipulate a maximum price for certain construction costs and shift inflation risk to our construction general contractors.
Certain increases in the costs of construction materials can often be managed in our repositioning and development projects through either general budget contingencies built into our overall construction costs estimates for each of our projects or guaranteed maximum price construction contracts, which stipulate a maximum price for certain construction costs and shift inflation risk to our construction general contractors.
We base our review on an estimate of the future cash flows (excluding interest charges) expected to result from the property’s use and eventual disposition on an undiscounted basis. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors.
We base our review on an estimate of the future cash flows (excluding interest charges) expected to result from the property’s use and eventual disposition on an undiscounted basis. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition, our expected holding period and other factors.
Steady but high interest rates or increases to interest rates would increase our interest costs for any variable rate debt and for new debt, which could in turn make the financing of any repositioning, redevelopment and acquisition activity costlier and could also impact demand for space and our leasing activity.
Steady but high interest rates or increases to interest rates would increase our interest costs for any variable rate debt and for new debt, which could in turn make the financing of any repositioning, development and acquisition activity costlier and could also impact demand for space and our leasing activity.
Even if we qualify as a REIT for federal income tax purposes, we may be subject to some federal, state and local income, property and excise taxes on our income or property and, in certain cases, a 100% penalty tax, in the event we sell property in a prohibited transaction as described below.
Even if we qualify as a REIT for federal income tax purposes, we may be subject to some federal, state and local income, property and excise taxes on our income or property and a 100% penalty tax in the event we sell property in a prohibited transaction as described below.
There was no amount outstanding on the revolving credit facility and each of our term loan facilities was fully drawn at December 31, 2024. However, we may borrow on the revolving credit facility or incur additional variable rate debt in the future.
There was no amount outstanding on the revolving credit facility and each of our term loan facilities was fully drawn at December 31, 2025. However, we may borrow on the revolving credit facility or incur additional variable rate debt in the future.
However, the impact of the current rate of inflation of 2.9% may not be adequately offset by some of our annual rent escalations, and it is possible that the resetting of rents from our renewal and re-leasing activities would not fully offset the impact of the current inflation rate.
However, the impact of the current rate of inflation of 2.7% may not be adequately offset by some of our annual rent escalations, and it is possible that the resetting of rents from our renewal and re-leasing activities would not fully offset the impact of the current inflation rate.
Inflationary pricing may have a negative effect on the construction costs necessary to complete our repositioning and redevelopment projects, including, but not limited to, costs of construction materials, insurance, and labor and services from third-party contractors and suppliers.
Inflationary pricing may have a negative effect on the construction costs necessary to complete our repositioning and development projects, including, but not limited to, costs of construction materials, insurance, and labor and services from third-party contractors and suppliers.
As of December 31, 2024, we have interest rate swaps with a combined notional value of $760.0 million in place for the purpose of mitigating our exposure to fluctuations in short-term interest rates.
As of December 31, 2025, we have interest rate swaps with a combined notional value of $760.0 million in place for the purpose of mitigating our exposure to fluctuations in short-term interest rates.
An increase in interest rates would increase our interest costs on variable rate debt and new debt and could adversely affect our ability to refinance existing debt, conduct repositioning, redevelopment, and acquisition activity, recycling of capital and leasing activity.
An increase in interest rates would increase our interest costs on variable rate debt and new debt and could adversely affect our ability to refinance existing debt, conduct repositioning, development, and acquisition activity, recycling of capital and leasing activity.
We regularly experience attempted cyberattacks and other incidents, and we expect such attacks and incidents to continue in varying degrees. Even the most well-protected information, networks, systems, and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and may not be recognized until after being launched against a target.
We regularly experience attempted cyberattacks and other incidents, and we expect such attacks and incidents to continue in varying degrees. Even the most well-protected information, networks, systems, and facilities are vulnerable because the techniques used in such attempted security breaches evolve and may not be recognized until after being launched against a target.
Higher construction costs could adversely impact our investments in real estate assets and expected yields on our redevelopment projects, which may make otherwise lucrative investment opportunities less profitable to us.
Higher construction costs could adversely impact our investments in real estate assets and expected yields on our development projects, which may make otherwise lucrative investment opportunities less profitable to us.
Over the prior four years, the Company has not been subject to any material information security breaches to our knowledge, has not incurred any material financial harm from information security breaches, nor has the Company been subject to any material information security breaches or expenses to our knowledge since our initial formation.
Over the prior five years, the Company has not been subject to any material information security breaches to our knowledge, has not incurred any material financial harm from information security breaches, nor has the Company been subject to any material information security breaches or expenses to our knowledge since our initial formation.
Many of our costs, such as operating expenses and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation and changes in U.S. trade policies. During the twelve months ended December 2024, the consumer price index increased by approximately 2.9%, compared to the twelve months ended December 2023.
Many of our costs, such as operating expenses and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation and changes in U.S. trade policies. During the twelve months ended December 2025, the consumer price index increased by approximately 2.7%, compared to the twelve months ended December 2024.
If we were to fail to qualify as a REIT in any taxable year, we will face serious tax consequences that would substantially reduce the funds available for distribution to you for each of the years involved because: • we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to regular federal corporate income tax; • we also could be subject to the federal alternative minimum tax for tax years prior to 2018 and possibly increased state and local taxes; and • unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified.
If we were to fail to qualify as a REIT in any taxable year, we will face serious tax consequences that would substantially reduce the funds available for distribution to you for each of the years involved because: • we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to regular federal corporate income tax; • we may also be subject to increased state and local taxes; and • unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified.
As of December 31, 2024, the variable interest rate on the $300.0 million term loan facility has been swapped to a fixed rate of 2.81725% through its maturity date, and the $400.0 million term loan facility and $60.0 million term loan facility have been swapped to a fixed rate of 3.97231% and 3.71000%, respectively, for a portion of the extension option period following the initial maturity date.
As of December 31, 2025, the variable interest rate on the $300.0 million term loan facility has been swapped to a fixed rate of 2.81725% through its maturity date, and the $400.0 million term loan facility and $60.0 million term loan facility have been swapped to a fixed rate of 3.41375% and 3.71000%, respectively, for a portion of the extension option period following the initial maturity date.
As of December 31, 2024, we had $760.0 million of variable-rate debt, excluding the impact of interest rates swaps in effect.
As of December 31, 2025, we had $760.0 million of variable-rate debt, excluding the impact of interest rates swaps in effect.
As of December 31, 2024, we had a $1.0 billion unsecured revolving credit facility, $400.0 million term loan facility, $300.0 million term loan facility and $60.0 million term loan facility bearing interest at variable rates on amounts drawn and outstanding.
As of December 31, 2025, we had a $1.25 billion unsecured revolving credit facility, $400.0 million term loan facility, $300.0 million term loan facility and $60.0 million term loan facility bearing interest at variable rates on amounts drawn and outstanding.
Also, the failure of our Operating Partnership or any subsidiary partnerships to qualify as a partnership could cause it to become subject to federal and state corporate income 29 tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners, including us.
Also, the failure of our Operating Partnership or any subsidiary partnerships to qualify as a partnership would cause such entity to become subject to federal and state corporate income tax, which could reduce significantly the amount of cash available for debt service and for distribution to its partners, including us.
In October 2023, California enacted the Climate Corporate Data Accountability Act (SB-253), which mandates the disclosure of greenhouse gas (“GHG”) emissions, including Scope 1, Scope 2 and Scope 3 emissions; and the Climate-Related Financial Risk Act (SB-261), which mandates the disclosure of climate-related financial risks, and measures adopted to reduce and adapt to such risks.
In October 2023, California enacted the Climate Corporate Data Accountability Act (SB-253), which mandates the disclosure of GHG emissions, including Scope 1, Scope 2 and Scope 3 emissions; and the Climate-Related Financial Risk Act (SB-261), which mandates the disclosure of climate-related financial risks, and measures adopted to reduce and adapt to such risks.
We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us.
We may, from time to time, acquire direct or indirect interests in one or more entities that will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us.
If the IRS were successful in treating our Operating Partnership or any such other subsidiary partnership as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT.
If the IRS were successful in treating our Operating Partnership as an entity taxable as a corporation for federal income tax purposes, we would fail to meet certain of the gross income tests and asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT.
Trump announced tariffs on imports from Canada, Mexico and China, and President Trump has expressed a strong desire to impose new, or further increase other existing tariffs.
Trump announced tariffs on imports from Canada, Mexico, China, and many other countries, and President Trump has expressed a desire to impose new, or further increase existing tariffs.
As of December 31, 2024, we owned 96.4% of the outstanding common units in our Operating Partnership and we may, in connection with future acquisitions of properties or otherwise, cause our Operating Partnership to issue additional common units to third parties.
As of December 31, 2025, we owned 96.5% of the outstanding common units in our Operating Partnership and we may, in connection with future acquisitions of properties or otherwise, cause our Operating Partnership to issue additional common units to third parties.
Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve Board. During 2024, the Federal Reserve Board decreased the federal funds rate three times, resulting in a range of 4.25% to 4.50% as of December 31, 2024.
Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve Board. During 2025, the Federal Reserve Board decreased the federal funds rate three times, resulting in a range of 3.50% to 3.75% as of December 31, 2025.
To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our REIT taxable income each year, determined without regard to the dividends paid deduction and excluding net capital gains, and we will be subject to regular corporate income taxes to the extent that we distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid) each year.
To qualify as a REIT, we generally must distribute to our stockholders annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, and we will be subject to regular corporate income taxes to the extent that we distribute in any year less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including net capital gains.
We have not requested and do not plan to request a ruling from the Internal Revenue Service (“IRS”) that we qualify as a REIT, and the statements in this Form 10-K are not binding on the IRS or any court.
We intend to continue to meet the requirements for taxation as a REIT. We have not requested and do not plan to request a ruling from the Internal Revenue Service (“IRS”) that we qualify as a REIT, and the statements in this Form 10-K are not binding on the IRS or any court.
Over the past 10 years, the U.S. government has imposed new, or increased existing, tariffs on some imported materials and products that are used in construction, including lumber, steel, aluminum and solar panels, which increased the costs of those items. On February 1, 2025, President Donald J.
Over the past decade the U.S. government has periodically imposed new or increased tariffs on some imported materials and products that are used in construction, including lumber, steel, aluminum and solar panels, which increased the costs of those items. In 2025, President Donald J.
As of December 31, 2024, we owned 75 properties in the City of Los Angeles representing approximately 12.5% of the rentable square footage of our portfolio.
As of December 31, 2025, we owned properties in the City of Los Angeles representing approximately 12% of the rentable square footage of our portfolio.
Under current law, however, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning before January 1, 2026.
Under current law, however, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT.
Moreover, if we are compelled to liquidate our investments to meet any of these asset, income or distribution tests, or to repay obligations to our lenders, we may be unable to comply with one or more of the requirements applicable to REITs or may be subject to a 100% tax on any resulting gain if such sales constitute prohibited transactions.
Moreover, if we are compelled to liquidate our investments to meet any of these asset, income or distribution tests, or to repay obligations to our lenders, we may be unable to comply with one or more of the requirements applicable to REITs or may be subject to a 100% tax on any resulting gain if such sales constitute prohibited transactions. 31 Legislative or other actions affecting REITs could have a negative effect on us.
In the past when we have acquired properties outside of our focus market, we have subsequently divested those properties, and at this time we expect to continue this practice. We may choose not to distribute the proceeds of any sales of real estate to our stockholders, which may reduce the amount of our cash distributions to stockholders.
In the past when we have acquired properties outside of our focus market, we have subsequently divested those properties, but this practice could change. We may choose not to distribute the proceeds of any sales of real estate to our stockholders, which may reduce the amount of our cash distributions to stockholders.
Legislative or other actions affecting REITs could have a negative effect on us. The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, could adversely affect our investors or us.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, could adversely affect our investors or us.
A security breach or other significant disruption involving our IT networks and related systems could: • Disrupt the proper functioning of our networks and systems; • Result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines; • Result in our inability to properly comply with or monitor our compliance with the rules and regulations regarding our qualification as a REIT; • Result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes; • Require significant management attention and resources to remedy any damages that result; • Subject us to claims for breach of contract or failure to safeguard personal information, damages, credits, penalties or termination of leases or other agreements; • Damage our reputation among our tenants, prospective sellers, brokers and investors generally; and • Subject us to legal liability, including liability under the California Consumer Privacy Act of 2018 and other state and federal laws. 16 To help us better identify, manage, and mitigate these IT risks, we use the National Institute of Standards and Technology (NIST) cybersecurity framework as a guide for our cybersecurity risk management program.
A security breach or other significant disruption involving our IT networks and related systems could: • Disrupt the proper functioning of our networks and systems; • Result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines; • Result in our inability to properly comply with or monitor our compliance with the rules and regulations regarding our qualification as a REIT; • Result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes; 17 • Require significant management attention and resources to remedy any damages that result; • Subject us to claims for breach of contract or failure to safeguard personal information, damages, credits, penalties or termination of leases or other agreements; • Damage our reputation among our tenants, prospective sellers, brokers and investors generally; and • Subject us to legal liability, including liability under various state and federal data privacy, data security and other laws.
Additional risks related to our business and operations as a result of climate change include both physical and transition risks such as: • higher energy costs as a result of extreme weather events, extreme temperatures or increased demand for limited resources; • higher maintenance and repair costs due to increasing temperatures and more frequent heatwaves; • higher costs of materials due to limited availability of raw materials and requirements that may limit types of material for construction; • limited availability of water and higher costs due to droughts caused by low snowpack; • reduced labor pool and lease rates as a result of increasing air pollution and related illnesses; and • reduced tenant appeal and/or investor interest in the event that certain tenant priorities and/or investor expectations regarding sustainability and efficient building practices are not met.
Additional risks related to our business and operations as a result of climate change include both physical and transition risks such as: • higher energy costs as a result of extreme weather events, extreme temperatures or increased demand for limited resources; • higher maintenance and repair costs due to increasing temperatures and more frequent heatwaves; • higher costs of materials due to limited availability of raw materials and requirements that may limit types of material for construction; • limited availability of water and higher costs due to droughts; • reduced tenant appeal and/or investor interest in the event that certain tenant priorities and/or investor expectations regarding sustainability and efficient building practices are not met; and • cost to achieve commitments to achieve sustainability goals, including net-zero commitments.
Certain Tax Matters Agreements provide that, during a certain period after the applicable transaction (in the case of the IPO, the period beginning from the date of the completion of our IPO (July 24, 2013) through the period ending on the twelfth anniversary of our IPO (July 24, 2025)), our Operating Partnership will maintain a certain level of debt or offer certain limited partners the opportunity to guarantee its debt, and following such period, our Operating Partnership will use commercially reasonable efforts to provide such limited partners who continue to own at least 50% of the common units or other applicable units they originally received in the applicable transactions with debt guarantee opportunities.
Certain Tax Matters Agreements provide that, during a certain period after the applicable transaction, our Operating Partnership will maintain a certain level of debt or offer certain limited partners the opportunity to guarantee its debt, and following such period, our Operating Partnership will use commercially reasonable efforts to provide such limited partners who continue to own at least 50% of the common units or other applicable units they originally received in the applicable transactions with debt guarantee opportunities.
In addition, periods of economic downturn or recession, rising interest rates or declining demand for real estate, or the public perception that any of these events may occur, could result in a general decline in rents or an increased incidence of defaults under existing leases.
In addition, periods of economic downturn or recession, rising interest rates or declining demand for real estate, or the public perception that any of these events may occur, could result in a general decline in rents or an increased incidence of defaults under existing leases. Illiquidity of real estate investments and our ability to complete dispositions could adversely affect us.
Our properties are concentrated in certain industries, which, as of December 31, 2024, included the following (and accounted for the percentage of our total annualized base rent indicated): Manufacturing (23.5%), Wholesale Trade (22.1%) and Transportation and Warehousing (20.3%).
Our properties are concentrated in certain industries, which, as of December 31, 2025, included the following (and accounted for the percentage of our total annualized base rent indicated): Manufacturing (22.5%), Wholesale Trade (21.7%) and Transportation and Warehousing (21.6%).
Although the Federal Reserve Board may continue to decrease rates in 2025, future decisions to decrease, hold steady or increase interest rates and the timing of such decisions are unknown. Our exposure to increases in interest rates in the short term is limited to our variable-rate borrowings.
Although the Federal Reserve Board may further reduce rates in 2026, future decisions to decrease, hold steady or increase interest rates and the timing of such decisions remain uncertain. Our exposure to increases in interest rates in the short term is limited to our variable-rate borrowings.
In addition, leases representing 14.4% and 17.1% of the rentable square footage of the properties in our portfolio will expire in 2025 and 2026, respectively.
In addition, leases representing 15.1% and 14.0% of the rentable square footage of the properties in our portfolio will expire in 2026 and 2027, respectively.
For example, our predecessor business acquired properties in Arizona and Illinois as part of an acquisition of a portfolio of properties that included properties located in our target markets.
In the past we have acquired properties located in markets that are new to us. For example, our predecessor business acquired properties in Arizona and Illinois as part of an acquisition of a portfolio of properties that included properties located in our target markets.
All our properties located in California may be reassessed as a result of various factors including, without limitation, changes in California laws that contain certain limitations on annual increases of assessed value of real property.
The real property taxes on our properties may increase as property tax rates change or as our properties are assessed or reassessed by taxing authorities. All our properties located in California may be reassessed as a result of various factors including, without limitation, changes in California laws that contain certain limitations on annual increases of assessed value of real property.
Natural disasters in the Southern California region could impact the future insurability of industrial assets in the region as insurance carriers may decide to reduce or eliminate renewing policies in certain geographic areas that are more susceptible to insurance risk.
Natural disasters in the Southern California region could impact the future insurability of industrial assets in the region as insurance carriers may decide to reduce or eliminate renewing policies in certain geographic areas that are more susceptible to insurance risk. Government-implemented insurance plans may be limited in their insurance pools, claim processing and payout potential.
Our charter and bylaws, the partnership agreement of our Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
Our charter and bylaws, the partnership agreement of our Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest. 27 Tax Matters Agreements limit our ability to sell or otherwise dispose of certain properties, even though a sale or disposition may otherwise be in our stockholders’ best interest.
We may choose not to distribute any proceeds from the sale of real estate investments to our stockholders. Instead, we may elect to use such proceeds to: • acquire additional real estate investments; • repay debt; • create working capital reserves; or • make repairs, maintenance, tenant improvements or other capital improvements or expenditures on our other properties.
Instead, we may elect to use such proceeds to: • acquire additional real estate investments; • repay debt; • repurchase our stock; • create working capital reserves; or • make repairs, maintenance, tenant improvements or other capital improvements or expenditures on our other properties.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

0 edited+17 added−15 removed0 unchanged
Removed
Item 1C. Cybersecurity 31 Item 2 . Properties 33 Item 3 . Legal Proceedings 57 Item 4 . Mine Safety Disclosures 57 PART II Item 5 . Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6 . [Reserved] 59 Item 7 .
Added
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy. We have developed and implemented a cybersecurity and information security risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF).
Removed
Management’s Discussion and Analysis of Financial Condition and Results of Operations 59 Item 7A . Quantitative and Qualitative Disclosures About Market Risk 87 Item 8 . Financial Statements and Supplementary Data 87 Item 9 . Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87 Item 9A . Controls and Procedures 87 Item 9B .
Added
This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Removed
Other information 88 Item 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III Item 10 . Directors, Executive Officers and Corporate Governance 89 Item 11 . Executive Compensation 89 Item 12 . Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89 Item 13 .
Added
Our cybersecurity and information security risk management program: (a) is developed in conjunction with, a third-party managed security service provider (MSSP), who helps audit, assess, administer and monitor implementation; (b) once developed, is then integrated into our overall enterprise risk management program, and shares common: methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas; and (c) consists of leveraging a third-party vendor to routinely and periodically stress test our program for system vulnerabilities (including cyber penetration, vulnerability assessment, NIST framework score and compliance) across our cybersecurity and information security risk management program environment.
Removed
Certain Relationships and Related Transactions, and Director Independence 89 Item 14 . Principal Accounting Fees and Services 89 PART IV Item 15 . Exhibits, Financial Statement Schedules 90 Item 16.
Added
Key elements of our cybersecurity risk management program include: • Risk assessments designed to help identify significant cybersecurity risks to our critical systems and information; • A security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • The use of external service providers to assess, test or otherwise assist with aspects of our security controls; • Cybersecurity awareness training of our employees and senior management, including specific training on emerging AI-driven threats; • A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; • A third-party information security risk management process for certain critical service providers, suppliers and vendors based on our assessment of their criticality to our business and risk profile; and • Third-party internal and external vulnerability assessments from our cybersecurity firm leveraging the Common Vulnerability Scoring System (CVSS).
Removed
Form 10-K Summary 94 SIGNATURES 95 PART I Forward-Looking Statements We make statements in this Annual Report on Form 10-K that are forward-looking statements, which are usually identified by the use of words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “potential,” “possible,” “predicts,” “projects,” “results,” “seeks,” “should,” “will,” and variations of such words or similar expressions.
Added
Bi-annual third-party social engineering and cyber penetration testing with third-party information security company that specializes in conducting such tests. There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information.
Removed
Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made.
Added
As AI technology advances, attackers are leveraging AI to automate and enhance cyberattacks, creating more sophisticated and evasive threats. Our cybersecurity program is designed to adapt to these evolving risks by integrating AI-powered security analytics and threat intelligence.
Removed
Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements.
Added
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Removed
Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation: • the competitive environment in which we operate; • real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; • decreased rental rates or increasing vacancy rates; • potential defaults on or non-renewal of leases by tenants; • potential bankruptcy or insolvency of tenants or our borrower; • acquisition risks, including failure of such acquisitions to perform in accordance with expectations; • the timing of acquisitions and dispositions; • risks associated with redevelopment and repositioning activities, including the possibility that costs may exceed original estimates, the time to complete a project or to lease up the completed project may be greater than originally anticipated or changes in entitlements or laws may impact or prevent execution of intended projects, including without limitation, newly enacted California Assembly Bill 98; • potential natural disasters such as earthquakes, wildfires or floods; • the consequence of any future security alerts and/or terrorist attacks; • national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; • the general level of interest rates; • potential impacts of inflation; • potential changes in the law or governmental regulations that affect us and interpretations of those laws and regulations, including changes in real estate and zoning or real estate investment trust (“REIT”) tax laws, and potential increases in real property tax rates; • financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all; • lack of or insufficient amounts of insurance; • our failure to complete acquisitions; • our failure to successfully integrate acquired properties; • our ability to qualify and maintain our qualification as a REIT; • our ability to maintain our current investment grade ratings by Fitch Ratings (“Fitch”), Moody’s Investors Services (“Moody’s) or from Standard and Poor’s Ratings Services (“S&P”); • litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes; • possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us; • an epidemic or pandemic, and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; and • other events outside of our control. 1 Accordingly, there is no assurance that our expectations will be realized.
Added
We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Removed
Except as otherwise required by the U.S. federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Added
See “Risk Factors – We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our IT networks and related systems.” 32 Cybersecurity Risk Governance and Oversight.
Removed
The reader should review carefully our financial statements and the notes thereto, as well as Item 1A. entitled “Risk Factors” in this report. Summary Risk Factors Set forth below is a summary of the risks described under Item 1A.
Added
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program and reports to the full Board regarding its activities, including those related to cybersecurity.
Removed
Risk Factors in this Annual Report on Form 10-K: Risks Related to Our Business and Operations • Our portfolio of properties is concentrated in the industrial real estate sector and our business would be adversely affected by an economic downturn in that sector. • Our portfolio of properties is dependent upon regional and local economic conditions and is geographically concentrated in Southern California infill markets, which causes us to be especially susceptible to adverse developments in those markets. • Our properties are concentrated in certain industries that make us susceptible to adverse events with respect to those industries. • We may be unable to identify and complete acquisitions of properties that meet our criteria, which may impede our growth. • Our future acquisitions, redevelopments and repositioning activity may not yield the returns we expect. • Many of our costs could be adversely impacted by periods of heightened inflation. • An increase in interest rates would increase our interest costs on variable rate debt and new debt and could adversely affect our ability to refinance existing debt. • We may be unable to renew leases, lease vacant space or re-lease space as leases expire, or renewing existing leases may require significant concession, inducements and/or capital expenditures. • We face significant competition in the leasing market, which may decrease or prevent increases of the occupancy and rental rates of our properties. • A substantial majority of the leases at our properties are with tenants who have non-investment grade credit ratings, which may result in our leasing to tenants that are more likely to default in their obligations to us than a tenant with an investment grade credit rating.
Added
The full Board also receives briefings and educational presentations on cybersecurity topics from the Company’s technology leadership and cybersecurity personnel, as well as from third-party experts, as part of the Board’s continuing education on topics that impact public companies. Management Responsibility and Relevant Expertise.
Removed
Risks Related to Our Capital Structure • Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all. • Our debt level reduces cash available for distribution and may expose us to the risk of default under our debt obligations. • Mortgage and other secured debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt. • Failure to hedge effectively against interest rate changes may adversely affect us. • Our unsecured credit facility, unsecured notes and certain of our other secured loans contain, and any other future indebtedness we incur may contain, various covenants, including business activity restrictions, and the failure to comply with those covenants could materially adversely affect us.
Added
Our Senior Vice President & Head of Technology (the "SVP, Head of Technology") is primarily responsible for assessing and managing the Company’s material risks from cybersecurity threats.
Removed
Risks Related to the Real Estate Industry • Our performance and value are subject to risks associated with real estate assets and the real estate industry.
Added
In this role, the SVP, Head of Technology oversees the Company’s cybersecurity risk management program, including supervision of internal cybersecurity personnel and retained third‑party cybersecurity consultants; integration of cybersecurity into the enterprise risk management framework; incident response readiness; and regular reporting to the Audit Committee.
Removed
Risks Related to Our Organizational Structure • Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of common units, which may impede business decisions that could benefit our stockholders. • Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest. 2 • We are a holding company with no direct operations and, as such, we will rely on funds received from our Operating Partnership to pay liabilities, and the interests of our stockholders will be structurally subordinated to all liabilities and obligations of our Operating Partnership and its subsidiaries.
Added
The SVP, Head of Technology has over twenty years of technology leadership experience, including executive‑level responsibility for enterprise technology programs, cybersecurity governance, third‑party risk management, data and analytics initiatives, and incident response coordination at the Company. The SVP, Head of Technology, holds MIS and MBA degrees.
Removed
Risks Related to Our Status as a REIT • Failure to maintain our qualification as a REIT would have significant adverse consequences to us and the per share trading price of our common stock. 3
Added
Our Director of Cybersecurity and Technology Operations is responsible for day‑to‑day operation of our cybersecurity controls and incident response processes and supports preparation of quarterly updates to the Committee. The Director has over eight years of experience in IT security, industry certifications and specialized training, and over fifteen years of experience in commercial real estate technology. Oversight and Reporting Cadence.
Added
Management provides the Committee with quarterly briefings on cybersecurity risk, including emerging threat trends, program maturity and testing results, and material third‑party risk matters. Management also updates the Committee, and as appropriate the full Board, regarding significant cybersecurity incidents.
Added
The SVP, Head of Technology and the Director of Cybersecurity and Technology Operations work closely with the other members of management to monitor and communicate the Company’s efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include updates from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including third‑party consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment. 33

Item 2. Properties

Properties — owned and leased real estate

112 edited+3 added−3 removed10 unchanged
Biggest changeBroadway Carson 3 Warehouse / Distribution 1957 / 1989, 2017 78,183 0.2 % 5 100.0 % $ 1,322,227 0.2 % $ 16.91 17000 Kingsview Ave/800 Sandhill Ave (6) Carson 1 Warehouse / Distribution 1984 100,121 0.2 % 1 76.6 % $ 673,001 0.1 % $ 8.77 263-321 Gardena Blvd Carson 2 Industrial Outdoor Storage 1977 - 1982 / 2024 55,238 0.1 % 2 100.0 % $ 1,978,738 0.3 % $ 35.82 18115 Main Street Carson 1 Warehouse / Excess Land 1988 42,270 0.1 % 1 100.0 % $ 418,689 — % $ 9.91 1055 Sandhill Avenue (6) Carson 1 Light Manufacturing / Flex 1973 / 2024 127,775 0.3 % — — % $ — — % $ — 701-751 Kingshill Place Carson 6 Warehouse / Light Manufacturing 1979 / 2020 171,056 0.3 % 7 100.0 % $ 2,579,073 0.3 % $ 15.08 256 Alondra Blvd Carson 1 Industrial Outdoor Storage 1954 2,456 — % 1 100.0 % $ 675,305 0.1 % $ 274.96 17011-17027 Central Avenue Carson 3 Warehouse / Distribution 1979 52,561 0.1 % 1 100.0 % $ 1,014,571 0.1 % $ 19.30 21022 & 21034 Figueroa Street Carson 1 Warehouse / Distribution 2002 51,185 0.1 % 1 100.0 % $ 1,085,941 0.1 % $ 21.22 2130-2140 Del Amo Blvd Carson 2 Warehouse / Distribution 1980 99,064 0.2 % 2 100.0 % $ 2,067,192 0.3 % $ 20.87 20455 Reeves Avenue Carson 1 Warehouse / Distribution 1982 110,075 0.2 % 1 100.0 % $ 2,785,937 0.4 % $ 25.31 1420 Mckinley Avenue Compton 1 Warehouse / Distribution 2017 136,685 0.3 % 1 100.0 % $ 3,923,406 0.5 % $ 28.70 2020 Central Avenue Compton 1 Light Industrial / Office 1972 30,233 0.1 % 1 100.0 % $ 420,732 — % $ 13.92 17909 & 17929 Susana Road (6) Compton — Warehouse / Light Manufacturing 1970 - 1973 — — % — — % $ — — % $ — 3131 Harcourt Street & 18031 Susana Road (6) Compton 2 Warehouse / Excess Land 1970 34,000 0.1 % — — % $ — — % $ — 2501 Rosecrans Avenue Compton 1 Warehouse / Light Manufacturing 1987 300,217 0.6 % 1 100.0 % $ 6,664,817 0.9 % $ 22.20 39 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) 13225 Western Avenue Gardena 1 Warehouse / Light Manufacturing 1955 21,010 — % 1 100.0 % $ 367,087 — % $ 17.47 400 Rosecrans Avenue Gardena — Warehouse / Distribution 1967 — — % — — % $ — — % $ — 422 Rosecrans Avenue Gardena — Warehouse / Distribution 1968 — — % — — % $ — — % $ — 1715 West 132nd Street Gardena 1 Warehouse / Distribution 1971 20,168 — % — — % $ — — % $ — 11832-11954 La Cienega Blvd Hawthorne 4 Light Industrial / Office 1999 63,462 0.1 % 9 100.0 % $ 1,406,596 0.2 % $ 22.16 2205 126th Street Hawthorne 1 Warehouse / Distribution 1998 63,532 0.1 % 4 100.0 % $ 1,209,861 0.2 % $ 19.04 240 W Ivy Avenue Inglewood 1 Warehouse / Distribution 1981 46,974 0.1 % 3 100.0 % $ 1,018,903 0.1 % $ 21.69 687 Eucalyptus Avenue Inglewood 1 Warehouse / Distribution 2017 143,436 0.3 % 1 100.0 % $ 2,575,749 0.3 % $ 17.96 4175 Conant Street Long Beach 1 Warehouse / Light Manufacturing 2015 142,593 0.3 % 1 100.0 % $ 2,330,639 0.3 % $ 16.34 1580 Carson Street Long Beach 1 Warehouse / Distribution 1982 / 2018 43,787 0.1 % 1 100.0 % $ 670,047 0.1 % $ 15.30 Long Beach Business Park Long Beach 4 Warehouse / Light Manufacturing 1973 - 1976 123,532 0.2 % 32 88.0 % $ 1,829,512 0.2 % $ 16.84 3901 Via Oro Avenue Long Beach 1 Light Industrial / Office 1983 53,817 0.1 % 1 100.0 % $ 1,432,507 0.2 % $ 26.62 2500 Thompson Street Long Beach 1 Warehouse / Light Manufacturing 1970 174,691 0.3 % 1 100.0 % $ 1,242,600 0.2 % $ 7.11 1661 240th St.
Biggest changeBroadway Carson 3 Warehouse / Distribution 1957 / 1989, 2017 78,183 0.2 % 5 100.0 % $ 1,358,868 0.2 % $ 17.38 800 Sandhill Ave (17000 Kingsview Ave) Carson 1 Warehouse / Distribution 1984 / 2025 100,121 0.2 % 1 100.0 % $ 1,297,568 0.2 % $ 12.96 263-321 Gardena Blvd Carson 2 Industrial Outdoor Storage 1977 - 1982 / 2024 55,238 0.1 % 2 100.0 % $ 2,057,887 0.3 % $ 37.25 18115 Main Street Carson 1 Warehouse / Excess Land 1988 42,270 0.1 % 1 100.0 % $ 431,250 0.1 % $ 10.20 701-751 Kingshill Place Carson 6 Warehouse / Light Manufacturing 1979 / 2020 171,056 0.3 % 7 100.0 % $ 2,717,905 0.3 % $ 15.89 256 Alondra Blvd Carson 1 Industrial Outdoor Storage 1954 2,456 — % 1 100.0 % $ 695,564 0.1 % $ 283.21 17011-17027 Central Avenue Carson 3 Warehouse / Distribution 1979 52,561 0.1 % 1 100.0 % $ 1,038,921 0.1 % $ 19.77 21022 & 21034 Figueroa Street Carson 1 Warehouse / Distribution 2002 51,185 0.1 % 1 100.0 % $ 1,129,379 0.1 % $ 22.06 2130-2140 Del Amo Blvd Carson 2 Warehouse / Distribution 1980 99,064 0.2 % 2 100.0 % $ 2,149,880 0.3 % $ 21.70 20455 Reeves Avenue Carson 1 Warehouse / Distribution 1982 110,075 0.2 % 1 100.0 % $ 2,897,374 0.4 % $ 26.32 1420 Mckinley Avenue Compton 1 Warehouse / Distribution 2017 136,685 0.3 % 1 100.0 % $ 4,080,343 0.5 % $ 29.85 2020 Central Avenue Compton 1 Light Industrial / Office 1972 30,233 0.1 % 1 100.0 % $ 431,250 — % $ 14.26 3131 Harcourt Street Compton 1 Warehouse / Excess Land 1970 / 2025 34,000 0.1 % 1 100.0 % $ 2,087,657 0.3 % $ 61.40 40 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) 2501 Rosecrans Avenue Compton 1 Warehouse / Light Manufacturing 1987 300,217 0.6 % 1 100.0 % $ 6,931,411 0.9 % $ 23.09 13225 Western Avenue Gardena 1 Warehouse / Light Manufacturing 1955 21,010 — % 1 100.0 % $ 381,770 — % $ 18.17 400 Rosecrans Avenue Gardena — Warehouse / Distribution 1967 — — % — — % $ — — % $ — 422 Rosecrans Avenue Gardena — Warehouse / Distribution 1968 — — % — — % $ — — % $ — 1715 West 132nd Street Gardena 1 Warehouse / Distribution 1971 20,168 — % 1 100.0 % $ 261,377 — % $ 12.96 11832-11954 La Cienega Blvd Hawthorne 4 Light Industrial / Office 1999 63,462 0.1 % 9 100.0 % $ 1,458,574 0.2 % $ 22.98 2205 126th Street Hawthorne 1 Warehouse / Distribution 1998 63,532 0.1 % 4 100.0 % $ 1,434,295 0.2 % $ 22.58 240 W Ivy Avenue Inglewood 1 Warehouse / Distribution 1981 46,974 0.1 % 3 100.0 % $ 1,059,659 0.1 % $ 22.56 687 Eucalyptus Avenue Inglewood 1 Warehouse / Distribution 2017 143,436 0.3 % 1 100.0 % $ 2,634,572 0.3 % $ 18.37 4175 Conant Street Long Beach 1 Warehouse / Light Manufacturing 2015 142,593 0.3 % 1 100.0 % $ 2,400,558 0.3 % $ 16.84 1580 Carson Street Long Beach 1 Warehouse / Distribution 1982 / 2018 43,787 0.1 % 1 100.0 % $ 690,148 0.1 % $ 15.76 Long Beach Business Park Long Beach 4 Warehouse / Light Manufacturing 1973 - 1976 123,532 0.2 % 34 94.0 % $ 1,868,481 0.2 % $ 16.09 3901 Via Oro Avenue Long Beach 1 Light Industrial / Office 1983 53,817 0.1 % 1 100.0 % $ 1,432,507 0.2 % $ 26.62 2500 Thompson Street Long Beach 1 Warehouse / Light Manufacturing 1970 174,691 0.3 % 1 100.0 % $ 1,242,600 0.2 % $ 7.11 1661 240th St.
The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease.
The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease.
The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease.
The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease.
Tenant Submarket 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) Lease Expirations TIRECO, Inc. Inland Empire West 1,101,840 2.4 % $ 19,251 2.5 % $ 17.47 1/31/2027 L3 Technologies, Inc.
Tenant Submarket 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) Lease Expirations TIRECO, Inc. Inland Empire West 1,101,840 2.4 % $ 19,251 2.4 % $ 17.47 1/31/2027 (4) L3 Technologies, Inc.
The following table sets forth a summary schedule of lease expirations for leases in place as of December 31, 2024, plus available space, for each of the 10 full calendar years commencing December 31, 2024 and thereafter in our portfolio. The information set forth in the table assumes that tenants exercise no renewal options and no early termination rights.
The following table sets forth a summary schedule of lease expirations for leases in place as of December 31, 2025, plus available space, for each of the 10 full calendar years commencing December 31, 2025 and thereafter in our portfolio. The information set forth in the table assumes that tenants exercise no renewal options and no early termination rights.
(2) Calculated as building square feet divided by land square feet. (3) Calculated for each property as the monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12, and then aggregated by property type. Excludes tenant reimbursements. Amounts in thousands.
(2) Calculated as building square feet divided by land square feet. (3) Calculated for each property as the monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2025, multiplied by 12, and then aggregated by property type. Excludes tenant reimbursements. Amounts in thousands.
(4) Represents annualized base rent for leases that had commenced as of December 31, 2024, at each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(4) Represents annualized base rent for leases that had commenced as of December 31, 2025, 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, 2025, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(5) Calculated for each property type as annualized base rent for such property type divided by occupied building square feet for such property type as of December 31, 2024, unless otherwise noted. (6) Includes 901 West Alameda Avenue with 45,690 building square feet that is classified as Creative Office.
(5) Calculated for each property type as annualized base rent for such property type divided by occupied building square feet for such property type as of December 31, 2025, unless otherwise noted. (6) Includes 901 West Alameda Avenue with 45,690 building square feet that is classified as Creative Office.
(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.
(2) For nonrecurring 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.
(7) Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street. 48 Property Diversification The following table sets forth information relating to diversification by property type in our portfolio based on total annualized base rent as of December 31, 2024.
(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. 49 Property Diversification The following table sets forth information relating to diversification by property type in our portfolio based on total annualized base rent as of December 31, 2025.
(2) Calculated as rentable square feet for such property divided by rentable square feet for the total consolidated portfolio as of December 31, 2024. (3) Calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12. Excludes tenant reimbursements.
(2) Calculated as rentable square feet for such property divided by rentable square feet for the total consolidated portfolio as of December 31, 2025. (3) Calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2025, multiplied by 12. Excludes tenant reimbursements.
(2) Represents annualized base rent for each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(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, 2025, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(8) Includes (i) one land lease in LA-Mid-Counties expiring July 31, 2025, (ii) one land lease in North Orange County expiring October 31, 2026, (iii) 30,160 rentable square feet in Ventura expiring September 30, 2027, (iv) one land lease in LA-Mid-Counties expiring June 30, 2029, (v) 42,270 rentable square feet in LA-South Bay expiring October 31, 2030, (vi) 311,995 rentable square feet in North County San Diego expiring February 28, 2031, and (vii) 143,436 rentable square feet in LA-South Bay expiring November 30, 2032 .
(8) Includes (i) 30,160 rentable square feet in Ventura expiring September 30, 2027, (ii) one land lease in LA-Mid-Counties expiring June 30, 2029, (iii) one land lease in LA-Mid-Counties expiring June 30, 2029, (iv) 42,270 rentable square feet in LA-South Bay expiring October 31, 2030, (v) 311,995 rentable square feet in North County San Diego expiring February 28, 2031, (vi) one land lease in North Orange County expiring October 31, 2031, and (vii) 143,436 rentable square feet in LA-South Bay expiring November 30, 2032 .
Differences between our occupancy rates and leased rates as disclosed throughout this Annual Report on Form 10-K, are attributed to our uncommenced leases. The following table sets forth information relating to our uncommenced leases as of December 31, 2024.
Differences between our occupancy rates and leased rates as disclosed throughout this Annual Report on Form 10-K, are attributed to our uncommenced leases. The following table sets forth information relating to our uncommenced leases as of December 31, 2025.
(2) Represents the square footage of new leases that had been signed but had not yet commenced as of December 31, 2024. (3) Calculated as square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2024, divided by total rentable square feet.
(2) Represents the square footage of new leases that had been signed but had not yet commenced as of December 31, 2025. (3) Calculated as square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2025, divided by total rentable square feet.
(2) Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by industry. Excludes tenant reimbursements. Amounts in thousands.
(2) Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2025, multiplied by 12, and then aggregated by industry. Excludes tenant reimbursements. Amounts in thousands.
(2) Calculated as monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by year of lease expiration. Excludes tenant reimbursements. Amounts in thousands.
(2) Calculated as monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2025, multiplied by 12, and then aggregated by year of lease expiration. Excludes tenant reimbursements. Amounts in thousands.
Excludes tenant reimbursements. Amounts in thousands. (2) Calculated as annualized base rent for such leases divided by annualized base rent for the total consolidated portfolio as of December 31, 2024. (3) For building leases, calculated as annualized base rent for such leases divided by occupied building square feet for such leases as of December 31, 2024.
Excludes tenant reimbursements. Amounts in thousands. (2) Calculated as annualized base rent for such leases divided by annualized base rent for the total consolidated portfolio as of December 31, 2025. (3) For building leases, calculated as annualized base rent for such leases divided by occupied building square feet for such leases as of December 31, 2025.
Excludes tenant reimbursements. Amounts in thousands. (2) Calculated as annualized base rent for such tenant divided by annualized base rent for the total consolidated portfolio as of December 31, 2024. (3) Calculated as annualized base rent for such tenant divided by occupied square feet for such tenant as of December 31, 2024.
Excludes tenant reimbursements. Amounts in thousands. (2) Calculated as annualized base rent for such tenant divided by annualized base rent for the total consolidated portfolio as of December 31, 2025. (3) Calculated as annualized base rent for such tenant divided by occupied square feet for such tenant as of December 31, 2025.
(5) Annualized base rent from uncommenced leases includes: (i) $0.6 million of annualized base rent under uncommenced new leases (calculated by multiplying the first full month of contractual base rents (before rent abatements) to be received under uncommenced new leases, by 12) and (ii) $0.7 million of incremental annualized base rent under uncommenced renewal leases (calculated as the difference between (a) the first full month of contractual base rents (before rent abatements) to be received under uncommenced renewal leases and (b) the monthly contracted base rents under commenced leases (for the same space) as of December 31, 2024, multiplied by 12.).
(5) Annualized base rent from uncommenced leases includes: (i) $5.2 million of annualized base rent under uncommenced new leases (calculated by multiplying the first full month of contractual base rents (before rent abatements) to be received under uncommenced new leases, by 12) and (ii) $6.0 million of incremental annualized base rent under uncommenced renewal leases (calculated as the difference between (a) the first full month of contractual base rents (before rent abatements) to be received under uncommenced renewal leases and (b) the monthly contracted base rents under commenced leases (for the same space) as of December 31, 2025, multiplied by 12.).
(3) Calculated as annualized base rent for tenants in such industry divided by annualized base rent for the total consolidated portfolio as of December 31, 2024. (4) Calculated as annualized base rent for tenants in such industry divided by occupied square feet for tenants in such industry as of December 31, 2024.
(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, 2025. (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, 2025.
(10) Includes (i) 96,993 rentable square feet in North County San Diego expiring September 30, 2026, (ii) 100,500 rentable square feet in Greater San Fernando Valley expiring September 30, 2027, and (iii) 278,572 RSF in North Orange County expiring September 30, 2028. 53 Leases Overview Triple net lease.
(10) Includes (i) 96,993 rentable square feet in North County San Diego expiring September 30, 2026, (ii) 100,500 rentable square feet in Greater San Fernando Valley expiring September 30, 2027, and (iii) 278,572 rentable square feet in North Orange County expiring September 30, 2028. 54 Leases Overview Triple net lease.
(7) Calculated by dividing annualized base rent from commenced leases and uncommenced leases (as described in note (6) above), by leased square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2024. 50 Geographic Diversification The following table sets forth information relating to geographic diversification by county and submarket in our portfolio based on total annualized base rent as of December 31, 2024.
(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, 2025. 51 Geographic Diversification The following table sets forth information relating to geographic diversification by county and submarket in our portfolio based on total annualized base rent as of December 31, 2025.
(4) Calculated for each property type as annualized base rent for such property type divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(4) Calculated for each property type as annualized base rent for such property type divided by annualized base rent for the total consolidated portfolio as of December 31, 2025.
We intend to continue to maintain a diversified mix of tenants in order to limit our exposure to any single tenant or industry. 52 The following table sets forth information about the 10 largest tenants in our portfolio based on total annualized base rent as of December 31, 2024.
We intend to continue to maintain a diversified mix of tenants in order to limit our exposure to any single tenant or industry. 53 The following table sets forth information about the 10 largest tenants in our portfolio based on total annualized base rent as of December 31, 2025.
(3) Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(3) Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of December 31, 2025.
(4) Non-recurring capital expenditures are expenditures made in respect of a property for repositioning, redevelopment, or other major upgrade or renovation of such property, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements or capital expenditures for deferred maintenance existing at the time such property was acquired. 56 (5) Recurring capital expenditures are expenditures made in respect of a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems.
(4) Nonrecurring capital expenditures are expenditures made in respect of a property for repositioning, development, or other major upgrade or renovation of such property, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements or capital expenditures for deferred maintenance existing at the time such property was acquired. 57 (5) Recurring capital expenditures are expenditures made in respect of a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems.
(4) Calculated as annualized base rent for such market divided by occupied square feet for such market as of December 31, 2024. 51 Industry Diversification The following table sets forth information relating to tenant diversification by industry in our portfolio based on total annualized base rent as of December 31, 2024.
(4) Calculated as annualized base rent for such market divided by occupied square feet for such market as of December 31, 2025. 52 Industry Diversification The following table sets forth information relating to tenant diversification by industry in our portfolio based on total annualized base rent as of December 31, 2025.
(3) Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of December 31, 2024. (4) Calculated as annualized base rent for such leases divided by the occupied square feet for such leases as of December 31, 2024. (5) Represents vacant space (not under repositioning/redevelopment) as of December 31, 2024.
(3) Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of December 31, 2025. (4) Calculated as annualized base rent for such leases divided by the occupied square feet for such leases as of December 31, 2025. (5) Represents vacant space (not under repositioning/development) as of December 31, 2025.
(4) Calculated as annualized base rent for such property divided by annualized base rent for the total consolidated portfolio as of December 31, 2024. (5) Calculated as annualized base rent for such property divided by occupied square feet for such property as of December 31, 2024. (6) This property is undergoing repositioning, redevelopment, or lease-up as of December 31, 2024.
(4) Calculated as annualized base rent for such property divided by annualized base rent for the total consolidated portfolio as of December 31, 2025. (5) Calculated as annualized base rent for such property divided by occupied square feet for such property as of December 31, 2025. (6) This property is undergoing repositioning, development, or lease-up as of December 31, 2025.
(5) Includes a tenant leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.7 million or $3.34 per land square foot. Excluding this tenant, annualized base rent per square foot is $15.64. Tenants Our portfolio of properties has a stable and diversified tenant base.
(5) Includes a tenant leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.9 million or $3.41 per land square foot. Excluding this tenant, annualized base rent per square foot is $16.15. Tenants Our portfolio of properties has a stable and diversified tenant base.
Santa Fe Springs 1 Warehouse / Excess Land 1971 / 2016 24,875 0.1 % 1 100.0 % $ 404,600 0.1 % $ 16.27 12907 Imperial Highway Santa Fe Springs 1 Warehouse / Distribution 1997 / 2024 101,080 0.2 % 1 100.0 % $ 2,231,846 0.3 % $ 22.08 14944, 14946, 14948 Shoemaker Ave.
Santa Fe Springs 1 Warehouse / Excess Land 1971 / 2016 24,875 0.1 % 1 100.0 % $ 416,739 — % $ 16.75 12907 Imperial Highway Santa Fe Springs 1 Warehouse / Distribution 1997 / 2024 101,080 0.2 % 1 100.0 % $ 2,231,846 0.3 % $ 22.08 14944, 14946, 14948 Shoemaker Ave.
Item 2. Properties As of December 31, 2024, our consolidated portfolio consisted of 425 wholly-owned properties located in Southern California infill markets totaling approximately 50.8 million rentable square feet. The table below sets forth relevant information with respect to the operating properties in our consolidated portfolio as of December 31, 2024.
Item 2. Properties As of December 31, 2025, our consolidated portfolio consisted of 419 wholly-owned properties located in Southern California infill markets totaling approximately 51.2 million rentable square feet. The table below sets forth relevant information with respect to the operating properties in our consolidated portfolio as of December 31, 2025.
As of December 31, 2024, our consolidated properties were 91.4% leased to tenants in a variety of industries, with no single tenant accounting for more than 2.5% of our total annualized in-place base rent.
As of December 31, 2025, our consolidated properties were 90.9% leased to tenants in a variety of industries, with no single tenant accounting for more than 2.4% of our total annualized in-place base rent.
(6) Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”), redevelopment or lease-up as of December 31, 2024.
(6) Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”), development or lease-up as of December 31, 2025.
Our average lease size is approximately 29,000 square feet, and approximately 32% of our total leased square feet consists of leases that are less than 50,000 square feet each. Our 10 largest tenants combined accounted for 14.1% of our annualized base rent as of December 31, 2024.
Our average lease size is approximately 31,000 square feet, and approximately 32% of our total leased square feet consists of leases that are less than 50,000 square feet each. Our 10 largest tenants combined accounted for 13.9% of our annualized base rent as of December 31, 2025.
(6) Pasadena 1 Warehouse / Light Manufacturing 1953, 1993 / 2024 48,520 0.1 % — — % $ — — % $ — 33 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) 1050 Arroyo Ave.
Vinedo Ave Pasadena 1 Warehouse / Light Manufacturing 1953, 1993 / 2024 48,520 0.1 % 1 100.0 % $ 1,269,283 0.2 % $ 26.16 34 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) 1050 Arroyo Ave.
(4) Includes (i) 133,836 rentable square feet in North Orange County expiring December 31, 2024 and (ii) 461,431 rentable square feet in LA-South Bay expiring September 30, 2031. (5) The tenant is leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.7 million or $3.34 per land square foot.
(5) Includes (i) 133,836 rentable square feet in North Orange County, which expired on December 31, 2025, and (ii) 461,431 rentable square feet in LA-South Bay expiring September 30, 2031. (6) The tenant is leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.9 million or $3.41 per land square foot.
As of December 31, 2024, there were 862 modified gross leases in our consolidated portfolio, representing approximately 15.9% of our total annualized base rent. Gross lease. In our gross leases, the landlord is responsible for all aspects of and costs related to the property and its operation during the lease term.
As of December 31, 2025, there were 762 modified gross leases in our consolidated portfolio, representing approximately 14.5% of our total annualized base rent. Gross lease. In our gross leases, the landlord is responsible for all aspects of and costs related to the property and its operation during the lease term.
(9) The tenant is leasing 18.4 acres of land with ABR of $8.2 million or $10.30 per land square foot.
(9) The tenant is leasing 18.4 acres of land with ABR of $8.9 million or $11.14 per land square foot.
Walnut Ave. Carson 1 Cold Storage / Distribution 1974 172,420 0.3 % 2 100.0 % $ 2,842,117 0.4 % $ 16.48 18118-18120 S.
Walnut Ave. Carson 1 Cold Storage / Distribution 1974 172,420 0.3 % 2 100.0 % $ 2,885,791 0.4 % $ 16.74 18118-18120 S.
(8) Represents current redevelopment properties, as of December 31, 2024, that will have an estimated combined 1.5 million of rentable square feet at completion, or coverage of 46.9%. 49 Uncommenced Leases Uncommenced leases as of December 31, 2024, reflect signed new and renewal leases that had not yet commenced as of December 31, 2024.
(8) Represents current development properties, as of December 31, 2025, that will have an estimated combined 0.9 million of rentable square feet at completion, or coverage of 50.2%. 50 Uncommenced Leases Uncommenced leases as of December 31, 2025, reflect signed new and renewal leases that had not yet commenced as of December 31, 2025.
Vista 4 Warehouse / Light Manufacturing 1989 / 2007 115,355 0.2 % 10 100.0 % $ 1,737,443 0.2 % $ 15.06 2575 Pioneer Ave.
Vista 4 Warehouse / Light Manufacturing 1989 / 2007 115,355 0.2 % 10 100.0 % $ 1,805,518 0.2 % $ 15.65 2575 Pioneer Ave.
Riverside 2 Warehouse / Light Manufacturing 1978 33,258 0.1 % 1 100.0 % $ 660,443 0.1 % $ 19.86 San Bernardino – Inland Empire East Total 2 33,258 0.1 % 1 100.0 % $ 660,443 0.1 % $ 19.86 Ventura County 300 South Lewis Rd.
Riverside 2 Warehouse / Light Manufacturing 1978 33,258 0.1 % 1 100.0 % $ 682,454 0.1 % $ 20.52 San Bernardino – Inland Empire East Total 2 33,258 0.1 % 1 100.0 % $ 682,454 0.1 % $ 20.52 Ventura County 300 South Lewis Rd.
Van Nuys 1 Warehouse / Light Manufacturing 1971 81,282 0.2 % 1 100.0 % $ 905,954 0.1 % $ 11.15 6701 & 6711 Odessa Ave.
Van Nuys 1 Warehouse / Light Manufacturing 1971 81,282 0.2 % 1 100.0 % $ 933,133 0.1 % $ 11.48 6701 & 6711 Odessa Ave.
“Other” includes amounts related to cellular tower, solar and parking lot leases. (6) Reflects land square feet for “Land/IOS” leases. 54 Lease Expirations As of December 31, 2024, our weighted average in-place remaining lease term was approximately 4 years.
“Other” includes amounts related to cellular tower, solar and parking lot leases. (6) Reflects occupied land square feet and available land square feet associated with Land/IOS. 55 Lease Expirations As of December 31, 2025, our weighted average in-place remaining lease term was approximately 4 years.
As of December 31, 2024, there were 609 triple net leases in our consolidated portfolio, representing approximately 79.2% of our total annualized base rent. Modified gross lease.
As of December 31, 2025, there were 616 triple net leases in our consolidated portfolio, representing approximately 80.5% of our total annualized base rent. Modified gross lease.
For “Land/IOS” leases, calculated as annualized base rent for such leases divided by land square feet for such leases as of December 31, 2024. (4) Excludes 248,540 building square feet that are associated with “Land/IOS”. (5) “Land/IOS” includes leases for improved land sites and industrial outdoor storage (IOS) sites.
For “Land/IOS” leases, calculated as annualized base rent for such leases divided by land square feet for such leases as of December 31, 2025. (4) Excludes 205,999 occupied building square feet and 223,861 available building square feet associated with Land/IOS. (5) “Land/IOS” includes leases for improved land sites and industrial outdoor storage (IOS) sites.
Includes leases aggregating 33,065 rentable square feet that had been signed but had not yet commenced as of December 31, 2024. Adjusting for such leases, we had 1,880,055 of available vacant space representing 3.7% of our total owned square feet as of December 31, 2024.
Includes leases aggregating 327,971 rentable square feet that had been signed but had not yet commenced as of December 31, 2025. Adjusting for such leases, we had 1,616,838 of available vacant space representing 3.2% of our total owned square feet as of December 31, 2025.
As of December 31, 2024, there were 179 gross leases in our consolidated portfolio, representing approximately 4.9% of our total annualized base rent.
As of December 31, 2025, there were 180 gross leases in our consolidated portfolio, representing approximately 5% of our total annualized base rent.
Historical Capital Expenditures The following table sets forth certain historical information regarding non-recurring and recurring capital expenditures at the properties in our portfolio as follows: Year Ended December 31, 2024 2023 2022 Cost (1) Square Feet (2) PSF (3) Cost (1) Square Feet (2) PSF (3) Cost (1) Square Feet (2) PSF (3) Non-Recurring Capital Expenditures (4) $ 313,187 36,624,828 $ 8.55 $ 222,709 32,392,200 $ 6.88 $ 111,112 26,002,606 $ 4.27 Recurring Capital Expenditures (5) 19,661 49,255,581 $ 0.40 26,798 44,002,786 $ 0.61 8,675 39,561,722 $ 0.22 Total Capital Expenditures $ 332,848 $ 249,507 $ 119,787 (1) Cost is reported in thousands.
Historical Capital Expenditures The following table sets forth certain historical information regarding nonrecurring and recurring capital expenditures at the properties in our portfolio as follows: Year Ended December 31, 2025 2024 2023 Cost (1) Square Feet (2) PSF (3) Cost (1) Square Feet (2) PSF (3) Cost (1) Square Feet (2) PSF (3) Nonrecurring Capital Expenditures (4) $ 228,776 41,735,487 $ 5.48 $ 313,187 36,624,828 $ 8.55 $ 222,709 32,392,200 $ 6.88 Recurring Capital Expenditures (5) 13,327 51,311,729 $ 0.26 19,661 49,255,581 $ 0.40 26,798 44,002,786 $ 0.61 Total Capital Expenditures $ 242,103 $ 332,848 $ 249,507 (1) Cost is reported in thousands.
See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Factors That May Influence Future Results of Operations – Acquisitions and Value-Add Repositioning and Redevelopment of Properties,” of this Annual Report on Form 10-K for additional details related to these properties. 55 Historical Tenant Improvements and Leasing Commissions The following table sets forth certain historical information regarding leasing related tenant improvement and leasing commission costs for tenants at the properties in our portfolio as follows: Year Ended December 31, 2024 2023 2022 Cost (1) Square Feet PSF (2) Cost (1) Square Feet PSF (2) Cost (1) Square Feet PSF (2) Tenant Improvements New Leases – First Generation (3)(4) $ 1,718 957,290 $ 1.79 $ 1,572 1,400,053 $ 1.12 $ 1,528 834,106 $ 1.83 New Leases – Second Generation (3)(5) 314 141,274 $ 2.22 113 90,902 $ 1.24 494 491,933 $ 1.00 Renewal Leases 349 444,014 $ 0.79 826 536,858 $ 1.54 855 933,596 $ 0.92 Total Tenant Improvements $ 2,381 1,542,578 $ 1.54 $ 2,511 2,027,813 $ 1.24 $ 2,877 2,259,635 $ 1.27 Leasing Commissions New Leases – First Generation (3)(4) $ 9,166 2,000,568 $ 4.58 $ 9,488 1,171,683 $ 8.10 $ 7,357 876,485 $ 8.39 New Leases – Second Generation (3)(5) 6,953 1,939,960 $ 3.58 7,652 1,832,823 $ 4.17 9,190 1,359,424 $ 6.76 Renewal Leases 9,904 3,384,808 $ 2.93 10,308 3,530,689 $ 2.92 5,025 1,852,256 $ 2.71 Total Leasing Commissions $ 26,023 7,325,336 $ 3.55 $ 27,448 6,535,195 $ 4.20 $ 21,572 4,088,165 $ 5.28 Total Tenant Improvements & Leasing Commissions $ 28,404 $ 29,959 $ 24,449 (1) Cost is reported in thousands.
See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Factors That May Influence Future Results of Operations – Acquisitions and Value-Add Repositioning and Development of Properties,” of this Annual Report on Form 10-K for additional details related to these properties. 56 Historical Tenant Improvements and Leasing Commissions The following table sets forth certain historical information regarding leasing related tenant improvement and leasing commission costs for tenants at the properties in our portfolio as follows: Year Ended December 31, 2025 2024 2023 Cost (1) Square Feet PSF (2) Cost (1) Square Feet PSF (2) Cost (1) Square Feet PSF (2) Tenant Improvements New Leases – First Generation (3)(4) $ 1,485 831,080 $ 1.79 $ 1,718 957,290 $ 1.79 $ 1,572 1,400,053 $ 1.12 New Leases – Second Generation (3)(5) 878 589,789 $ 1.49 314 141,274 $ 2.22 113 90,902 $ 1.24 Renewal Leases 586 885,949 $ 0.66 349 444,014 $ 0.79 826 536,858 $ 1.54 Total Tenant Improvements $ 2,949 2,306,818 $ 1.28 $ 2,381 1,542,578 $ 1.54 $ 2,511 2,027,813 $ 1.24 Leasing Commissions New Leases – First Generation (3)(4) $ 17,978 3,111,145 $ 5.78 $ 9,166 2,000,568 $ 4.58 $ 9,488 1,171,683 $ 8.10 New Leases – Second Generation (3)(5) 10,842 2,737,913 $ 3.96 6,953 1,939,960 $ 3.58 7,652 1,832,823 $ 4.17 Renewal Leases 12,530 5,278,183 $ 2.37 9,904 3,384,808 $ 2.93 10,308 3,530,689 $ 2.92 Total Leasing Commissions $ 41,350 11,127,241 $ 3.72 $ 26,023 7,325,336 $ 3.55 $ 27,448 6,535,195 $ 4.20 Total Tenant Improvements & Leasing Commissions $ 44,299 $ 28,404 $ 29,959 (1) Cost is reported in thousands.
Huntington Park 1 Cold Storage / Distribution 1990 / 2008 78,280 0.2 % 1 100.0 % $ 1,409,499 0.2 % $ 18.01 679-691 S Anderson St.
Huntington Park 1 Cold Storage / Distribution 1990 / 2008 78,280 0.2 % 1 100.0 % $ 1,878,720 0.2 % $ 24.00 679-691 S Anderson St.
San Fernando Rd. Los Angeles 8 Warehouse / Distribution 1966, 1992, 1993, 1994 474,475 0.9 % 25 96.4 % $ 8,291,660 1.1 % $ 18.12 3116 W. Avenue 32 Los Angeles 1 Warehouse / Distribution 1974 100,500 0.2 % 1 100.0 % $ 1,186,582 0.1 % $ 11.81 7900 Nelson Rd.
San Fernando Rd. Los Angeles 8 Warehouse / Distribution 1966, 1992, 1993, 1994 474,475 0.9 % 25 96.4 % $ 9,153,283 1.1 % $ 20.01 3116 W. Avenue 32 Los Angeles 1 Warehouse / Distribution 1974 100,500 0.2 % 1 100.0 % $ 1,222,180 0.1 % $ 12.16 7900 Nelson Rd.
Torrance 8 Warehouse / Light Manufacturing 1963 / 1968, 2017 87,890 0.2 % 10 83.8 % $ 1,216,962 0.2 % $ 16.53 3100 Fujita Street Torrance 1 Warehouse / Light Manufacturing 1970 91,516 0.2 % 1 100.0 % $ 1,619,026 0.2 % $ 17.69 960-970 Knox Street Torrance 1 Light Industrial / Office 1976 39,400 0.1 % 4 100.0 % $ 902,819 0.1 % $ 22.91 1300, 1301, 1315, 1320-13330, 1347 Storm Parkway; 1338 W. 288th St.; 23021-23023 Normandie Ave.; 22815 & 23023 Normandie Ave.; 22815 & 22831 Frampton Ave.
Torrance 8 Warehouse / Light Manufacturing 1963 / 1968, 2017 87,408 0.2 % 11 92.1 % $ 1,404,217 0.2 % $ 17.44 3100 Fujita Street Torrance 1 Warehouse / Light Manufacturing 1970 91,516 0.2 % — — % $ — — % $ — 960-970 Knox Street Torrance 1 Light Industrial / Office 1976 39,400 0.1 % 4 100.0 % $ 960,007 0.1 % $ 24.37 1300, 1301, 1315, 1320-13330, 1347 Storm Parkway; 1338 W. 288th St.; 23021-23023 Normandie Ave.; 22815 & 23023 Normandie Ave.; 22815 & 22831 Frampton Ave.
Mid-Counties 411,034 0.9 % 8,730 1.1 % $ 21.24 11/30/2028 Best Buy Stores, L.P.
Mid-Counties 411,034 0.9 % 9,076 1.1 % $ 22.08 11/30/2028 Best Buy Stores, L.P.
Rancho Cucamonga 7 Light Industrial / Office 1988-1989 107,568 0.2 % 59 100.0 % $ 2,082,473 0.3 % $ 19.36 11190 White Birch Drive Rancho Cucamonga 1 Warehouse / Distribution 1986 201,035 0.4 % 2 100.0 % $ 1,767,375 0.2 % $ 8.79 12320 4th Street Rancho Cucamonga 2 Warehouse / Distribution 1997/2003 284,676 0.6 % 1 100.0 % $ 1,392,345 0.2 % $ 4.89 2520 Baseline Road Rialto 1 Warehouse / Distribution 2020 156,586 0.3 % 1 100.0 % $ 1,353,467 0.2 % $ 8.64 Riverside / San Bernardino – Inland Empire West Total 100 9,542,248 18.8 % 286 96.0 % $ 137,313,138 17.7 % $ 14.99 San Bernardino – Inland Empire East 45 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) 6750 Unit B - 6780 Central Ave.
Rancho Cucamonga 7 Light Industrial / Office 1988-1989 107,568 0.2 % 56 96.5 % $ 2,006,626 0.2 % $ 19.33 11190 White Birch Drive Rancho Cucamonga 1 Warehouse / Distribution 1986 201,035 0.4 % 1 100.0 % $ 1,964,183 0.2 % $ 9.77 12320 4th Street Rancho Cucamonga 2 Warehouse / Distribution 1997/2003 284,676 0.6 % 1 100.0 % $ 1,413,230 0.2 % $ 4.96 2520 Baseline Road Rialto 1 Warehouse / Distribution 2020 156,586 0.3 % 1 100.0 % $ 1,394,054 0.2 % $ 8.90 Riverside / San Bernardino – Inland Empire West Total 100 9,542,248 18.6 % 280 95.3 % $ 139,164,932 17.2 % $ 15.31 46 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) San Bernardino – Inland Empire East 6750 Unit B - 6780 Central Ave.
Rancho Cucamonga 3 Light Manufacturing / Flex 1988-1989 / 2006 129,309 0.3 % 5 100.0 % $ 2,627,230 0.3 % $ 20.32 9805 6th St. Rancho Cucamonga 2 Warehouse / Distribution 1986 81,377 0.2 % 4 100.0 % $ 1,503,192 0.2 % $ 18.47 10700 Jersey Blvd.
Rancho Cucamonga 3 Light Manufacturing / Flex 1988-1989 / 2006 129,309 0.2 % 5 100.0 % $ 2,672,073 0.3 % $ 20.66 9805 6th St. Rancho Cucamonga 2 Warehouse / Distribution 1986 81,377 0.2 % 4 100.0 % $ 1,556,617 0.2 % $ 19.13 10700 Jersey Blvd.
Campus Ave. Ontario 2 Warehouse / Light Manufacturing 1964-1966, 1973, 1987 107,861 0.2 % 1 100.0 % $ 1,112,257 0.1 % $ 10.31 601-605 S. Milliken Ave. Ontario 3 Light Industrial / Office 1987 / 1988 128,313 0.2 % 24 98.5 % $ 2,389,406 0.3 % $ 18.90 845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.
Campus Ave. Ontario 2 Warehouse / Light Manufacturing 1964-1966, 1973, 1987 107,861 0.2 % 1 100.0 % $ 1,145,625 0.1 % $ 10.62 601-605 S. Milliken Ave. Ontario 3 Light Industrial / Office 1987 / 1988 128,313 0.2 % 23 97.0 % $ 2,440,992 0.3 % $ 19.62 845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.
Carlsbad 2 Warehouse / Light Manufacturing 1977 / 2006 80,525 0.2 % 6 92.6 % $ 1,200,411 0.2 % $ 16.09 6131-6133 Innovation Way Carlsbad 2 Warehouse / Distribution 2017 114,786 0.2 % 4 100.0 % $ 1,864,167 0.2 % $ 16.24 46 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) 2270 Camino Vida Roble Carlsbad 1 Light Industrial / Office 1981 106,311 0.2 % 17 95.1 % $ 1,946,043 0.2 % $ 19.24 1332-1340 Rocky Point Drive Oceanside 3 Warehouse / Distribution 2009 / 2019 73,748 0.1 % 1 30.7 % $ 426,589 0.1 % $ 18.82 4039 Calle Platino (6) Oceanside 1 Warehouse / Distribution 1991 / 2024 143,663 0.3 % 5 79.1 % $ 1,736,640 0.2 % $ 15.29 1402 Avenida Del Oro Oceanside 1 Warehouse / Excess Land 2016 311,995 0.6 % 1 100.0 % $ 4,311,948 0.6 % $ 13.82 2843 Benet Road Oceanside 1 Warehouse / Distribution 1987 35,000 0.1 % 1 100.0 % $ 484,227 0.1 % $ 13.84 660-664 Twin Oaks Valley Road San Marcos 2 Warehouse / Distribution 1978 - 1988 96,993 0.2 % 2 100.0 % $ 1,087,950 0.1 % $ 11.22 980 Rancheros Drive San Marcos 1 Warehouse / Distribution 1982 48,878 0.1 % 1 100.0 % $ 611,389 0.1 % $ 12.51 929, 935, 939 & 951 Poinsettia Ave.
Carlsbad 2 Warehouse / Light Manufacturing 1977 / 2006 80,525 0.2 % 7 100.0 % $ 1,405,050 0.2 % $ 17.45 47 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) 6131-6133 Innovation Way Carlsbad 2 Warehouse / Distribution 2017 114,786 0.2 % 4 100.0 % $ 1,840,681 0.2 % $ 16.04 1332-1340 Rocky Point Drive Oceanside 3 Warehouse / Distribution 2009 / 2019 22,667 — % 1 100.0 % $ 443,653 0.1 % $ 19.57 4039 Calle Platino Oceanside 1 Warehouse / Distribution 1991 / 2024 143,663 0.3 % 5 100.0 % $ 2,242,880 0.3 % $ 15.61 1402 Avenida Del Oro Oceanside 1 Warehouse / Excess Land 2016 311,995 0.6 % 1 100.0 % $ 4,311,948 0.5 % $ 13.82 2843 Benet Road Oceanside 1 Warehouse / Distribution 1987 35,000 0.1 % 1 100.0 % $ 495,849 0.1 % $ 14.17 660-664 Twin Oaks Valley Road San Marcos 2 Warehouse / Distribution 1978 - 1988 96,993 0.2 % 2 100.0 % $ 1,120,589 0.1 % $ 11.55 980 Rancheros Drive San Marcos 1 Warehouse / Distribution 1982 48,878 0.1 % 1 100.0 % $ 629,731 0.1 % $ 12.88 929, 935, 939 & 951 Poinsettia Ave.
Birch Street Santa Ana 1 Warehouse / Distribution 1965 / 2016 98,379 0.2 % 3 100.0 % $ 1,441,893 0.2 % $ 14.66 1801 St Andrew Place Santa Ana 1 Light Industrial / Office 1987 370,374 0.7 % 2 100.0 % $ 6,271,921 0.8 % $ 16.93 1217 Saint Gertrude Place Santa Ana 1 Warehouse / Light Manufacturing 1961 106,604 0.2 % 2 100.0 % $ 1,272,196 0.2 % $ 11.93 15777 Gateway Circle Tustin 1 Warehouse / Light Manufacturing 2005 37,592 0.1 % 1 100.0 % $ 795,747 0.1 % $ 21.17 15771 Red Hill Avenue Tustin 1 Light Industrial / Office 1979 / 2016 98,970 0.2 % 3 100.0 % $ 3,372,576 0.4 % $ 34.08 Orange County – Airport Total 15 1,206,589 2.4 % 71 99.1 % $ 22,824,371 2.9 % $ 19.09 Riverside / San Bernardino - Inland Empire West 13971 Norton Avenue Chino 1 Warehouse / Distribution 1990 103,297 0.2 % 1 100.0 % $ 1,611,433 0.2 % $ 15.60 5002-5018 Lindsay Court Chino 1 Warehouse / Distribution 1986 64,960 0.1 % 1 50.7 % $ 525,426 0.1 % $ 15.97 13925 Benson Avenue Chino 1 Light Industrial / Office 1989 38,143 0.1 % 1 100.0 % $ 1,497,600 0.2 % $ 39.26 4115 Schaefer Avenue Chino 1 Warehouse / Distribution 2001 33,500 0.1 % 1 100.0 % $ 753,449 0.1 % $ 22.49 340-344 Bonnie Circle Corona 1 Warehouse / Distribution 1994 98,000 0.2 % 1 100.0 % $ 1,822,800 0.2 % $ 18.60 1168 Sherborn Street Corona 1 Warehouse / Distribution 2004 79,515 0.2 % 1 100.0 % $ 883,293 0.1 % $ 11.11 755 Trademark Circle Corona 1 Warehouse / Distribution 2001 34,427 0.1 % 1 100.0 % $ 600,288 0.1 % $ 17.44 The Merge Eastvale 6 Warehouse / Distribution 2020 333,544 0.7 % 5 74.1 % $ 3,145,338 0.4 % $ 12.72 6245 Providence Way Eastvale 1 Warehouse / Distribution 2018 27,636 — % 1 100.0 % $ 378,060 — % $ 13.68 Merge-West Eastvale 6 Warehouse / Distribution 2022 1,057,419 2.1 % 6 100.0 % $ 17,864,516 2.3 % $ 16.89 13231 Slover Avenue Fontana 1 Warehouse / Distribution 1990 109,463 0.2 % 1 100.0 % $ 2,606,752 0.3 % $ 23.81 10509 Business Drive Fontana 1 Warehouse / Distribution 1989 130,788 0.3 % 2 100.0 % $ 2,613,748 0.3 % $ 19.98 15996 Jurupa Avenue Fontana 1 Warehouse / Distribution 2015 212,660 0.4 % 1 100.0 % $ 2,147,185 0.3 % $ 10.10 11127 Catawba Avenue Fontana 1 Warehouse / Distribution 2015 145,750 0.3 % 1 100.0 % $ 1,337,826 0.2 % $ 9.18 10156 Live Oak Avenue Fontana 1 Warehouse / Distribution 2020 236,912 0.5 % 1 100.0 % $ 2,174,593 0.3 % $ 9.18 10694 Tamarind Avenue Fontana 1 Warehouse / Distribution 2020 99,999 0.2 % 1 100.0 % $ 972,430 0.1 % $ 9.72 13369 Valley Blvd Fontana 1 Light Industrial / Office 2005 105,041 0.2 % 1 100.0 % $ 2,294,095 0.3 % $ 21.84 15850 Slover Avenue Fontana 1 Warehouse / Distribution 2020 60,127 0.1 % 1 100.0 % $ 662,280 0.1 % $ 11.01 13512 Marlay Avenue Fontana 1 Warehouse / Distribution 1960 199,363 0.4 % 1 100.0 % $ 1,723,275 0.2 % $ 8.64 13700-13738 Slover Avenue Fontana 1 Warehouse / Excess Land 1982 17,862 — % 1 100.0 % $ 180,000 — % $ 10.08 10131 Banana Avenue Fontana — Industrial Outdoor Storage n/a — — % 2 100.0 % $ 1,014,642 0.1 % $ — 14874 Jurupa Avenue Fontana 1 Warehouse / Distribution 2019 158,119 0.3 % 1 100.0 % $ 2,751,271 0.4 % $ 17.40 10660 Mulberry Avenue Fontana 1 Warehouse / Distribution 1990 49,530 0.1 % 1 100.0 % $ 401,826 0.1 % $ 8.11 10545 Production Avenue Fontana 1 Warehouse / Distribution 2006 1,101,840 2.2 % 1 100.0 % $ 19,251,348 2.5 % $ 17.47 13201 Dahlia Street Fontana 1 Warehouse / Light Manufacturing 1989 278,650 0.5 % 1 100.0 % $ 3,845,370 0.5 % $ 13.80 44 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) 4225 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 134,500 0.3 % 3 100.0 % $ 1,217,400 0.2 % $ 9.05 4325 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 124,258 0.2 % — — % $ — — % $ — 4039 State Street Montclair 1 Warehouse / Distribution 2020 139,000 0.3 % 1 100.0 % $ 1,276,520 0.2 % $ 9.18 5160 Richton Street Montclair 1 Light Industrial / Office 2004 94,976 0.2 % 5 100.0 % $ 1,403,357 0.2 % $ 14.78 1400 S.
Birch Street Santa Ana 1 Warehouse / Distribution 1965 / 2016 98,379 0.2 % 3 100.0 % $ 1,672,921 0.2 % $ 17.00 1801 St Andrew Place Santa Ana 1 Light Industrial / Office 1987 370,374 0.7 % 2 100.0 % $ 6,426,176 0.8 % $ 17.35 1217 Saint Gertrude Place Santa Ana 1 Warehouse / Light Manufacturing 1961 106,604 0.2 % 2 100.0 % $ 1,297,640 0.2 % $ 12.17 15777 Gateway Circle Tustin 1 Warehouse / Light Manufacturing 2005 37,592 0.1 % 1 100.0 % $ 835,535 0.1 % $ 22.23 15771 Red Hill Avenue Tustin 1 Light Industrial / Office 1979 / 2016 98,970 0.2 % 3 100.0 % $ 3,473,753 0.4 % $ 35.10 Orange County – Airport Total 9 1,105,200 2.2 % 19 100.0 % $ 21,854,020 2.7 % $ 19.77 Riverside / San Bernardino - Inland Empire West 13971 Norton Avenue Chino 1 Warehouse / Distribution 1990 103,297 0.2 % 1 100.0 % $ 1,675,890 0.2 % $ 16.22 5002-5018 Lindsay Court Chino 1 Warehouse / Distribution 1986 64,960 0.1 % 2 100.0 % $ 1,101,486 0.1 % $ 16.96 13925 Benson Avenue Chino 1 Light Industrial / Office 1989 38,143 0.1 % 1 100.0 % $ 1,920,000 0.2 % $ 50.34 4115 Schaefer Avenue Chino 1 Warehouse / Distribution 2001 33,500 0.1 % 1 100.0 % $ 791,121 0.1 % $ 23.62 340-344 Bonnie Circle Corona 1 Warehouse / Distribution 1994 98,000 0.2 % 1 100.0 % $ 1,895,712 0.2 % $ 19.34 1168 Sherborn Street Corona 1 Warehouse / Distribution 2004 79,515 0.2 % 1 100.0 % $ 916,417 0.1 % $ 11.53 755 Trademark Circle Corona 1 Warehouse / Distribution 2001 34,427 0.1 % 1 100.0 % $ 624,300 0.1 % $ 18.13 The Merge Eastvale 6 Warehouse / Distribution 2020 333,544 0.6 % 8 100.0 % $ 4,570,965 0.6 % $ 13.70 6245 Providence Way Eastvale 1 Warehouse / Distribution 2018 27,636 0.1 % 1 100.0 % $ 378,060 — % $ 13.68 Merge-West Eastvale 6 Warehouse / Distribution 2022 1,057,419 2.1 % 5 84.8 % $ 15,032,085 1.9 % $ 16.77 13231 Slover Avenue Fontana 1 Warehouse / Distribution 1990 109,463 0.2 % 1 100.0 % $ 2,737,089 0.3 % $ 25.00 10509 Business Drive Fontana 1 Warehouse / Distribution 1989 130,788 0.3 % — — % $ — — % $ — 15996 Jurupa Avenue Fontana 1 Warehouse / Distribution 2015 212,660 0.4 % 1 100.0 % $ 2,211,600 0.3 % $ 10.40 11127 Catawba Avenue Fontana 1 Warehouse / Distribution 2015 145,750 0.3 % 1 100.0 % $ 1,377,960 0.2 % $ 9.45 10156 Live Oak Avenue Fontana 1 Warehouse / Distribution 2020 236,912 0.5 % 1 100.0 % $ 2,239,831 0.3 % $ 9.45 10694 Tamarind Avenue Fontana 1 Warehouse / Distribution 2020 99,999 0.2 % 1 100.0 % $ 1,379,986 0.2 % $ 13.80 13369 Valley Blvd Fontana 1 Light Industrial / Office 2005 105,041 0.2 % 1 100.0 % $ 2,385,859 0.3 % $ 22.71 15850 Slover Avenue Fontana 1 Warehouse / Distribution 2020 60,127 0.1 % 1 100.0 % $ 682,149 0.1 % $ 11.35 13512 Marlay Avenue Fontana 1 Warehouse / Distribution 1960 199,363 0.4 % 1 100.0 % $ 1,774,974 0.2 % $ 8.90 13700-13738 Slover Avenue Fontana 1 Warehouse / Excess Land 1982 17,862 — % 1 — % $ — — % $ — 10131 Banana Avenue Fontana — Industrial Outdoor Storage n/a — — % 2 100.0 % $ 1,055,227 0.1 % $ — 14874 Jurupa Avenue Fontana 1 Warehouse / Distribution 2019 158,119 0.3 % 1 100.0 % $ 2,861,321 0.4 % $ 18.10 10660 Mulberry Avenue Fontana 1 Warehouse / Distribution 1990 49,530 0.1 % 1 100.0 % $ 413,880 — % $ 8.36 10545 Production Avenue Fontana 1 Warehouse / Distribution 2006 1,101,840 2.1 % 1 100.0 % $ 19,251,348 2.4 % $ 17.47 13201 Dahlia Street Fontana 1 Warehouse / Light Manufacturing 1989 278,650 0.5 % 1 100.0 % $ 3,979,958 0.5 % $ 14.28 4225 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 134,500 0.3 % 2 73.3 % $ 915,000 0.1 % $ 9.28 45 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) 4325 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 124,258 0.2 % 1 100.0 % $ 1,341,986 0.2 % $ 10.80 4039 State Street Montclair 1 Warehouse / Distribution 2020 139,000 0.3 % 1 100.0 % $ 1,684,680 0.2 % $ 12.12 5160 Richton Street Montclair 1 Light Industrial / Office 2004 94,976 0.2 % 5 100.0 % $ 1,484,132 0.2 % $ 15.63 1400 S.
(6) Includes (i) 200,155 rentable square feet expiring March 31, 2026 and (ii) 315,227 rentable square feet expiring March 31, 2038. (7) Includes (i) 184,879 RSF expiring April 30, 2028 and (ii) 993,142 RSF expiring April 5, 2031.
(7) Includes (i) 184,879 rentable square feet expiring April 30, 2028 and (ii) 993,142 rentable square feet expiring April 5, 2031.
Huntington Beach 1 Warehouse / Light Manufacturing 1993 / 2014, 2024 104,182 0.2 % 1 100.0 % $ 1,787,763 0.2 % $ 17.16 5421 Argosy Avenue Huntington Beach 1 Warehouse / Light Manufacturing 1976 35,321 0.1 % 1 100.0 % $ 426,102 0.1 % $ 12.06 7612-7642 Woodwind Drive Huntington Beach 3 Warehouse / Light Manufacturing 2001 62,377 0.1 % 3 100.0 % $ 955,800 0.1 % $ 15.32 1700 Saturn Way Seal Beach 1 Warehouse / Light Manufacturing 2006 184,000 0.4 % 1 100.0 % $ 2,485,123 0.3 % $ 13.51 14650 Hoover Street Westminster 1 Warehouse / Distribution 2001 59,679 0.1 % — — % $ — — % $ — Orange County – West Total 13 1,288,838 2.5 % 15 92.0 % $ 19,455,429 2.5 % $ 16.40 Orange County – South 9 Holland Irvine 1 Warehouse / Distribution 1980 / 2013 180,981 0.4 % 2 100.0 % $ 2,882,139 0.4 % $ 15.93 20531 Crescent Bay Dr.
Huntington Beach 1 Warehouse / Light Manufacturing 1993 / 2014, 2024 104,182 0.2 % 1 100.0 % $ 2,187,822 0.3 % $ 21.00 5421 Argosy Avenue Huntington Beach 1 Warehouse / Light Manufacturing 1976 35,321 0.1 % 1 100.0 % $ 438,885 — % $ 12.43 7612-7642 Woodwind Drive Huntington Beach 3 Warehouse / Light Manufacturing 2001 62,377 0.1 % 3 100.0 % $ 991,326 0.1 % $ 15.89 1700 Saturn Way Seal Beach 1 Warehouse / Light Manufacturing 2006 184,000 0.4 % 1 100.0 % $ 2,559,677 0.3 % $ 13.91 14650 Hoover Street Westminster 1 Warehouse / Distribution 2001 59,679 0.1 % — — % $ — — % $ — Orange County – West Total 13 1,288,838 2.5 % 16 95.4 % $ 21,289,030 2.6 % $ 17.32 Orange County – South 9 Holland Irvine 1 Warehouse / Distribution 1980 / 2013 180,981 0.4 % 2 100.0 % $ 2,990,963 0.4 % $ 16.53 20531 Crescent Bay Dr.
Multiple Submarkets (4) 595,267 1.3 % 12,825 1.7 % $ 21.54 9/30/2031 (4) Zenith Energy West Coast Terminals LLC South Bay — — % 11,675 1.5 % See Note (5) 9/29/2041 Cubic Corporation Multiple Submarkets (6) 515,382 1.1 % 11,110 1.4 % $ 21.56 3/31/2038 (6) IBY, LLC San Gabriel Valley 1,178,021 2.5 % 10,981 1.4 % $ 9.32 4/5/2031 (7) Federal Express Corporation Multiple Submarkets (8) 527,861 1.1 % 10,382 1.3 % $ 19.67 11/30/2032 (8) GXO Logistics Supply Chain, Inc.
Multiple Submarkets (5) 595,267 1.3 % 13,245 1.6 % $ 22.25 9/30/2031 (5) Zenith Energy West Coast Terminals LLC South Bay — — % 11,909 1.5 % See Note (6) 9/29/2041 Cubic Corporation Multiple Submarkets 315,227 0.7 % 11,443 1.4 % $ 36.30 3/31/2038 IBY, LLC San Gabriel Valley 1,178,021 2.6 % 11,322 1.4 % $ 9.61 4/5/2031 (7) Federal Express Corporation Multiple Submarkets (8) 527,861 1.1 % 10,862 1.3 % $ 20.58 11/30/2032 (8) GXO Logistics Supply Chain, Inc.
Camarillo 1 Warehouse / Distribution 1960-1963 / 2006 215,128 0.4 % 11 100.0 % $ 2,619,826 0.3 % $ 12.18 3233 Mission Oaks Blvd Camarillo 2 Warehouse / Distribution 1980-1982 / 2014, 2018, 2019 409,217 0.8 % 14 86.5 % $ 4,787,010 0.6 % $ 13.52 2328 Teller Road Newbury Park 1 Light Manufacturing / Flex 1970 / 2018 126,317 0.2 % 12 100.0 % $ 2,126,042 0.3 % $ 16.83 201 Rice Ave. & 2400-2420 Celsius Oxnard 3 Warehouse / Light Manufacturing 2008 137,785 0.3 % 21 86.4 % $ 1,675,976 0.2 % $ 14.07 610-760 W Hueneme Rd & 5651-5721 Perkins Rd Oxnard 2 Warehouse / Light Manufacturing 1985 87,181 0.2 % 18 83.2 % $ 1,138,645 0.2 % $ 15.70 1800 Eastman Ave Oxnard 1 Warehouse / Light Manufacturing 2009 33,332 0.1 % 1 100.0 % $ 315,130 — % $ 9.45 2220-2260 Camino del Sol Oxnard 1 Warehouse / Distribution 2005 69,891 0.1 % 2 100.0 % $ 751,498 0.1 % $ 10.75 3000 Paseo Mercado, 3120-3150 Paseo Mercado Oxnard 5 Warehouse / Light Manufacturing 1988 132,187 0.2 % 22 88.9 % $ 1,501,352 0.2 % $ 12.77 701 Del Norte Blvd.
Camarillo 1 Warehouse / Distribution 1960-1963 / 2006 215,128 0.4 % 10 91.5 % $ 2,545,467 0.3 % $ 12.94 3211-3233 Mission Oaks Blvd Camarillo 2 Warehouse / Distribution 1980-1982 / 2014, 2018, 2019, 2025 526,069 1.0 % 16 78.7 % $ 6,150,711 0.8 % $ 14.86 2328 Teller Road Newbury Park 1 Light Manufacturing / Flex 1970 / 2018 126,317 0.2 % 12 100.0 % $ 2,185,089 0.3 % $ 17.30 201 Rice Ave. & 2400-2420 Celsius Oxnard 3 Warehouse / Light Manufacturing 2008 137,785 0.3 % 21 98.5 % $ 1,979,126 0.2 % $ 14.59 610-760 W Hueneme Rd & 5651-5721 Perkins Rd Oxnard 2 Warehouse / Light Manufacturing 1985 87,181 0.2 % 22 100.0 % $ 1,395,046 0.2 % $ 16.00 1800 Eastman Ave Oxnard 1 Warehouse / Light Manufacturing 2009 33,332 0.1 % 1 100.0 % $ 315,130 — % $ 9.45 2220-2260 Camino del Sol Oxnard 1 Warehouse / Distribution 2005 69,891 0.1 % 2 100.0 % $ 774,043 0.1 % $ 11.08 3000 Paseo Mercado, 3120-3150 Paseo Mercado Oxnard 5 Warehouse / Light Manufacturing 1988 132,187 0.2 % 19 80.1 % $ 1,361,072 0.2 % $ 12.85 701 Del Norte Blvd.
Los Angeles 1 Warehouse / Distribution 1998 / 2015 202,905 0.4 % 3 100.0 % $ 3,491,801 0.4 % $ 17.21 3340 San Fernando Road Los Angeles — Warehouse / Excess Land n/a — — % — — % $ — — % $ — 2800 Casitas Avenue Los Angeles 1 Warehouse / Light Manufacturing 1999 / 2023 116,158 0.2 % 1 100.0 % $ 2,857,487 0.4 % $ 24.60 12154 Montague Street Pacoima 1 Warehouse / Light Manufacturing 1974 123,974 0.2 % 2 100.0 % $ 1,757,058 0.2 % $ 14.17 14200-14220 Arminta Street Panorama 1 Warehouse / Light Manufacturing 2006 200,003 0.4 % 1 100.0 % $ 2,852,103 0.4 % $ 14.26 7815 Van Nuys Blvd Panorama City 1 Warehouse / Excess Land 1960 43,101 0.1 % 2 56.3 % $ 525,050 0.1 % $ 21.62 14350 Arminta Street Panorama City 1 Warehouse / Light Manufacturing 2006 18,147 — % 1 100.0 % $ 330,760 — % $ 18.23 121-125 N.
Los Angeles 1 Warehouse / Distribution 1998 / 2015 202,905 0.4 % 3 100.0 % $ 3,637,692 0.4 % $ 17.93 3340 San Fernando Road Los Angeles — Warehouse / Excess Land n/a — — % — — % $ — — % $ — 2800 Casitas Avenue Los Angeles 1 Warehouse / Light Manufacturing 1999 / 2023 116,158 0.2 % 1 100.0 % $ 2,971,786 0.4 % $ 25.58 12154 Montague Street Pacoima 1 Warehouse / Light Manufacturing 1974 123,974 0.2 % 2 100.0 % $ 1,807,769 0.2 % $ 14.58 14200-14220 Arminta Street Panorama 1 Warehouse / Light Manufacturing 2006 200,003 0.4 % 1 100.0 % $ 2,944,797 0.4 % $ 14.72 7815 Van Nuys Blvd (6) Panorama City — Development 1960 — — % — — % $ — — % $ — 14350 Arminta Street Panorama City 1 Warehouse / Light Manufacturing 2006 18,147 — % — — % $ — — % $ — 121-125 N.
Torrance 8 Warehouse / Distribution 1982 - 2008 / 2024 267,503 0.5 % 11 74.6 % $ 3,530,566 0.5 % $ 17.69 19951 Mariner Avenue Torrance 1 Light Industrial / Office 1986 89,272 0.2 % 1 100.0 % $ 1,663,260 0.2 % $ 18.63 3100 Lomita Blvd Torrance 5 Light Industrial / Office 1967 - 1998 525,076 1.0 % 7 99.8 % $ 12,230,339 1.6 % $ 23.34 21515 Western Avenue (6) Torrance — Redevelopment 1991 — — % — — % $ — — % $ — 4240 190th Street Torrance 1 Warehouse / Distribution 1966 307,487 0.6 % 3 100.0 % $ 3,491,736 0.4 % $ 11.36 19475 Gramercy Place Torrance 1 Light Industrial / Office 1982 / 2022 47,712 0.1 % 1 100.0 % $ 1,136,214 0.1 % $ 23.81 20900 Normandie Avenue Torrance 1 Warehouse / Distribution 2001 74,038 0.1 % 2 50.2 % $ 600,199 0.1 % $ 16.14 3547-3555 Voyager Street Torrance 3 Light Industrial / Office 1986 60,248 0.1 % 13 41.9 % $ 459,573 0.1 % $ 18.21 41 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) 19145 Gramercy Place Torrance 1 Warehouse / Distribution 1977 102,143 0.2 % 1 100.0 % $ 1,861,728 0.2 % $ 18.23 3520 Challenger Street Torrance 1 Light Industrial / Office 1990 49,336 0.1 % 1 100.0 % $ 954,338 0.1 % $ 19.34 301-445 Figueroa Street Wilmington 1 Warehouse / Distribution 1972 / 2018 133,650 0.3 % 10 81.3 % $ 2,051,776 0.3 % $ 18.88 444 Quay Avenue & 508 East E Street Wilmington 1 Warehouse / Excess Land 1992 / 2024 29,760 0.1 % 1 100.0 % $ 3,250,848 0.4 % $ 109.24 1800 Lomita Blvd Wilmington — Industrial Outdoor Storage n/a — — % 4 100.0 % $ 4,442,542 0.6 % $ — 920 Pacific Coast Highway Wilmington 1 Warehouse / Distribution 1954 148,186 0.3 % 1 100.0 % $ 4,484,314 0.6 % $ 30.26 Los Angeles – South Bay Total 135 7,912,341 15.6 % 266 88.8 % $ 161,016,368 20.8 % $ 22.92 Orange County – North 1100-1170 Gilbert St. & 2353-2373 La Palma Ave.
Torrance 8 Warehouse / Distribution 1982 - 2008 / 2024 267,503 0.5 % 11 74.6 % $ 3,846,775 0.5 % $ 19.28 19951 Mariner Avenue Torrance 1 Light Industrial / Office 1986 89,272 0.2 % 1 100.0 % $ 1,912,192 0.2 % $ 21.42 3100 Lomita Blvd Torrance 5 Light Industrial / Office 1967 - 1998 525,076 1.0 % 7 99.8 % $ 12,588,044 1.6 % $ 24.02 21515 Western Avenue Torrance 1 Warehouse / Distribution 1991 / 2025 83,740 0.2 % 1 100.0 % $ 2,492,102 0.3 % $ 29.76 4240 190th Street Torrance 1 Warehouse / Distribution 1966 307,487 0.6 % 3 100.0 % $ 3,612,489 0.4 % $ 11.75 19475 Gramercy Place Torrance 1 Light Industrial / Office 1982 / 2022 47,712 0.1 % 1 100.0 % $ 1,193,024 0.1 % $ 25.00 42 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) 20900 Normandie Avenue Torrance 1 Warehouse / Distribution 2001 74,038 0.1 % 1 23.0 % $ 341,901 — % $ 20.12 3547-3555 Voyager Street (6) Torrance — Development 1986 — — % — — % $ — — % $ — 19145 Gramercy Place Torrance 1 Warehouse / Distribution 1977 102,143 0.2 % 1 100.0 % $ 1,917,580 0.2 % $ 18.77 3520 Challenger Street Torrance 1 Light Industrial / Office 1990 49,336 0.1 % 1 100.0 % $ 982,968 0.1 % $ 19.92 301-445 Figueroa Street Wilmington 1 Warehouse / Distribution 1972 / 2018 133,650 0.3 % 13 94.2 % $ 2,311,945 0.3 % $ 18.36 444 Quay Avenue & 508 East E Street Wilmington 1 Warehouse / Excess Land 1992 / 2024 29,760 0.1 % 1 100.0 % $ 3,397,137 0.4 % $ 114.15 1800 Lomita Blvd Wilmington — Industrial Outdoor Storage n/a — — % 4 100.0 % $ 6,121,157 0.8 % $ — 920 Pacific Coast Highway Wilmington 1 Warehouse / Distribution 1954 148,186 0.3 % 1 100.0 % $ 4,663,686 0.6 % $ 31.47 Los Angeles – South Bay Total 130 7,960,626 15.6 % 261 90.9 % $ 176,212,607 21.8 % $ 24.36 Orange County – North 1100-1170 Gilbert St. & 2353-2373 La Palma Ave.
Anaheim 1 Warehouse / Light Manufacturing 1987 120,127 0.2 % 3 100.0 % $ 1,922,830 0.2 % $ 16.01 1210 N Red Gum St Anaheim 1 Warehouse / Distribution 1985 / 2020 64,570 0.1 % 1 100.0 % $ 732,555 0.1 % $ 11.35 1190 Stanford Court Anaheim 1 Warehouse / Distribution 1979 34,494 0.1 % 1 100.0 % $ 489,174 0.1 % $ 14.18 900 East Ball Road Anaheim 1 Warehouse / Excess Land 1956 / 2022 62,607 0.1 % 1 100.0 % $ 1,473,622 0.2 % $ 23.54 3071 Coronado Street (6) Anaheim 1 Warehouse / Distribution 1973 / 2024 105,173 0.2 % — — % $ — — % $ — 600-708 Vermont Avenue Anaheim 4 Light Manufacturing / Flex 1960 133,836 0.3 % 1 100.0 % $ 3,565,200 0.5 % $ 26.64 1212 Howell Avenue Anaheim 1 Warehouse / Distribution 1992 25,962 0.1 % 1 100.0 % $ 384,141 — % $ 14.80 1222 Howell Avenue Anaheim 1 Warehouse / Distribution 1968 81,325 0.2 % 2 100.0 % $ 1,320,784 0.2 % $ 16.24 404-430 Berry Way Brea 3 Warehouse / Excess Land 1964 - 1967 120,250 0.2 % 2 15.7 % $ 1,043,208 0.1 % $ 55.28 2300-2386 East Walnut Ave.
(6) Anaheim — Development 1987 — — % — — % $ — — % $ — 1210 N Red Gum St Anaheim 1 Warehouse / Distribution 1985 / 2020 64,570 0.1 % 1 100.0 % $ 754,532 0.1 % $ 11.69 1190 Stanford Court Anaheim 1 Warehouse / Distribution 1979 34,494 0.1 % 1 100.0 % $ 641,588 0.1 % $ 18.60 900 East Ball Road Anaheim 1 Warehouse / Excess Land 1956 / 2022 62,607 0.1 % 1 100.0 % $ 1,532,566 0.2 % $ 24.48 3071 Coronado Street Anaheim 1 Warehouse / Distribution 1973 / 2024 105,173 0.2 % 1 100.0 % $ 1,956,218 0.2 % $ 18.60 600-708 Vermont Avenue Anaheim 4 Light Manufacturing / Flex 1960 133,836 0.3 % 1 100.0 % $ 3,707,808 0.5 % $ 27.70 1212 Howell Avenue Anaheim 1 Warehouse / Distribution 1992 25,962 0.1 % 1 100.0 % $ 399,507 0.1 % $ 15.39 1222 Howell Avenue Anaheim 1 Warehouse / Distribution 1968 81,325 0.2 % 2 100.0 % $ 1,369,072 0.2 % $ 16.83 404-430 Berry Way Brea 3 Warehouse / Excess Land 1964 - 1967 120,250 0.2 % 2 15.7 % $ 1,082,662 0.1 % $ 57.37 2300-2386 East Walnut Ave.
Carlsbad 2 Warehouse / Light Manufacturing 1977-1988 / 2006 151,433 0.3 % 3 100.0 % $ 2,006,111 0.3 % $ 13.25 2431-2465 Impala Dr. Carlsbad 7 Light Manufacturing / Flex 1983 / 2006 90,091 0.2 % 11 100.0 % $ 1,827,871 0.2 % $ 20.29 6231 & 6241 Yarrow Dr.
Carlsbad 2 Warehouse / Light Manufacturing 1977-1988 / 2006 151,433 0.3 % 2 92.3 % $ 1,872,729 0.2 % $ 13.40 2431-2465 Impala Dr. Carlsbad 7 Light Manufacturing / Flex 1983 / 2006 90,091 0.2 % 10 100.0 % $ 1,951,222 0.2 % $ 21.66 6231 & 6241 Yarrow Dr.
(6) Santa Fe Springs — Redevelopment 1975 — — % — — % $ — — % $ — 9641 - 9657 Santa Fe Springs Rd. Santa Fe Springs 4 Warehouse / Distribution 1982 / 2009 107,891 0.2 % 4 100.0 % $ 2,520,118 0.3 % $ 23.36 10701-10719 Norwalk Blvd.
Santa Fe Springs 1 Warehouse / Distribution 1975 / 2025 201,571 0.4 % — — % $ — — % $ — 9641 - 9657 Santa Fe Springs Rd. Santa Fe Springs 4 Warehouse / Distribution 1982 / 2009 107,891 0.2 % 4 100.0 % $ 2,630,138 0.3 % $ 24.38 10701-10719 Norwalk Blvd.
Santa Fe Springs 2 Warehouse / Distribution 2004 58,056 0.1 % 5 100.0 % $ 931,391 0.1 % $ 16.04 10950 Norwalk Blvd & 12241 Lakeland Rd. Santa Fe Springs 1 Warehouse / Excess Land 1982 18,995 — % 1 100.0 % $ 541,472 0.1 % $ 28.51 12247 Lakeland Rd.
Santa Fe Springs 2 Warehouse / Distribution 2004 58,056 0.1 % 5 100.0 % $ 1,178,208 0.1 % $ 20.29 10950 Norwalk Blvd & 12241 Lakeland Rd. Santa Fe Springs 1 Warehouse / Excess Land 1982 18,995 — % 1 100.0 % $ 661,500 0.1 % $ 34.82 12247 Lakeland Rd.
Inland Empire West 501,649 1.1 % 8,529 1.1 % $ 17.00 6/30/2029 The Hertz Corporation South Bay 38,680 0.1 % 8,249 1.1 % See Note (9) 3/31/2026 Orora Packaging Solutions Multiple Submarkets (10) 476,065 1.0 % 7,845 1.0 % $ 16.48 9/30/2028 (10) Top 10 Tenants 5,345,799 11.5 % 109,577 14.1 % All Other Tenants 41,041,219 88.5 % 665,748 85.9 % Total Consolidated Portfolio 46,387,018 100.0 % $ 775,325 100.0 % (1) Calculated for each tenant as the monthly contracted base rent (before rent abatements) per the terms of such tenant’s lease as of December 31, 2024, multiplied by 12.
Inland Empire West 501,649 1.1 % 8,871 1.1 % $ 17.68 6/30/2029 The Hertz Corporation South Bay 38,680 0.1 % 8,579 1.1 % See Note (9) 10/31/2026 Orora Packaging Solutions Multiple Submarkets (10) 476,065 1.0 % 8,150 1.0 % $ 17.12 9/30/2028 (10) Top 10 Tenants 5,145,644 11.2 % 112,708 13.9 % All Other Tenants 41,014,369 88.8 % 695,729 86.1 % Total Consolidated Portfolio 46,160,013 100.0 % $ 808,437 100.0 % (1) Calculated for each tenant as the monthly contracted base rent (before rent abatements) per the terms of such tenant’s lease as of December 31, 2025, multiplied by 12.
Oxnard 1 Warehouse / Light Manufacturing 2000 125,514 0.2 % 16 84.4 % $ 1,519,357 0.2 % $ 14.35 2950 Madera Rd. Simi Valley 1 Warehouse / Distribution 1988 / 2005 136,065 0.3 % 1 100.0 % $ 1,942,580 0.3 % $ 14.28 21-29 West Easy St.
Oxnard 1 Warehouse / Light Manufacturing 2000 125,514 0.2 % 18 87.8 % $ 1,627,824 0.2 % $ 14.77 2950 Madera Rd. Simi Valley 1 Warehouse / Distribution 1988 / 2005 136,065 0.3 % 1 100.0 % $ 2,025,139 0.2 % $ 14.88 21-29 West Easy St.
San Diego 1 Warehouse / Distribution 1974 / 2024 48,011 0.1 % 2 100.0 % $ 984,021 0.1 % $ 20.50 9855 Distribution Ave San Diego 1 Warehouse / Distribution 1983 61,075 0.1 % 2 100.0 % $ 1,263,834 0.2 % $ 20.69 10439-10477 Roselle St.
San Diego 1 Warehouse / Distribution 1974 / 2024 48,011 0.1 % 2 100.0 % $ 1,023,381 0.1 % $ 21.32 9855 Distribution Ave San Diego 1 Warehouse / Distribution 1983 61,075 0.1 % 2 100.0 % $ 1,314,387 0.2 % $ 21.52 10439-10477 Roselle St.
San Diego 10 Warehouse / Light Manufacturing 1970 / 2007 97,834 0.2 % 45 98.0 % $ 2,294,157 0.3 % $ 23.94 8525 Camino Santa Fe San Diego 1 Warehouse / Distribution 1986 59,399 0.1 % 3 76.0 % $ 1,032,201 0.1 % $ 22.86 13550 Stowe Drive San Diego 1 Warehouse / Distribution 1991 112,000 0.2 % 1 100.0 % $ 1,425,850 0.2 % $ 12.73 9190 Activity Road San Diego 1 Warehouse / Distribution 1986 83,520 0.2 % 1 100.0 % $ 1,771,960 0.2 % $ 21.22 10015 Waples Court San Diego 1 Warehouse / Distribution 1988 / 2020 106,412 0.2 % 1 100.0 % $ 1,652,794 0.2 % $ 15.53 8985 Crestmar Point (6) San Diego 1 Warehouse / Light Manufacturing 1988 57,086 0.1 % — — % $ — — % $ — 5725 Eastgate Drive San Diego 1 Industrial Outdoor Storage 1995 27,267 0.1 % 1 100.0 % $ 626,008 0.1 % $ 22.96 8745-8775 Production Avenue San Diego 2 Light Industrial / Office 1974 / 2021 46,820 0.1 % 4 100.0 % $ 731,732 0.1 % $ 15.63 8888-8992 Balboa Avenue (6) San Diego 1 Warehouse / Distribution 1967 / 2024 123,492 0.2 % — — % $ — — % $ — 4181 Ruffin Road San Diego 1 Light Industrial / Office 1987 150,144 0.3 % 6 49.8 % $ 1,508,450 0.2 % $ 20.19 9223 Balboa Avenue San Diego 3 Light Industrial / Office 2020 248,579 0.5 % 2 100.0 % $ 9,217,309 1.2 % $ 37.08 47 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) 9323 Balboa Avenue San Diego 1 Light Industrial / Office 1978-1980 200,155 0.4 % 1 100.0 % $ — — % $ — 4285 Ponderosa Avenue San Diego 1 Light Industrial / Office 1969 66,648 0.1 % 1 100.0 % $ 1,892,231 0.2 % $ 28.39 San Diego – Central Total 54 2,133,904 4.2 % 179 87.1 % $ 36,607,166 4.7 % $ 19.69 Consolidated Portfolio - Total / Weighted Average 425 Properties 708 50,788,225 100.0 % 1,650 91.3 % $ 775,324,995 100.0 % $ 16.71 (1) Year renovated reflects the most recent year in which a material upgrade, alteration or addition to building systems was completed, resulting in increased marketability of the property.
San Diego 10 Warehouse / Light Manufacturing 1970 / 2007 97,834 0.2 % 46 91.8 % $ 2,207,107 0.3 % $ 24.57 8525 Camino Santa Fe San Diego 1 Warehouse / Distribution 1986 59,399 0.1 % 4 100.0 % $ 1,372,550 0.2 % $ 23.11 13550 Stowe Drive San Diego 1 Warehouse / Distribution 1991 112,000 0.2 % 1 100.0 % $ 2,083,200 0.3 % $ 18.60 9190 Activity Road San Diego 1 Warehouse / Distribution 1986 83,520 0.2 % 1 100.0 % $ 1,842,839 0.2 % $ 22.06 10015 Waples Court San Diego 1 Warehouse / Distribution 1988 / 2020 106,412 0.2 % 1 100.0 % $ 1,702,377 0.2 % $ 16.00 8985 Crestmar Point San Diego 1 Warehouse / Light Manufacturing 1988 / 2025 53,395 0.1 % — — % $ — — % $ — 5725 Eastgate Drive San Diego 1 Industrial Outdoor Storage 1995 27,267 0.1 % 1 100.0 % $ 644,788 0.1 % $ 23.65 8745-8775 Production Avenue San Diego 2 Light Industrial / Office 1974 / 2021 46,820 0.1 % 4 100.0 % $ 762,072 0.1 % $ 16.28 48 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) 8888-8992 Balboa Avenue San Diego 1 Warehouse / Distribution 1967 / 2024 123,492 0.2 % 1 100.0 % $ 2,815,618 0.3 % $ 22.80 4181 Ruffin Road San Diego 1 Light Industrial / Office 1987 150,144 0.3 % 8 49.8 % $ 1,567,764 0.2 % $ 20.98 9223 Balboa Avenue San Diego 3 Light Industrial / Office 2020 248,579 0.5 % 2 100.0 % $ 9,493,829 1.2 % $ 38.19 9323 Balboa Avenue (6) San Diego 1 Development 1978-1980 200,155 0.4 % — — % $ — — % $ — 4285 Ponderosa Avenue San Diego 1 Light Industrial / Office 1969 66,648 0.1 % 1 100.0 % $ 1,948,998 0.2 % $ 29.24 San Diego – Central Total 54 2,128,320 4.2 % 180 78.2 % $ 40,320,180 5.0 % $ 24.23 Consolidated Portfolio - Total / Weighted Average 419 Properties 698 51,161,188 100.0 % 1,558 90.2 % $ 808,436,958 100.0 % $ 17.51 (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.
San Fernando 1 Warehouse / Light Manufacturing 1969 / 2012 76,993 0.2 % 2 100.0 % $ 801,020 0.1 % $ 10.40 605 8th Street San Fernando 1 Warehouse / Distribution 1991 / 2015, 2020 55,715 0.1 % 1 100.0 % $ 1,270,302 0.2 % $ 22.80 525 Park Avenue San Fernando 1 Warehouse / Distribution 2003 63,403 0.1 % 2 100.0 % $ 1,434,474 0.2 % $ 22.62 1145 Arroyo Avenue San Fernando 1 Warehouse / Light Manufacturing 1989 147,019 0.3 % 2 100.0 % $ 2,195,156 0.3 % $ 14.93 1150 Aviation Place San Fernando 1 Warehouse / Light Manufacturing 1989 147,000 0.3 % 1 100.0 % $ 3,616,200 0.5 % $ 24.60 1175 Aviation Place San Fernando 1 Warehouse / Distribution 1989 92,455 0.2 % 1 100.0 % $ 2,107,974 0.3 % $ 22.80 1245 Aviation Place San Fernando 1 Warehouse / Distribution 1989 132,936 0.3 % 1 100.0 % $ 2,986,274 0.4 % $ 22.46 635 8th Street San Fernando 1 Warehouse / Distribution 1989 72,250 0.1 % 2 100.0 % $ 1,215,122 0.2 % $ 16.82 24935 & 24955 Avenue Kearny Santa Clarita 2 Warehouse / Distribution 1988 138,980 0.3 % 2 100.0 % $ 1,948,829 0.2 % $ 14.02 25413 Rye Canyon Road Santa Clarita 1 Warehouse / Light Manufacturing 1981 48,158 0.1 % 1 39.8 % $ 329,646 — % $ 17.18 24903 Avenue Kearny Santa Clarita 1 Warehouse / Distribution 1988 214,436 0.4 % 1 100.0 % $ 2,193,235 0.3 % $ 10.23 27712 & 27756 Avenue Mentry Santa Clarita 2 Warehouse / Light Manufacturing 1988 220,752 0.4 % 2 100.0 % $ 2,246,820 0.3 % $ 10.18 12838 Saticoy Street North Hollywood 1 Warehouse / Excess Land 1954 100,390 0.2 % 1 100.0 % $ 1,316,386 0.2 % $ 13.11 11128 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 30,488 0.1 % 2 100.0 % $ 756,403 0.1 % $ 24.81 11150 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 19,968 — % 3 100.0 % $ 434,641 0.1 % $ 21.77 11166 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 20,592 — % 1 — % $ 3,555 — % $ — 7100 Case Avenue North Hollywood 1 Warehouse / Distribution 1970 34,286 0.1 % 1 100.0 % $ 460,724 0.1 % $ 13.44 7100 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % 2 100.0 % $ 432,721 — % $ 25.44 7101 Case Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % — — % $ — — % $ — 7101 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 32,741 0.1 % 2 100.0 % $ 707,206 0.1 % $ 21.60 7103 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % 1 100.0 % $ 249,240 — % $ 14.65 7118 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 20,273 — % 1 100.0 % $ 468,063 0.1 % $ 23.09 7119 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 20,273 — % 2 100.0 % $ 428,834 — % $ 21.15 7121 Case Avenue North Hollywood 1 Warehouse / Distribution 1969 20,273 — % 1 100.0 % $ 450,061 0.1 % $ 22.20 7149 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 32,311 0.1 % 2 100.0 % $ 422,146 — % $ 13.07 9750-9770 San Fernando Road Sun Valley 1 Industrial Outdoor Storage 1952 35,624 0.1 % 1 100.0 % $ 984,278 0.1 % $ 27.63 11076-11078 Fleetwood Street Sun Valley 1 Warehouse / Light Manufacturing 1974 25,878 0.1 % 1 100.0 % $ 584,845 0.1 % $ 22.60 11308-11350 Penrose Street (6) Sun Valley 1 Warehouse / Distribution 1974 / 2024 151,011 0.3 % 3 52.6 % $ 1,502,652 0.2 % $ 18.91 11120 Sherman Way Sun Valley 1 Warehouse / Distribution 1970 28,094 0.1 % 1 100.0 % $ 655,647 0.1 % $ 23.34 11130 Sherman Way Sun Valley 1 Warehouse / Light Manufacturing 1969 22,148 — % 1 100.0 % $ 511,353 0.1 % $ 23.09 34 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) 11156 Sherman Way Sun Valley 1 Warehouse / Distribution 1969 25,929 0.1 % 1 100.0 % $ 326,400 — % $ 12.59 15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.
San Fernando 1 Warehouse / Light Manufacturing 1969 / 2012 76,993 0.2 % 2 100.0 % $ 824,376 0.1 % $ 10.71 605 8th Street San Fernando 1 Warehouse / Distribution 1991 / 2015, 2020 55,715 0.1 % 1 100.0 % $ 1,321,114 0.2 % $ 23.71 525 Park Avenue San Fernando 1 Warehouse / Distribution 2003 63,403 0.1 % 2 100.0 % $ 1,325,762 0.2 % $ 20.91 1145 Arroyo Avenue San Fernando 1 Warehouse / Light Manufacturing 1989 147,019 0.3 % 2 100.0 % $ 2,269,299 0.3 % $ 15.44 1150 Aviation Place San Fernando 1 Warehouse / Light Manufacturing 1989 147,000 0.3 % 1 100.0 % $ 3,760,848 0.5 % $ 25.58 1175 Aviation Place San Fernando 1 Warehouse / Distribution 1989 / 2025 92,455 0.2 % — — % $ — — % $ — 1245 Aviation Place San Fernando 1 Warehouse / Distribution 1989 132,936 0.3 % 1 100.0 % $ 3,105,725 0.4 % $ 23.36 635 8th Street San Fernando 1 Warehouse / Distribution 1989 72,250 0.1 % 2 100.0 % $ 1,261,943 0.1 % $ 17.47 24935 & 24955 Avenue Kearny Santa Clarita 2 Warehouse / Distribution 1988 138,980 0.3 % 1 49.8 % $ 771,502 0.1 % $ 11.15 25413 Rye Canyon Road Santa Clarita 1 Warehouse / Light Manufacturing 1981 48,158 0.1 % 1 39.8 % $ 344,480 — % $ 17.95 24903 Avenue Kearny Santa Clarita 1 Warehouse / Distribution 1988 214,436 0.4 % 1 100.0 % $ 2,259,032 0.3 % $ 10.53 27712 & 27756 Avenue Mentry Santa Clarita 2 Warehouse / Light Manufacturing 1988 220,752 0.4 % 2 100.0 % $ 2,314,224 0.3 % $ 10.48 12838 Saticoy Street North Hollywood 1 Warehouse / Excess Land 1954 100,390 0.2 % 1 100.0 % $ 1,355,878 0.2 % $ 13.51 11128 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 30,488 0.1 % 2 100.0 % $ 786,477 0.1 % $ 25.80 11150 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 19,968 — % 3 100.0 % $ 393,906 — % $ 19.73 11166 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 20,609 — % 1 — % $ 3,555 — % $ — 7100 Case Avenue North Hollywood 1 Warehouse / Distribution 1970 34,286 0.1 % 1 100.0 % $ 476,849 0.1 % $ 13.91 7100 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % 2 100.0 % $ 450,030 — % $ 26.46 7101 Case Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % — — % $ — — % $ — 7101 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 32,741 0.1 % 2 100.0 % $ 735,494 0.1 % $ 22.46 7103 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % — — % $ — — % $ — 7118 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 20,273 — % 1 100.0 % $ 486,786 0.1 % $ 24.01 7119 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 20,273 — % 2 100.0 % $ 368,015 — % $ 18.15 7121 Case Avenue North Hollywood 1 Warehouse / Distribution 1969 20,273 — % 1 100.0 % $ 468,063 0.1 % $ 23.09 7149 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 32,311 0.1 % 2 100.0 % $ 616,677 0.1 % $ 19.09 9750-9770 San Fernando Road Sun Valley 1 Industrial Outdoor Storage 1952 35,624 0.1 % 1 100.0 % $ 1,023,650 0.1 % $ 28.73 11076-11078 Fleetwood Street Sun Valley 1 Warehouse / Light Manufacturing 1974 25,878 0.1 % 1 100.0 % $ 611,188 0.1 % $ 23.62 11308-11350 Penrose Street Sun Valley 1 Warehouse / Distribution 1974 / 2024 151,011 0.3 % 4 100.0 % $ 2,764,712 0.3 % $ 18.31 35 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) 11120 Sherman Way Sun Valley 1 Warehouse / Distribution 1970 28,094 0.1 % 1 100.0 % $ 681,872 0.1 % $ 24.27 11130 Sherman Way Sun Valley 1 Warehouse / Light Manufacturing 1969 22,148 — % 1 100.0 % $ 531,807 0.1 % $ 24.01 11156 Sherman Way Sun Valley 1 Warehouse / Distribution 1969 25,929 0.1 % 1 100.0 % $ 336,192 — % $ 12.97 15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.
Fullerton 3 Warehouse / Distribution 1985-1986 / 2005 163,898 0.3 % 14 89.8 % $ 2,758,026 0.4 % $ 18.73 1600 Orangethorpe & 1335-1375 Acacia Fullerton 5 Warehouse / Distribution 1968 / 1985 346,445 0.7 % 10 100.0 % $ 5,141,232 0.7 % $ 14.84 1901 Via Burton (6) Fullerton 1 Warehouse / Light Manufacturing 1960 / 2024 139,449 0.3 % — — % $ — — % $ — 1500 Raymond Avenue (6) Fullerton — Redevelopment n/a — — % — — % $ — — % $ — 1500 Walnut Avenue Fullerton 1 Warehouse / Distribution 2022 121,615 0.2 % 2 100.0 % $ 3,118,878 0.4 % $ 25.65 1901 Rosslynn Avenue Fullerton 1 Warehouse / Light Manufacturing 1989 278,572 0.5 % 1 100.0 % $ 5,570,448 0.7 % $ 20.00 4141 Palm Street Fullerton 1 Warehouse / Light Manufacturing 1981 100,000 0.2 % 1 100.0 % $ 1,665,316 0.2 % $ 16.65 5593-5595 Fresca Drive La Palma 1 Warehouse / Light Manufacturing 1973 115,200 0.2 % 2 100.0 % $ 1,490,182 0.2 % $ 12.94 1581 Main Street Orange 1 Warehouse / Distribution 1994 40,637 0.1 % 1 100.0 % $ 380,746 — % $ 9.37 445-449 Freedom Avenue Orange 1 Warehouse / Distribution 1980 92,647 0.2 % 2 100.0 % $ 1,573,260 0.2 % $ 16.98 560 Main Street Orange 1 Warehouse / Light Manufacturing 1973 17,000 — % 1 100.0 % $ 134,930 — % $ 7.94 2401-2421 Glassell Street Orange 4 Light Industrial / Office 1987 191,127 0.4 % 5 100.0 % $ 3,674,891 0.5 % $ 19.23 2390-2444 American Way (6) Orange 1 Warehouse / Light Manufacturing 2024 100,483 0.2 % — — % $ — — % $ — 42 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) 200 Boysenberry Lane Placentia 1 Warehouse / Light Manufacturing 1985 198,275 0.4 % 1 100.0 % $ 4,163,775 0.5 % $ 21.00 22895 Eastpark Drive Yorba Linda 1 Light Industrial / Office 1986 34,950 0.1 % 1 100.0 % $ 418,396 0.1 % $ 11.97 Orange County – North Total 43 2,810,311 5.5 % 74 83.5 % $ 43,251,341 5.6 % $ 18.43 Orange County – West 5630 Cerritos Avenue Cypress 1 Light Industrial / Office 1989 76,032 0.2 % 1 100.0 % $ 1,448,963 0.2 % $ 19.06 12131 Western Avenue Garden Grove 1 Warehouse / Distribution 1987 / 2007, 2017 207,953 0.4 % 1 100.0 % $ 2,234,761 0.3 % $ 10.75 12622-12632 Monarch Street Garden Grove 2 Warehouse / Distribution 1967 121,225 0.2 % 3 100.0 % $ 1,928,015 0.2 % $ 15.90 12752-12822 Monarch Street Garden Grove 1 Warehouse / Distribution 1971 / 2023 272,898 0.5 % 3 84.2 % $ 4,366,267 0.6 % $ 19.00 12821 Knott Street Garden Grove 1 Warehouse / Distribution 1971 / 2023 165,171 0.3 % 1 100.0 % $ 3,822,635 0.5 % $ 23.14 17311 Nichols Ln.
Fullerton 3 Warehouse / Distribution 1985-1986 / 2005 164,117 0.3 % 14 89.8 % $ 2,909,254 0.4 % $ 19.73 1600 Orangethorpe & 1335-1375 Acacia Fullerton 5 Warehouse / Distribution 1968 / 1985 346,445 0.7 % 9 95.7 % $ 5,179,486 0.6 % $ 15.63 1901 Via Burton Fullerton 1 Warehouse / Light Manufacturing 1960 / 2024 139,449 0.3 % 1 100.0 % $ 2,794,558 0.3 % $ 20.04 1500 Raymond Avenue Fullerton 1 Warehouse / Distribution 2025 136,218 0.3 % — — % $ — — % $ — 1500 Walnut Avenue Fullerton 1 Warehouse / Distribution 2022 121,615 0.2 % 2 100.0 % $ 3,251,430 0.4 % $ 26.74 1901 Rosslynn Avenue Fullerton 1 Warehouse / Light Manufacturing 1989 278,572 0.4 % 1 100.0 % $ 5,807,193 0.7 % $ 20.85 4141 Palm Street Fullerton 1 Warehouse / Light Manufacturing 1981 100,000 0.2 % 1 100.0 % $ 1,715,275 0.2 % $ 17.15 5593-5595 Fresca Drive La Palma 1 Warehouse / Light Manufacturing 1973 115,200 0.2 % 2 100.0 % $ 1,541,873 0.2 % $ 13.38 1581 Main Street Orange 1 Warehouse / Distribution 1994 40,637 0.1 % 1 100.0 % $ 794,859 0.1 % $ 19.56 445-449 Freedom Avenue Orange 1 Warehouse / Distribution 1980 92,647 0.2 % 2 100.0 % $ 1,632,569 0.2 % $ 17.62 560 Main Street Orange 1 Warehouse / Light Manufacturing 1973 17,000 — % 1 100.0 % $ 138,978 — % $ 8.18 43 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) 2401-2421 Glassell Street Orange 4 Light Industrial / Office 1987 39,282 0.1 % 2 100.0 % $ 810,271 0.1 % $ 20.63 2390-2444 American Way Orange 1 Warehouse / Light Manufacturing 2024 100,483 0.2 % 2 100.0 % $ 1,859,793 0.2 % $ 18.51 200 Boysenberry Lane Placentia 1 Warehouse / Light Manufacturing 1985 198,275 0.4 % 1 100.0 % $ 4,330,326 0.5 % $ 21.84 22895 Eastpark Drive Yorba Linda 1 Light Industrial / Office 1986 34,950 0.1 % 1 100.0 % $ 430,948 0.1 % $ 12.33 Orange County – North Total 43 2,675,086 5.2 % 70 89.6 % $ 46,849,671 5.8 % $ 19.54 Orange County – West 5630 Cerritos Avenue Cypress 1 Light Industrial / Office 1989 76,032 0.2 % 1 100.0 % $ 1,477,943 0.2 % $ 19.44 12131 Western Avenue Garden Grove 1 Warehouse / Distribution 1987 / 2007, 2017 207,953 0.4 % 1 100.0 % $ 2,301,804 0.3 % $ 11.07 12622-12632 Monarch Street Garden Grove 2 Warehouse / Distribution 1967 121,225 0.2 % 3 100.0 % $ 2,146,570 0.3 % $ 17.71 12752-12822 Monarch Street Garden Grove 1 Warehouse / Distribution 1971 / 2023 272,898 0.5 % 4 100.0 % $ 5,199,906 0.6 % $ 19.05 12821 Knott Street Garden Grove 1 Warehouse / Distribution 1971 / 2023 165,171 0.3 % 1 100.0 % $ 3,985,097 0.5 % $ 24.13 17311 Nichols Ln.
Chatsworth 1 Warehouse / Distribution 1967 / 1999 319,348 0.6 % 2 100.0 % $ 3,224,772 0.4 % $ 10.10 21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street Chatsworth 7 Warehouse / Distribution 1979 / 1980 153,368 0.3 % 8 68.3 % $ 1,605,947 0.2 % $ 15.33 9171 Oso Avenue Chatsworth 1 Warehouse / Light Manufacturing 1980 65,560 0.1 % 1 100.0 % $ 751,168 0.1 % $ 11.46 9200 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1968 80,410 0.2 % 1 100.0 % $ 868,428 0.1 % $ 10.80 9230 Mason Avenue Chatsworth 1 Warehouse / Distribution 1974 54,000 0.1 % 1 100.0 % $ 460,080 0.1 % $ 8.52 9250 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1977 56,292 0.1 % 1 100.0 % $ 457,646 0.1 % $ 8.13 21415-21605 Plummer Street Chatsworth 2 Light Industrial / Office 1986 196,535 0.4 % 2 83.7 % $ 4,876,178 0.6 % $ 29.64 19900 Plummer Street (6) Chatsworth — Redevelopment 1983 — — % — — % $ — — % $ — 9140 Lurline Avenue Chatsworth 1 Warehouse / Light Manufacturing 1974 146,516 0.3 % 1 100.0 % $ 1,670,280 0.2 % $ 11.40 900-920 Allen Avenue Glendale 2 Warehouse / Light Manufacturing 1942 - 1995 68,630 0.1 % 2 100.0 % $ 1,195,752 0.1 % $ 17.42 3550 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N.
Chatsworth 1 Warehouse / Distribution 1967 / 1999 319,348 0.6 % 2 100.0 % $ 3,319,129 0.4 % $ 10.39 21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street Chatsworth 7 Warehouse / Distribution 1979 / 1980 153,368 0.3 % 9 90.6 % $ 2,165,763 0.3 % $ 15.58 9171 Oso Avenue Chatsworth 1 Warehouse / Light Manufacturing 1980 65,560 0.1 % 1 100.0 % $ 983,400 0.1 % $ 15.00 9200 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1968 70,635 0.1 % 1 100.0 % $ 1,144,287 0.1 % $ 16.20 9230 Mason Avenue Chatsworth 1 Warehouse / Distribution 1974 54,000 0.1 % 1 100.0 % $ 777,600 0.1 % $ 14.40 9250 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1977 56,292 0.1 % 1 100.0 % $ 911,930 0.1 % $ 16.20 21415-21605 Plummer Street Chatsworth 2 Light Industrial / Office 1986 196,535 0.4 % 2 83.7 % $ 5,022,463 0.6 % $ 30.53 19900 Plummer Street Chatsworth 1 Warehouse / Distribution 1983 / 2025 79,539 0.2 % — — % $ — — % $ — 9140 Lurline Avenue Chatsworth 1 Warehouse / Light Manufacturing 1974 146,516 0.3 % 1 100.0 % $ 1,670,280 0.2 % $ 11.40 900-920 Allen Avenue Glendale 2 Warehouse / Light Manufacturing 1942 - 1995 68,630 0.1 % 2 100.0 % $ 1,251,311 0.1 % $ 18.23 3550 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N.
Simi Valley 5 Warehouse / Light Manufacturing 1991 / 2006 102,440 0.2 % 18 100.0 % $ 1,690,605 0.2 % $ 16.50 2390 Ward Avenue Simi Valley 1 Warehouse / Distribution 1989 138,700 0.3 % 2 100.0 % $ 1,871,537 0.2 % $ 13.49 1998 Surveyor Avenue Simi Valley 1 Warehouse / Distribution 2018 56,306 0.1 % — — % $ — — % $ — 2280 Ward Avenue Simi Valley 1 Warehouse / Distribution 1995 242,101 0.5 % 5 78.6 % $ 2,183,650 0.3 % $ 11.47 Meggitt Simi Valley Simi Valley 3 Warehouse / Light Manufacturing 1984 / 2005 285,750 0.6 % 1 100.0 % $ 2,619,235 0.3 % $ 9.17 3935-3949 Heritage Oak Court Simi Valley 1 Warehouse / Distribution 1999 186,726 0.4 % 2 100.0 % $ 2,108,492 0.3 % $ 11.29 851 Lawrence Drive Thousand Oaks 1 Warehouse / Distribution 1968 / 2021 90,773 0.2 % 3 100.0 % $ 1,373,797 0.2 % $ 15.13 2405, 2430, 2455, 2500, 2535, 2570, 2585, 2595,& 2615 Conejo Spectrum St.
Simi Valley 5 Warehouse / Light Manufacturing 1991 / 2006 103,018 0.2 % 13 73.4 % $ 1,284,302 0.2 % $ 16.98 2390 Ward Avenue Simi Valley 1 Warehouse / Distribution 1989 138,700 0.3 % 2 100.0 % $ 2,055,725 0.3 % $ 14.82 1998 Surveyor Avenue Simi Valley 1 Warehouse / Distribution 2018 56,306 0.1 % 1 100.0 % $ 810,807 0.1 % $ 14.40 2280 Ward Avenue Simi Valley 1 Warehouse / Distribution 1995 242,101 0.5 % 4 73.9 % $ 2,040,640 0.2 % $ 11.41 Meggitt Simi Valley Simi Valley 3 Warehouse / Light Manufacturing 1984 / 2005 285,750 0.6 % 1 100.0 % $ 2,697,812 0.3 % $ 9.44 3935-3949 Heritage Oak Court Simi Valley 1 Warehouse / Distribution 1999 / 2025 190,031 0.4 % 1 100.0 % $ 3,186,311 0.4 % $ 16.77 851 Lawrence Drive Thousand Oaks 1 Warehouse / Distribution 1968 / 2021 90,773 0.2 % 3 100.0 % $ 1,422,442 0.2 % $ 15.67 2405, 2430, 2455, 2500, 2535, 2570, 2585, 2595,& 2615 Conejo Spectrum St.
Commerce 1 Cold Storage / Distribution 2000 70,877 0.1 % 1 100.0 % $ 1,276,202 0.2 % $ 18.01 5300 Sheila Street Commerce 1 Warehouse / Distribution 1975 695,120 1.4 % 1 100.0 % $ 5,685,820 0.7 % $ 8.18 6100 Sheila Street Commerce 1 Cold Storage / Distribution 1960 80,091 0.2 % 7 100.0 % $ 2,163,780 0.3 % $ 27.02 6277-6289 Slauson Avenue Commerce 3 Warehouse / Distribution 1962 - 1977 315,719 0.6 % 3 100.0 % $ 2,619,652 0.3 % $ 8.30 6687 Flotilla Street Commerce 1 Warehouse / Light Manufacturing 1956 120,000 0.2 % 1 100.0 % $ 2,376,000 0.3 % $ 19.80 6655 East 26th Street Commerce 1 Warehouse / Light Manufacturing 1965 47,500 0.1 % 1 100.0 % $ 783,750 0.1 % $ 16.50 6027 Eastern Avenue (6) Commerce — Redevelopment 1946 47,088 0.1 % — — % $ — — % $ — 6996-7044 Bandini Blvd Commerce 2 Warehouse / Light Manufacturing 1968 112,944 0.2 % 2 100.0 % $ 2,405,888 0.3 % $ 21.30 6000-6052 & 6027-6029 Bandini Blvd Commerce 2 Warehouse / Distribution 2016 182,782 0.4 % 2 67.9 % $ 1,635,660 0.2 % $ 13.18 6700 S Alameda St.
Commerce 1 Cold Storage / Distribution 2000 70,877 0.1 % 1 100.0 % $ 1,598,985 0.2 % $ 22.56 5300 Sheila Street Commerce 1 Warehouse / Distribution 1975 695,120 1.4 % 1 100.0 % $ 5,685,820 0.7 % $ 8.18 6100 Sheila Street Commerce 1 Cold Storage / Distribution 1960 80,091 0.2 % 6 76.7 % $ 1,707,041 0.2 % $ 27.80 6277-6289 Slauson Avenue Commerce 3 Warehouse / Distribution 1962 - 1977 315,719 0.6 % 3 100.0 % $ 2,706,930 0.3 % $ 8.57 6687 Flotilla Street Commerce 1 Warehouse / Light Manufacturing 1956 120,000 0.1 % 1 100.0 % $ 2,471,040 0.3 % $ 20.59 6655 East 26th Street Commerce 1 Warehouse / Light Manufacturing 1965 47,500 0.1 % 1 100.0 % $ 813,141 0.1 % $ 17.12 6027 Eastern Avenue Commerce 1 Warehouse / Distribution 1946 / 2025 94,140 0.2 % 2 100.0 % $ 1,276,538 0.2 % $ 13.56 6996-7044 Bandini Blvd Commerce 2 Warehouse / Light Manufacturing 1968 112,944 0.2 % 2 100.0 % $ 2,507,322 0.3 % $ 22.20 6000-6052 & 6027-6029 Bandini Blvd Commerce 2 Warehouse / Distribution 2016 182,853 0.4 % 3 100.0 % $ 2,435,108 0.3 % $ 13.32 6700 S Alameda St.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+4 added−1 removed2 unchanged
Biggest changeRepurchases of Equity Securities Period Total Number of Shares Purchased (1) 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, 2024 to October 31, 2024 421 $ 45.81 N/A N/A November 1, 2024 to November 30, 2024 59 $ 42.77 N/A N/A December 1, 2024 to December 31, 2024 51 $ 38.65 N/A N/A 531 $ 44.79 N/A N/A (1) Reflects shares of common stock that were tendered by certain of our employees to satisfy tax withholding obligations related to the vesting of restricted shares of common stock.
Biggest changeRepurchases of Equity Securities Period Total Number of Shares Purchased (1) 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 (2) October 1, 2025 to October 31, 2025 172 $ 43.52 — $449,976 November 1, 2025 to November 30, 2025 449,297 $ 40.65 447,763 $431,764 December 1, 2025 to December 31, 2025 1,995,733 $ 40.99 1,995,675 $349,927 2,445,202 $ 40.93 2,443,438 (1) Includes 1,764 shares of common stock that were tendered by certain of our employees to satisfy tax withholding obligations related to the vesting of restricted shares of common stock.
Equity Compensation Plan Information Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12 of this Annual Report on Form 10-K. 58 Performance Graph The following graph compares the cumulative total stockholder return on our common stock from December 31, 2019 through December 31, 2024, with the cumulative total return of the Standard & Poor’s 500 Index and a selection of appropriate “peer group” indexes (assuming the investment of $100 in our common stock and in each of the indexes on December 31, 2019, and that all dividends were reinvested into additional shares of common stock at the frequency with which dividends are paid on the common stock during the applicable fiscal year).
Equity Compensation Plan Information Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12 of this Annual Report on Form 10-K. 59 Performance Graph The following graph compares the cumulative total stockholder return on our common stock from December 31, 2020 through December 31, 2025, with the cumulative total return of the Standard & Poor’s 500 Index and a selection of appropriate “peer group” indexes (assuming the investment of $100 in our common stock and in each of the indexes on December 31, 2020, and that all dividends were reinvested into additional shares of common stock at the frequency with which dividends are paid on the common stock during the applicable fiscal year).
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock is traded on the NYSE under the symbol “REXR”. As of February 5, 2025, there we re 296 holders of record of our common stock.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock is traded on the NYSE under the symbol “REXR”. As of February 6, 2026, there were 303 holders of record of our common stock.
Removed
Period Ending Index 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Rexford Industrial Realty, Inc. $100.00 $109.69 $184.09 $126.70 $133.85 $95.73 S&P 500 Index $100.00 $118.40 $152.39 $124.79 $157.59 $197.02 Dow Jones Equity All REIT Index $100.00 $95.21 $134.44 $100.82 $112.21 $117.66 Dow Jones U.S. Real Estate Industrial Index $100.00 $114.56 $175.88 $119.20 $145.37 $123.07
Added
(2) On August 29, 2025, our board of directors (“Board”) authorized a stock repurchase program pursuant to which we may repurchase up to a maximum of $500.0 million of our outstanding common stock. As of February 2, 2026, approximately $150 million of common stock had been repurchased under the program.
Added
On February 2, 2026, our Board terminated the prior stock repurchase program and authorized a new stock repurchase program pursuant to which we may repurchase up to a maximum of $500.0 million of our outstanding common stock.
Added
This new stock repurchase program expires by its terms on February 29, 2028, unless modified, extended or terminated earlier by the Board in its discretion.
Added
Period Ending Index 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Rexford Industrial Realty, Inc. $100.00 $167.83 $115.51 $122.03 $87.27 $91.36 S&P 500 Index $100.00 $128.71 $105.40 $133.10 $166.40 $196.16 Dow Jones Equity All REIT Index $100.00 $141.20 $105.89 $117.86 $123.58 $126.55 Dow Jones U.S. Real Estate Industrial Index $100.00 $153.52 $104.05 $126.89 $107.42 $125.96

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

158 edited+74 added−65 removed80 unchanged
Biggest change(Ventura) (9) VC 116,852 2Q-2022 1Q-2025 —% 6027 Eastern Avenue (Central LA) LA 94,140 3Q-2022 1Q-2025 —% 12118 Bloomfield Avenue (Mid-Counties) LA 107,045 4Q-2022 1Q-2025 —% 4416 Azusa Canyon Road (SG Valley) LA 129,830 4Q-2022 1Q-2025 —% 15010 Don Julian Road (SG Valley) LA 219,242 1Q-2023 4Q-2025 —% 21515 Western Avenue (South Bay) LA 83,740 2Q-2023 2Q-2025 —% 12772 San Fernando Road (SF Valley) LA 143,529 3Q-2023 1Q-2025 —% 19900 Plummer Street (SF Valley) LA 79,539 3Q-2023 1Q-2025 —% Rancho Pacifica - Bldg 5 (South Bay) (10) LA 76,553 4Q-2023 1Q-2025 —% 1500 Raymond Avenue (North OC) OC 136,218 (11) 4Q-2023 1Q-2025 —% 17907-18001 Figueroa Street (South Bay) LA 76,468 (12) 4Q-2023 1Q-2025 —% 14940 Proctor Road (SG Valley) LA 160,045 4Q-2024 2Q-2026 —% 11234 Rush Street (SG Valley) LA 103,108 4Q-2024 1Q-2027 —% Total Current Redevelopment 1,727,880 Lease-up (Redevelopment): 1055 Sandhill Avenue (South Bay) LA 127,775 3Q-2021 4Q-2024 —% 9920-10020 Pioneer Blvd (Mid-Counties) LA 163,435 4Q-2021 3Q-2024 —% 1901 Via Burton (North OC) OC 139,449 1Q-2022 2Q-2024 —% 8888 Balboa Avenue (Central SD) SD 123,492 3Q-2022 4Q-2024 —% 2390-2444 American Way (North OC) OC 100,483 4Q-2022 2Q-2024 —% 3071 Coronado Street (North OC) OC 105,173 1Q-2023 1Q-2024 —% Total Lease-up (Redevelopment) 759,807 – See footnotes starting on page 67 – 65 Property (Submarket) Market Projected Rentable Square Feet Project Type Near-Term Potential Future Repositioning and Redevelopment: 1175 Aviation Place (Greater SF Valley) LA 93,219 Reposition 24935 Avenue Kearny (Greater SF Valley) LA 69,761 Reposition 16010 Shoemaker Avenue (Mid-Counties) LA 115,662 Reposition 1601 Mission Boulevard (SG Valley) LA 699,890 Reposition 218 Turnbull Canyon (SG Valley) LA 191,095 Reposition 425 Hacienda Boulevard (SG Valley) LA 44,025 Reposition 9455 Cabot Drive (Central SD) SD 83,563 Reposition Figueroa & Rosecrans (South Bay) LA 56,700 Reposition 3935-3949 Heritage Oak Court (Ventura) VC 186,726 Reposition 5235 Hunter Avenue (North OC) OC 117,772 Redevelopment 7815 Van Nuys Blvd (SF Valley) LA 78,990 Redevelopment 3547-3555 Voyager Street (South Bay) LA 67,371 Redevelopment 600-708 Vermont Avenue (North OC) OC 263,800 Redevelopment 9323 Balboa Avenue (Central SD) SD 163,400 Redevelopment 3100 Fujita Street (South Bay) LA 82,080 Redevelopment 14005 Live Oak Avenue (SG Valley) LA 100,380 Redevelopment 18455 Figueroa Street (South Bay) LA 179,284 Redevelopment 15715 Arrow Highway (SG Valley) LA 106,278 Redevelopment 950 West 190th Street (South Bay) LA 197,000 Redevelopment 13925 Benson Avenue (IE - West) SB 143,745 Redevelopment 16425 Gale Avenue (SG Valley) LA 325,800 Redevelopment Total Future Repositioning and Redevelopment 3,366,541 – See footnotes starting on page 67 – 66 Property Stabilized: (13) Market Stabilized Rentable Square Feet Period Stabilized Total Property Leased % at 12/31/24 9755 Distribution Avenue (Central SD) SD 24,071 1Q-2024 100% 8902-8940 Activity Road (Central SD) SD 13,950 1Q-2024 92% 444 Quay Avenue (South Bay) LA 29,760 2Q-2024 100% 263-321 Gardena Blvd (South Bay) LA 55,238 2Q-2024 100% 20851 Currier Road (SG Valley) LA 59,412 3Q-2024 100% 12752-12822 Monarch St.
Biggest changeVinedo Avenue (SF Valley) LA 48,520 1Q-2025 29125 Avenue Paine (SF Valley) LA 176,107 1Q-2025 218 Turnbull Canyon (SG Valley) LA 191,153 2Q-2025 1901 Via Burton (North OC) OC 139,449 2Q-2025 11308-11350 Penrose Street (SF Valley) (8) LA 71,547 3Q-2025 1020 Bixby Drive (SG Valley) LA 57,600 3Q-2025 Harcourt & Susana (South Bay) LA 34,000 3Q-2025 8888 Balboa Avenue (Central SD) SD 123,492 3Q-2025 6027 Eastern Avenue (Central LA) LA 94,140 3Q-2025 3071 Coronado Street (North OC) (8) OC 105,173 3Q-2025 2390-2444 American Way (North OC) OC 100,483 3Q-2025 14434-14527 San Pedro Street (South Bay) (9) LA 58,225 4Q-2025 3935-3949 Heritage Oak Court (Ventura) VC 190,031 4Q-2025 800 Sandhill Avenue (17000 Kingsview Avenue) (South Bay) LA 100,121 4Q-2025 9920-10020 Pioneer Boulevard (Mid-Counties) LA 163,435 4Q-2025 Rancho Pacifica - Building 5 (South Bay) (10) LA 76,553 4Q-2025 17907 Figueroa Street (South Bay) LA 76,468 4Q-2025 21515 Western Avenue (South Bay) LA 83,740 4Q-2025 Total 2025 Stabilized 2,225,865 2024 Stabilizations (7) 9755 Distribution Avenue (Central SD) SD 24,071 1Q-2024 8902-8940 Activity Road (Central SD) SD 13,950 1Q-2024 444 Quay Avenue (South Bay) LA 29,760 2Q-2024 263-321 Gardena Boulevard (South Bay) LA 55,238 2Q-2024 20851 Currier Road (SG Valley) LA 59,412 3Q-2024 17311 Nichols Lane (West OC) OC 104,182 3Q-2024 12752-12822 Monarch Street (West OC) OC 163,864 3Q-2024 500 Dupont Avenue (IE - West) SB 274,885 4Q-2024 2880 Ana Street (South Bay) LA LAND 4Q-2024 12907 Imperial Highway (Mid-Counties) LA 101,080 4Q-2024 Total 2024 Stabilized 826,442 (1) The estimated construction start period is the period we anticipate starting physical construction on a project.
ATM Program On February 17, 2023, we established the 2023 ATM Program pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.25 billion.
ATM Program On February 17, 2023, we established the ATM Program pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.25 billion.
Subject to the terms of the Credit Agreement, $60 Million Term Loan, Senior Notes and Registered Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest, (ii) a default in the payment of certain of our other indebtedness, (iii) a default in compliance with the covenants set forth in the debt agreement, the principal and accrued and unpaid interest on the outstanding debt may be declared immediately due and payable at the option of the administrative agent, lenders, trustee and/or noteholders, as applicable, and in the event of bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest on the outstanding debt will become immediately due and payable.
Subject to the terms of the Credit Agreement, $60 Million Term Loan, Senior Notes and Registered Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest, (ii) a default in the payment of certain of our other indebtedness, and (iii) a default in compliance with the covenants set forth in the debt agreement, the principal and accrued and unpaid interest on the outstanding debt may be declared immediately due and payable at the option of the administrative agent, lenders, trustee and/or noteholders, as applicable, and in the event of bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest on the outstanding debt will become immediately due and payable.
These high-barrier infill markets are characterized by a relative scarcity of highly functional product, coupled with the limited ability to introduce new supply over the long-term due to high land and redevelopment costs, regulatory hurdles with restrictive development constraints and a dearth of developable land in markets experiencing a net reduction in supply as, over time, more industrial property is converted to non-industrial uses than can be delivered.
These high-barrier infill markets are characterized by a relative scarcity of highly functional product, coupled with the limited ability to introduce new supply over the long-term due to high land and development costs, regulatory hurdles with restrictive development constraints and a dearth of developable land in markets experiencing a net reduction in supply as, over time, more industrial property is converted to non-industrial uses than can be delivered.
This may include a complete structural renovation of a property whereby we convert large underutilized spaces into a series of smaller and more functional spaces, or it may include the creation of additional square footage, the modernization of the property site, the elimination of functional obsolescence, the addition or enhancement of loading areas and truck access, the enhancement of fire-life-safety systems or other accretive improvements, in each case designed to improve the cash flow and value of the property.
This may include a complete structural renovation of a property whereby we convert large underutilized spaces into a series of smaller and more functional spaces, or it may include the creation of additional square footage, the modernization of the property improvements, the elimination of functional obsolescence, the addition or enhancement of loading areas and truck access, the enhancement of fire-life-safety systems or other accretive improvements, in each case designed to improve the cash flow and value of the property.
(10) Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and comprises one building totaling 51,594 rentable square feet, out of six buildings at our Rancho Pacifica Park property, which has a total of 1,111,885 rentable square feet. 67 We demolished the existing building and are constructing a new building comprising approximately 76,553 rentable square feet in its place.
(10) Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and comprises one building totaling 51,594 rentable square feet, out of six buildings at our Rancho Pacifica Park property, which has a total of 1,111,885 rentable square feet. We demolished the existing building and are constructing a new building comprising approximately 76,553 rentable square feet in its place.
Our portfolio, which we believe represents prime locations with superior functionality within the largest last-mile logistics distribution market in the nation, is well-positioned to continue to serve our existing diverse tenant base and attract incremental ecommerce-oriented and traditional distribution demand over the long-term.
Our portfolio, which we believe represents prime locations with superior functionality within the largest last-mile logistics distribution market in the nation, is well-positioned to continue to serve our diverse tenant base and attract incremental ecommerce-oriented and traditional distribution demand over the long-term.
Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled “Risk Factors” and elsewhere in this Annual Report on Form 10-K. 59 Company Overview Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service REIT focused on owning and operating industrial properties in Southern California infill markets.
Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled “Risk Factors” and elsewhere in this Annual Report on Form 10-K. 60 Company Overview Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service REIT focused on owning and operating industrial properties in Southern California infill markets.
(2) Noncontrolling interests represent (i) holders of outstanding common units of the Company's Operating Partnership that are owned by unit holders other than the Company and (ii) holders of Series 1 CPOP Units, Series 2 CPOP Units and Series 3 CPOP Units.
(6) Noncontrolling interests represent (i) holders of outstanding common units of the Company's Operating Partnership that are owned by unit holders other than the Company and (ii) holders of Series 1 CPOP Units, Series 2 CPOP Units and Series 3 CPOP Units.
Similarly, while our focus is owning and operating industrial properties in Southern California infill markets, occasionally an acquisition may include non-industrial properties, such as office and other uses, with the intent to reposition or redevelop the properties into industrial use or to dispose of the non-industrial assets in a manner intended to satisfy REIT safe harbor requirements to avoid prohibited transactions under REIT tax laws.
Similarly, while our focus is owning and operating industrial properties in Southern California infill markets, occasionally an acquisition may include non-industrial properties, such as office and other uses, with the intent to reposition or develop the properties into industrial use or to dispose of the non-industrial assets in a manner intended to satisfy REIT safe harbor requirements to avoid prohibited transactions under REIT tax laws.
Periodically we also engage in mortgage debt investments secured by industrial zoned property or property suitable for industrial development within these markets. Our target markets provide us with opportunities to acquire both stabilized properties generating favorable cash flow, as well as properties or land parcels where we can enhance returns over time through value-add repositioning and redevelopments.
Periodically we also engage in mortgage debt investments secured by industrial zoned property or property suitable for industrial development within these markets. Our target markets provide us with opportunities to acquire both stabilized properties generating favorable cash flow, as well as properties or land parcels where we can enhance returns over time through value-add repositioning and developments.
These target investments may comprise acquiring leased, stabilized properties as well as properties with value-add opportunities to improve functionality and to deploy our value-driven asset management programs in order to increase cash flow and value. Additionally, from time to time, we may acquire industrial outdoor storage sites, land parcels or properties with excess land for ground-up redevelopment projects.
These target investments may comprise acquiring leased, stabilized properties as well as properties with value-add opportunities to improve functionality and to deploy our value-driven asset management programs in order to increase cash flow and value. Additionally, from time to time, we may acquire industrial outdoor storage sites, land parcels or properties with excess land for ground-up development projects.
At December 31, 2024, the Operating Partnership had issued and outstanding $300.0 million of 5.000% Senior Notes due 2028 (the “$300 Million Notes due 2028”), $400.0 million of 2.125% Senior Notes due 2030 (the “$400 Million Notes due 2030”), $400 million of 2.15% Senior Notes due 2031 (the “$400 Million Notes due 2031”), $575.0 million of 4.375% Exchangeable Senior Notes due 2027 (the “2027 Exchangeable Notes”) and $575.0 million of 4.125% Exchangeable Senior Notes due 2029 (the “2029 Exchangeable Notes” and together with the 2027 Exchangeable Notes, the “Exchangeable Notes”).
At December 31, 2025, the Operating Partnership had issued and outstanding $300.0 million of 5.000% Senior Notes due 2028 (the “$300 Million Notes due 2028”), $400.0 million of 2.125% Senior Notes due 2030 (the “$400 Million Notes due 2030”), $400 million of 2.15% Senior Notes due 2031 (the “$400 Million Notes due 2031”), $575.0 million of 4.375% Exchangeable Senior Notes due 2027 (the “2027 Exchangeable Notes”) and $575.0 million of 4.125% Exchangeable Senior Notes due 2029 (the “2029 Exchangeable Notes” and together with the 2027 Exchangeable Notes, the “Exchangeable Notes”).
In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable credit facility fee, on each lender's commitment amount under the Revolver, regardless of usage. The applicable credit facility fee ranges from 0.125% to 0.300% per annum, depending on our leverage ratio and investment grade rating.
In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable credit facility fee, on each lender's commitment amount under the Revolver, regardless of usage. The applicable credit facility fee ranges from 0.125% to 0.300% per annum, depending on our leverage ratio and investment grade ratings.
Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, redevelop, lease and manage industrial real estate principally located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial zoned property or property suitable for industrial development.
Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, develop, lease and manage industrial real estate principally located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial zoned property or property suitable for industrial development.
Positive or negative changes in economic or other conditions, high or persistent inflation and adverse weather conditions and natural disasters in this market may affect our overall performance. Property Expenses Our property expenses generally consist of utilities, real estate taxes, insurance, site repair and maintenance costs, and the allocation of overhead costs.
Positive or negative changes in economic or other conditions, trade policy, high or persistent inflation and adverse weather conditions and natural disasters in this market may affect our overall performance. Property Expenses Our property expenses generally consist of utilities, real estate taxes, insurance, site repair and maintenance costs, and the allocation of overhead costs.
Results of Operations Our consolidated results of operations are often not comparable from period to period due to the effect of (i) property acquisitions, (ii) property dispositions and (iii) properties that are taken out of service for repositioning or redevelopment during the comparative reporting periods. Our “Total Portfolio” represents all of the properties owned during the reported periods.
Results of Operations Our consolidated results of operations are often not comparable from period to period due to the effect of (i) property acquisitions, (ii) property dispositions and (iii) properties that are taken out of service for repositioning or development during the comparative reporting periods. Our “Total Portfolio” represents all of the properties owned during the reported periods.
Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning (including “other repositioning project”) after the tenant vacates, (ii) early terminations with pre-negotiated replacement leases and (iii) move outs where space is directly leased by subtenants.
Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning (including “other repositioning projects”) after the tenant vacates, (ii) early terminations with pre-negotiated replacement leases and (iii) move outs where space is directly leased by subtenants.
Additional increases in costs, further delays or declining market rents could result in a lower expected yield on our redevelopment projects, which could negatively impact our future earnings. Rental Revenues Our operating results depend primarily upon generating rental revenue from the properties in our portfolio.
Additional increases in costs, further delays or declining market rents could result in a lower expected yield on our development projects, which could negatively impact our future earnings. Rental Revenues Our operating results depend primarily upon generating rental revenue from the properties in our portfolio.
Taxable REIT Subsidiary As of December 31, 2024, our Operating Partnership indirectly and wholly owns Rexford Industrial Realty and Management, Inc., which we refer to as our services company. We have elected, together with our services company, to treat our services company as a taxable REIT subsidiary for federal income tax purposes.
Taxable REIT Subsidiary As of December 31, 2025, our Operating Partnership indirectly and wholly owns Rexford Industrial Realty and Management, Inc., which we refer to as our services company. We have elected, together with our services company, to treat our services company as a taxable REIT subsidiary for federal income tax purposes.
In connection with our ATM programs, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under our ATM programs.
In connection with the ATM Program, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under the ATM Program.
In addition, the Credit Agreement also features a sustainability-linked pricing component that can periodically adjust the applicable margin by -0.04%, zero or 0.04% and adjust the applicable credit facility fee by -0.01%, zero or 0.01%, depending on our achievement of the annual sustainability performance metric.
In addition, the Credit Agreement also features a sustainability-linked pricing component that can periodically adjust the applicable margin by -0.04%, zero or 0.04% and adjust the applicable credit facility fee by -0.01%, zero or 0.01%, depending on our achievement of the annual sustainability performance metrics.
The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2023 and 2024, as the timing of these stabilizations have a direct impact on our current and comparative results of operations.
The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2024 and 2025, as the timing of these stabilizations have a direct impact on our current and comparative results of operations.
We have a number of significant repositioning properties, which are individually presented in the tables below.
We have a number of repositioning properties, which are individually presented in the tables below.
We believe that inflationary increases to real estate taxes, utility expenses and other operating expenses may be partially offset by the contractual rent increases and tenant payment of taxes and expenses described above. 86 Ite m 7A.
We believe that inflationary increases to real estate taxes, utility expenses and other operating expenses may be partially offset by the contractual rent increases and tenant payment of taxes and expenses described above. 87 Ite m 7A.
We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.
We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, gains (or losses) on sale of real estate, impairment losses of depreciable operating property and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.
Our credit ratings at December 31, 2024 were BBB- from both S&P and Fitch with respect to our 5.875% Series B Cumulative Redeemable Preferred Stock and our 5.625% Series C Cumulative Redeemable Preferred Stock.
Our credit ratings at December 31, 2025 were BBB- from both S&P and Fitch with respect to our 5.875% Series B Cumulative Redeemable Preferred Stock and our 5.625% Series C Cumulative Redeemable Preferred Stock.
A repositioning property that is considered significant is typically defined as a property where a significant amount of space is held vacant in order to implement capital improvements, the cost to complete repositioning work and lease-up is estimated to be greater than $1 million and the repositioning and lease-up time frame is estimated to be greater than six months.
A repositioning property that is considered significant is typically defined as a property where a significant amount of space is held vacant in order to implement capital improvements, the cost to complete repositioning work and lease-up is estimated to be greater than $2.5 million and the repositioning and lease-up time frame is estimated to be greater than six months.
However, this estimate is based on our current construction plans and budgets, both of which are subject to change as a result of a number of factors, including increased costs of building materials or construction services and construction delays related to supply chain backlogs and increased lead time on building materials.
However, this estimate is based on our current construction plans and budgets, both of which are subject to change as a result of a number of factors, including increased costs of building materials or construction services (including as a result of trade disputes and tariffs) and construction delays related to supply chain backlogs and increased lead time on building materials.
An increase in our repositioning and redevelopment activities resulting from value-add acquisitions could cause an increase in the asset balances qualifying for interest, insurance and tax capitalization in future periods.
An increase in our repositioning and development activities resulting from value-add acquisitions could cause an increase in the asset balances qualifying for interest, insurance and tax capitalization in future periods.
While the actual number of acquisitions that we complete will be dependent upon a number of factors, in the short term, we expect to fund our future acquisitions through available cash on hand and proceeds from forward equity settlements, cash flows from operations, borrowings available under the Revolver, recycling capital through property dispositions and, in the long term, through the issuance of equity securities or proceeds from long-term secured and unsecured financings.
While the actual number of acquisitions that we complete will be dependent upon a number of factors, in the short term, we expect to fund our future acquisitions through available cash on hand, cash flows from operations, borrowings available under the Revolver and capital recycled through property dispositions and, in the long term, through the issuance of equity securities or proceeds from long-term secured and unsecured financings.
We also believe the quality and entrepreneurial approach demonstrated by our team of real estate professionals actively managing our properties and our tenants enables the potential to outcompete within our markets that we believe are generally otherwise owned by more passive, less-focused real estate owners.
We also believe the quality and entrepreneurial approach demonstrated by our team of real estate professionals actively managing our properties and our tenants enables the potential to outcompete within our markets where we believe competing properties are generally otherwise owned by more passive, less-focused real estate owners.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cash Flows” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 12, 2024, for a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cash Flows” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 10, 2025, for a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023.
General Market Condition s We believe our portfolio’s leasing performance in 2024 has generally outpaced that of the infill markets within which we operate.
General Market Condition s We believe our portfolio’s leasing performance in 2025 has generally outpaced that of the infill markets within which we operate.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 12, 2024, for a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 10, 2025, for a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023.
A key component of our growth strategy is to acquire properties through off-market and lightly marketed transactions that are often operating at below-market occupancy or below-market rent at the time of acquisition or that have near-term lease roll-over or that provide opportunities to add value through functional or physical repositioning and improvements.
A key component of our growth strategy has historically been to acquire properties through off-market and lightly marketed transactions that are often operating at below-market occupancy or below-market rent at the time of acquisition or that have near-term lease roll-over or that provide opportunities to add value through functional or physical repositioning and improvements.
Our long-term liquidity needs consist primarily of funds necessary to pay for acquisitions, recurring and non-recurring capital expenditures and scheduled debt maturities.
Our long-term liquidity needs consist primarily of funds necessary to pay for acquisitions, recurring and nonrecurring capital expenditures and scheduled debt maturities.
Inflation We do not believe that inflation has historically had a material impact on the Company. While currently moderating, significant inflation in recent years has resulted in increased operating expenses, capital expenditures and cost of our variable-rate borrowings which could have a material impact on our financial position or results of operations.
Inflation We do not believe that inflation has historically had a material impact on the Company. While currently moderating, significant inflation in recent years has resulted in increased operating expenses and capital expenditures which could have a material impact on our financial position or results of operations.
Results for our Same Property Portfolio exclude properties that were acquired or sold during the period from January 1, 2023 through December 31, 2024, properties or buildings classified as current or future repositioning (including select buildings in “other repositioning”), redevelopment or lease-up during 2023 or 2024, management and leasing services revenue, interest income, interest expense and corporate general and administrative expenses.
Results for our Same Property Portfolio exclude properties that were acquired or sold during the period from January 1, 2024 through December 31, 2025, properties or buildings classified as current or future repositioning (including select buildings in “other repositioning”), development or lease-up during 2024 or 2025, management and leasing services revenue, interest income, interest expense, other expenses and corporate general and administrative expenses.
Capital Recycling We continuously evaluate opportunities for the potential disposition of properties in our portfolio when we believe such disposition is appropriate in view of our business objectives.
Capital Recycling We continuously evaluate opportunities for the potential disposition of properties in our portfolio when we believe such disposition is appropriate in view of our business objectives and capital allocation priorities.
(2) Excludes unamortized debt issuance costs and premiums/discounts totaling $33.7 million, which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of December 31, 2024.
(2) Excludes unamortized debt issuance costs and debt premiums/discounts totaling $26.7 million which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of December 31, 2025.
To eliminate the effect of changes in our Total Portfolio due to acquisitions, dispositions and repositioning/redevelopment and to highlight the operating results of our on-going business, we have separately presented the results of our “Same Property Portfolio.” Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023 For the comparison of the years ended December 31, 2024 and 2023, our Same Property Portfolio includes all properties in our industrial portfolio that were wholly-owned by us for the period from January 1, 2023 through December 31, 2024, and that were stabilized prior to January 1, 2023, which consisted of buildings aggregating approximately 37.0 million rentable square feet at 293 of our properties.
To eliminate the effect of changes in our Total Portfolio due to acquisitions, dispositions and repositioning/development and to highlight the operating results of our on-going business, we have separately presented the results of our “Same Property Portfolio.” 72 Comparison of the Year Ended December 31, 2025 to the Year Ended December 31, 2024 For the comparison of the years ended December 31, 2025 and 2024, our Same Property Portfolio includes all properties in our industrial portfolio that were wholly-owned by us for the period from January 1, 2024 through December 31, 2025, and that were stabilized prior to January 1, 2024, which consisted of buildings aggregating approximately 37.5 million rentable square feet at 287 of our properties.
Although there has been a post-COVID normalization of market rates and vacancy over the past two years, the Los Angeles, Orange County, San Bernardino–Inland Empire West and San Diego markets are well-positioned for the long-term due to fundamental demand drivers and barriers for new supply.
Although there has been a post-pandemic normalization of market rates and vacancy over the last few years, the Los Angeles, Orange County, San Bernardino–Inland Empire West and San Diego markets are well-positioned for the long-term due to fundamental demand drivers and barriers for new supply.
Subject to certain terms and conditions set forth in the Credit Agreement, we may request additional lender commitments and increase the size of the Credit Agreement by an additional $800.0 million, which may be comprised of additional revolving commitments under the Revolver, an increase to the Term Facility, additional term loan tranches or any combination of the foregoing.
Subject to certain terms and conditions set forth in the Credit Agreement, we may request additional lender commitments and increase the size of the Credit Agreement by an additional $1.05 billion, which may be comprised of additional revolving commitments under the Revolver, an increase to the Term Facility, additional term loan tranches or any combination of the foregoing.
Comparison of the Year Ended December 31, 2023 to the Year Ended December 31, 2022 Refer to “Item 7.
Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023 Refer to “Item 7.
As such, as of December 31, 2024, if SOFR were to increase or decrease, there would be no impact to interest expense or future earnings and cash flows. Interest risk amounts are our management’s estimates and were determined by considering the effect of hypothetical interest rates on our financial instruments.
As such, as of December 31, 2025, if SOFR were to increase or decrease, there would be no impact to interest expense or future earnings and cash flows until the applicable interest rate swaps mature. Interest risk amounts are our management’s estimates and were determined by considering the effect of hypothetical interest rates on our financial instruments.
Gains on Sale of Real Estate During the year ended December 31, 2024, we recognized gains on sale of real estate of $18.0 million from the disposition of five properties that were sold for an aggregate gross sales price of $44.3 million.
During the year ended December 31, 2024, we recognized gains on sale of real estate of $18.0 million from the disposition of five properties that were sold for an aggregate gross sales price of $44.3 million. Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023 Refer to “Item 7.
(8) As of December 31, 2024, Term SOFR for the $300 Million Term Loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.71725% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(7) As of December 31, 2025, Term SOFR for the $300 Million Term Loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.61725% after adding the applicable margin and sustainability-related rate adjustment.
The increase in our Same Property Portfolio rental revenue is primarily due to an increase in average rental rates on new and renewal leases, partially offset by a decrease in occupancy rates, a decrease of $4.2 million in amortization of net below-market lease intangibles and an increase of $1.3 million in bad debt write-offs and reserves for tenant receivables not deemed probable of collection.
The increase in our Same Property Portfolio rental revenue was primarily due to higher average rental rates on new and renewal leases and an increase of $0.8 million in lease termination income, partially offset by a decrease of $3.4 million in amortization of net below-market lease intangibles, an increase of $2.3 million in bad debt reserves and write-offs for tenant receivables not deemed probable of collection, and lower average occupancy rates.
As of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 million rentable square feet. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets.
As of December 31, 2025, our consolidated portfolio consisted of 419 properties with approximately 51.2 million rentable square feet. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets.
(4) As of December 31, 2024, the interest rates on these loans are comprised of daily SOFR for both the Revolver and the $400 Million Term Loan and Term SOFR for the $300 Million Term Loan (in each case increased by a 0.10% SOFR adjustment), plus an applicable margin of 0.725% per annum for the Revolver and 0.80% per annum for the Term Facility, and a sustainability-related rate adjustment of zero.
(4) As of December 31, 2025, the interest rates on these loans are comprised of daily SOFR for both the Revolver and the $400 Million Term Loan and Term SOFR for the $300 Million Term Loan, plus an applicable margin of 0.725% per annum for the Revolver and 0.80% per annum for the Term Facility, and a sustainability-related rate adjustment of zero.
Debt Covenants The Credit Agreement, $60 Million Term Loan, $100 Million Notes, $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and Series 2019A and 2019B Notes all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • For the Credit Agreement and $60 Million Term Loan, maintaining a ratio of secured debt to total asset value of not more than 45%; • For the $100 Million Notes, $125 Million Notes and Series 2019A and 2019B Notes (together the “Senior Notes”), maintaining a ratio of secured debt to total asset value of not more than 40%; • For the Senior Notes, maintaining a ratio of total secured recourse debt to total asset value of not more than 15%; • For the Senior Notes, maintaining a minimum tangible net worth of at least the sum of (i) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016; • Maintaining a ratio of adjusted EBITDA (as defined in each of the loan agreements) to fixed charges of at least 1.5 to 1.0; • For the Credit Agreement and Senior Notes, maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and • For the Credit Agreement and Senior Notes, maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.00.
All financial ratios, metrics and terms used in the covenants below are defined in the applicable loan agreements and are tested on a quarterly basis. • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • For the Credit Agreement and $60 Million Term Loan, maintaining a ratio of secured debt to total asset value of not more than 45%; • For the $125 Million Notes and Series 2019A and 2019B Notes (together the “Senior Notes”), maintaining a ratio of secured debt to total asset value of not more than 40%; • For the Senior Notes, maintaining a ratio of total secured recourse debt to total asset value of not more than 15%; • For the Senior Notes, maintaining a minimum tangible net worth of at least the sum of (i) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016; • Maintaining a ratio of adjusted EBITDA to fixed charges of at least 1.5 to 1.0; • For the Credit Agreement and Senior Notes, maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and • For the Credit Agreement and Senior Notes, maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.00.
Property Expenses Our Same Property Portfolio and Total Portfolio property expenses increased by $5.7 million, or 3.7%, and $25.8 million, or 14.0%, respectively, during the year ended December 31, 2024, compared to the year ended December 31, 2023.
Property Expenses Our Same Property Portfolio and Total Portfolio property expenses increased by $7.0 million, or 4.3%, and $17.5 million, or 8.3%, respectively, during the year ended December 31, 2025, compared to the year ended December 31, 2024.
Indebtedness Outstanding The following table sets forth certain information with respect to our consolidated indebtedness outstanding as of December 31, 2024: Contractual Maturity Date Margin Above SOFR Effective Interest Rate (1) Principal Balance (in thousands) (2) Unsecured and Secured Debt: Unsecured Debt: Revolving Credit Facility 5/26/2026 (3) S+0.725 % (4) 5.315 % (5) $ — $400M Term Loan 7/18/2025 (3) S+0.800 % (4) 4.872 % (6) 400,000 $100M Senior Notes 8/6/2025 n/a 4.290 % 100,000 $575M Exchangeable Senior Notes due 2027 (7) 3/15/2027 n/a 4.375 % 575,000 $300M Term Loan 5/26/2027 S+0.800 % (4) 3.717 % (8) 300,000 $125M Senior Notes 7/13/2027 n/a 3.930 % 125,000 $300M Senior Notes due 2028 6/15/2028 n/a 5.000 % 300,000 $575M Exchangeable Senior Notes due 2029 (7) 3/15/2029 n/a 4.125 % 575,000 $25M Series 2019A Senior Notes 7/16/2029 n/a 3.880 % 25,000 $400M Senior Notes due 2030 12/1/2030 n/a 2.125 % 400,000 $400M Senior Notes due 2031 (green bond) 9/1/2031 n/a 2.150 % 400,000 $75M Series 2019B Senior Notes 7/16/2034 n/a 4.030 % 75,000 Total Unsecured Debt $ 3,275,000 Secured Debt: $60M Term Loan (9) 10/27/2025 (9) S+1.250 % (9) 5.060 % 60,000 701-751 Kingshill Place 1/5/2026 n/a 3.900 % 6,852 13943-13955 Balboa Boulevard 7/1/2027 n/a 3.930 % 14,213 2205 126th Street 12/1/2027 n/a 3.910 % 5,200 2410-2420 Santa Fe Avenue 1/1/2028 n/a 3.700 % 10,300 11832-11954 La Cienega Boulevard 7/1/2028 n/a 4.260 % 3,772 Gilbert/La Palma 3/1/2031 n/a 5.125 % 1,538 7817 Woodley Avenue 8/1/2039 n/a 4.140 % 2,747 Total Secured Debt $ 104,622 Total Consolidated Debt 3.835 % $ 3,379,622 (1) Reflects the contractual interest rate under the terms of each loan as of December 31, 2024 (and the weighted average interest rate for total consolidated debt) and includes the effect of interest rate swaps that were effective as of December 31, 83 2024.
Indebtedness Outstanding The following table sets forth certain information with respect to our consolidated indebtedness outstanding as of December 31, 2025: Contractual Maturity Date Margin Above SOFR Effective Interest Rate (1) Principal Balance (in thousands) (2) Unsecured and Secured Debt: Unsecured Debt: Revolving Credit Facility 5/30/2029 (3) S+0.725 % (4) 4.595 % (5) $ — $575M Exchangeable Senior Notes due 2027 (6) 3/15/2027 n/a 4.375 % 575,000 $300M Term Loan 5/26/2027 S+0.800 % (4) 3.617 % (7) 300,000 $125M Senior Notes 7/13/2027 n/a 3.930 % 125,000 $300M Senior Notes due 2028 6/15/2028 n/a 5.000 % 300,000 $575M Exchangeable Senior Notes due 2029 (6) 3/15/2029 n/a 4.125 % 575,000 $25M Series 2019A Senior Notes 7/16/2029 n/a 3.880 % 25,000 $400M Term Loan 5/30/2030 S+0.800 % (4) 4.214 % (8) 400,000 $400M Senior Notes due 2030 12/1/2030 n/a 2.125 % 400,000 $400M Senior Notes due 2031 (green bond) 9/1/2031 n/a 2.150 % 400,000 $75M Series 2019B Senior Notes 7/16/2034 n/a 4.030 % 75,000 Total Unsecured Debt $ 3,175,000 Secured Debt: $60M Term Loan (9) 10/27/2026 (9) S+1.250 % (9) 5.060 % 60,000 701-751 Kingshill Place 1/5/2026 n/a 3.900 % 6,715 13943-13955 Balboa Boulevard 7/1/2027 n/a 3.930 % 13,814 2205 126th Street 12/1/2027 n/a 3.910 % 5,200 2410-2420 Santa Fe Avenue 1/1/2028 n/a 3.700 % 10,300 11832-11954 La Cienega Boulevard 7/1/2028 n/a 4.260 % 3,688 Gilbert/La Palma 3/1/2031 n/a 5.125 % 1,323 7817 Woodley Avenue 8/1/2039 n/a 4.140 % 2,609 Total Secured Debt $ 103,649 Total Consolidated Debt 3.732 % $ 3,278,649 (1) Reflects the contractual interest rate under the terms of each loan as of December 31, 2025 (and the weighted average interest rate for total consolidated debt) and includes the effect of interest rate swaps that were effective as of December 31, 84 2025.
Additionally, leases representing 14.4% and 17.1% of the aggregate rentable square footage of our portfolio are scheduled to expire during the years ending December 31, 2025 and 2026, respectively. During the year ended December 31, 2024, we renewed 226 leases for 4.9 million rentable square feet, resulting in a 67.9% retention rate.
Additionally, leases representing 15.1% and 14.0% of the aggregate rentable square footage of our portfolio are scheduled to expire during the years ending December 31, 2026 and 2027, respectively. During the year ended December 31, 2025, we renewed 257 leases for 4.9 million rentable square feet, resulting in a 66.6% retention rate.
Our Total Portfolio property expenses were also impacted by incremental expenses from the 75 properties we acquired during 2023 and 2024, partially offset by the decrease in property expenses from the seven properties that were sold during 2023 and 2024.
Our Total Portfolio property expenses were also impacted by incremental expenses from the 56 properties we acquired during 2024, partially offset by the decrease in property expenses from the 12 properties that were sold during 2024 and 2025.
The following table summarizes the composition of our outstanding debt between fixed-rate and variable-rate and secured and unsecured debt as of December 31, 2024: Weighted Average Term Remaining (in years) Effective Interest Rate (1) Principal Balance (in thousands) (2) % of Total Fixed vs. Variable: Fixed (3) 3.6 3.835% $ 3,379,622 100% Variable — —% $ — —% Secured vs.
The following table summarizes the composition of our outstanding debt between fixed-rate and variable-rate and secured and unsecured debt as of December 31, 2025: Weighted Average Term Remaining (in years) Effective Interest Rate (1) Principal Balance (in thousands) (2) % of Total Fixed vs. Variable: Fixed (3) 3.3 3.732% $ 3,278,649 100% Variable — —% $ — —% Secured vs.
Because actual interest rate movements over time are uncertain, our swaps pose potential interest rate risks, notably if interest rates fall. We also expose ourselves to credit risk, which we attempt to minimize by contracting with highly-rated banking financial counterparties. For a summary of our outstanding debt, see Item 7.
Because actual interest rate movements over time are uncertain, our swaps pose potential interest rate risks, notably if interest rates fall. We also expose ourselves to credit risk, which we attempt to minimize by contracting with highly-rated banking financial counterparties.
As of December 31, 2024, approximately $927.4 million of common stock remains available to be sold under the 2023 ATM Program.
As of December 31, 2025, approximately $927.4 million of common stock remained available to be sold under the ATM Program.
As of December 31, 2024, 1.9 million rentable square feet of our portfolio was available for lease, 2.5 million rentable square feet of vacant space was under repositioning/redevelopment or in the lease-up stage and leases representing 0.4 million rentable square feet of our portfolio expired on December 31, 2024.
As of December 31, 2025, 1.9 million rentable square feet of our portfolio was available for lease, 3.1 million rentable square feet of vacant space was under repositioning/development or in the lease-up stage, and leases representing 0.7 million rentable square feet of our portfolio expired on December 31, 2025.
Through various repositioning, redevelopment, and professional leasing and marketing strategies, we seek to increase the properties’ functionality and attractiveness to prospective tenants and, over time, to stabilize the properties at occupancy rates that meet or exceed market rates. A repositioning can provide a range of property improvements.
Through various repositioning, development, and professional leasing and marketing strategies, we seek to increase the properties’ functionality and attractiveness to prospective tenants and, over time, to stabilize the properties at occupancy rates that meet or exceed market rates.
The Revolver and the Term Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty.
The Revolver and the Term Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Term Facility and repaid or prepaid may not be reborrowed.
As discussed above under “—Factors that May Influence Future Results —Acquisitions and Value-Add Repositioning and Redevelopment of Properties,” as of December 31, 2024, 34 of our properties were under current repositioning/redevelopment or lease-up. We currently estimate that approximately $154.7 million of capital will be required over the next few years to complete the repositioning/redevelopment of these properties.
As discussed above under “—Factors that May Influence Future Results —Acquisitions and Value-Add Repositioning and Development of Properties,” as of December 31, 2025, 23 of our properties were under current repositioning/development or lease-up. We currently estimate that approximately $128.1 million of additional capital will be required over the next several years to complete these projects.
These loans are also subject to a 0% SOFR floor. (5) The Revolver is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of December 31, 2024, the applicable facility fee is 0.125% per annum with a sustainability-related interest rate adjustment of zero.
(5) The Revolver is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of December 31, 2025, the applicable facility fee is 0.125% per annum with a sustainability-related interest rate adjustment of zero. The effective rate assumes daily SOFR of 3.870% as of December 31, 2025.
Accordingly, EBITDA re should be considered only as a supplement to net income (loss) as a measure of our performance. 77 The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to EBITDA re (in thousands): Year Ended December 31, 2024 2023 2022 Net income $ 285,926 $ 249,591 $ 177,157 Interest expense 98,596 61,400 48,496 Depreciation and amortization 275,247 244,510 196,794 Gains on sale of real estate (18,013) (19,001) (8,486) EBITDAre $ 641,756 $ 536,500 $ 413,961 Supplemental Guarantor Information Subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the parent guarantee is “full and unconditional,” the subsidiary obligor is consolidated into the parent company’s consolidated financial statements and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.
The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to EBITDA re (in thousands): Year Ended December 31, 2025 2024 2023 Net income $ 219,763 $ 285,926 $ 249,591 Interest expense 104,903 98,596 61,400 Depreciation and amortization 315,919 275,247 244,510 Impairment of real estate 89,097 — — Gains on sale of real estate (106,032) (18,013) (19,001) EBITDAre $ 623,650 $ 641,756 $ 536,500 Supplemental Guarantor Information Subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the parent guarantee is “full and unconditional,” the subsidiary obligor is consolidated into the parent company’s consolidated financial statements and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.
As of December 31, 2024, we had: • Outstanding fixed-rate and variable-rate debt with varying maturities for an aggregate principal amount of $3.4 billion, with $561.0 million due within 12 months (including the $400.0 million unsecured term loan facility maturing on July 18, 2025, which can be extended for one remaining one-year term at our option, the $100.0 million unsecured senior notes maturing on August 6, 2025 and the $60.0 million term loan facility maturing on October 27, 2025, which can be extended for two remaining one-year terms at our option); 78 • Total scheduled interest payments on our fixed rate debt and projected net interest payments on our variable rate debt and interest rate swaps of $432.8 million, of which $121.4 million is due within 12 months. • Commitments of $129.2 million for tenant improvements under certain tenant leases and construction work related to obligations under contractual agreements with our construction vendors; and • Operating lease commitments with aggregate lease payments of $25.7 million, of which $1.7 million is due within 12 months.
As of December 31, 2025, we had: • Outstanding fixed-rate and variable-rate debt with varying maturities for an aggregate principal amount of $3.3 billion, with $67.6 million due within 12 months (including the $60.0 million term loan facility maturing on October 27, 2026, which can be extended for three remaining one-year terms at our option); • Total scheduled interest payments on our fixed rate debt and projected net interest payments on our variable rate debt and interest rate swaps of $392.8 million, of which $123.1 million is due within 12 months; • Commitments of $90.5 million for tenant improvements under certain tenant leases and construction work related to obligations under contractual agreements with our construction vendors; and • Operating lease commitments with aggregate lease payments of $23.9 million, of which $1.6 million is due within 12 months.
(3) Fixed-rate debt includes our variable rate debts that have been effectively fixed through the use of interest rate swaps through maturity. 84 At December 31, 2024, we had total indebtedness of $3.4 billion, reflecting a net debt to total combined market capitalization of approximately 26.5%.
(3) Fixed-rate debt includes our variable-rate debt that has been effectively fixed through the use of interest rate swaps through maturity. 85 At December 31, 2025, we had total indebtedness of $3.3 billion, reflecting a net debt to total combined market capitalization of approximately 24.9%.
Unsecured: Secured 1.9 4.587% $ 104,622 3% Unsecured 3.6 3.811% $ 3,275,000 97% (1) Includes the effect of interest rate swaps that were effective as of December 31, 2024. Interest rates are not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums/discounts or the facility fee on the Revolver.
Unsecured: Secured 1.5 4.591% $ 103,649 3% Unsecured 3.3 3.704% $ 3,175,000 97% (1) Includes the effect of interest rate swaps that were effective as of December 31, 2025. Interest rates are not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums/discounts or the facility fee on the Revolver.
We are organized and conduct our operations to qualify as a REIT under the Code, and generally are not subject to federal taxes on our income to the extent we distribute our income to our shareholders and maintain our qualification as a REIT.
From time to time we also sell assets as part of our capital allocation strategy. We are organized and conduct our operations to qualify as a REIT under the Code, and generally are not subject to federal taxes on our income to the extent we distribute our income to our shareholders and maintain our qualification as a REIT.
We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP.
As of December 31, 2024, our cash and cash equivalents were $56.0 million, and we did not have any borrowings outstanding under our unsecured revolving credit facility, leaving $995.0 million available for future borrowings after giving effect to the $5.0 million letter of credit that was issued under the unsecured revolving credit facility.
As of December 31, 2025, our cash and cash equivalents were $165.8 million, and we did not have any borrowings outstanding under our unsecured revolving credit facility, leaving $1.245 billion available for future borrowings after giving effect to the $4.6 million letter of credit that was issued under the unsecured revolving credit facility.
We capitalized $31.4 million of interest expense and $8.1 million of insurance and real estate tax expenses during the year ended December 31, 2024, related to our repositioning and redevelopment projects.
We capitalized $35.3 million of interest expense and $10.1 million of insurance and real estate tax expenses during the year ended December 31, 2025, related to our repositioning and development projects.
Amounts borrowed under the Term Facility and repaid or prepaid may not be reborrowed. 81 The Credit Agreement contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Credit Agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults.
The Credit Agreement contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Credit Agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults.
As of December 31, 2024, Term SOFR for this loan has been swapped to a fixed rate of 3.710%, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. The loan is secured by six properties and has three one-year extensions available at the borrower’s option, subject to certain terms and conditions.
As of December 31, 2025, Term SOFR for this loan has been swapped to a fixed rate of 3.710%, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. The loan is secured by six properties.
(3) Other Income Our Same Property Portfolio and Total Portfolio other income increased by $0.4 million, or 20.1%, and $0.4 million, or 19.2%, respectively, for the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to an increase in fees charged for late rental payments.
(3) Other Income Our Same Property Portfolio and Total Portfolio other income decreased by $0.3 million, or 14.0%, and increased by $0.1 million, or 5.1%, respectively, for the year ended December 31, 2025, compared to the year ended December 31, 2024, primarily due to changes in miscellaneous income and fees charged for late rental payments.
The effective rate assumes daily SOFR of 4.490% as of December 31, 2024. (6) As of December 31, 2024, daily SOFR for the $400 Million Term Loan has been swapped to a fixed rate of 3.97231%, resulting in an all-in fixed rate of 4.87231% after adding the SOFR adjustment, applicable margin and sustainability-related interest rate adjustment.
(8) As of December 31, 2025, daily SOFR for the $400.0 Million Term Loan has been swapped to a fixed rate of 3.41375% resulting in an all-in fixed rate of 4.21375% after adding the applicable margin and sustainability-related rate adjustment.
We generally do not focus on properties located within the non-infill Inland Empire East sub-market where available land and the development and construction pipeline for new supply is substantial. 62 In San Diego, vacancy increased year-over-year and average asking lease rates increased year-over-year. In Ventura County, vacancy increased year-over-year and average asking lease rates increased year-over-year.
In the Inland Empire West, which contains infill markets in which we operate, vacancy increased year-over-year to 6.0% and average taking lease rates declined 6% year-over-year. We generally do not focus on properties located within the non-infill Inland Empire East sub-market where available land and the development and construction pipeline for new supply is substantial.
Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward and therefore there is no income tax provision for the years ended December 31, 2024 and 2023. Additionally, the taxable REIT subsidiary had minimal activity during these periods.
However, our services company has a cumulative unrecognized net operating loss carryforward and therefore there is no income tax provision for the years ended December 31, 2025 and 2024. Additionally, our services company had minimal activity during these periods.
(2) Tenant Reimbursements Our Same Property Portfolio and Total Portfolio tenant reimbursements revenue increased by $3.6 million, or 3.2%, and $23.0 million or 17.3%, respectively, for the year ended December 31, 2024, compared to the year ended December 31, 2023.
(2) Tenant Reimbursements Our Same Property Portfolio and Total Portfolio tenant reimbursements revenue increased by $5.2 million, or 4.2%, and $13.6 million, or 8.7%, respectively, for the year ended December 31, 2025, compared to the year ended December 31, 2024.
Net cash used in investing activities increased by $159.5 million to $1.84 billion for the year ended December 31, 2024, compared to $1.68 billion for the year ended December 31, 2023.
Net cash used in investing activities decreased by $1.71 billion to $125.1 million for the year ended December 31, 2025, compared to $1.84 billion for the year ended December 31, 2024.

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