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What changed in Rexford Industrial Realty, Inc.'s 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of Rexford Industrial Realty, Inc.'s 2022 and 2023 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 2023 report.

+496 added−469 removedSource: 10-K (2024-02-12) vs 10-K (2023-02-13)

Top changes in Rexford Industrial Realty, Inc.'s 2023 10-K

496 paragraphs added · 469 removed · 410 edited across 5 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeAll such concerns are then brought to the attention of our independent audit committee of the board of directors and our general counsel. These policies apply to all of our employees, and receipt and review by each employee is documented and verified annually.
Biggest changeThese policies apply to all of our 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 may be one of the key determinants of the level of our future success.
We seek to acquire assets with value-add opportunities to increase their cash flow and asset values, often targeting off-market or lightly marketed transactions where our execution abilities and market credibility encourage owners to sell assets to us at what we consider pricing that is more favorable than heavily marketed transactions.
We 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.
Our eight-member board of directors was 38% female and 25% ethnically diverse as of December 31, 2022. Additional Information Our principal executive offices are located at 11620 Wilshire Boulevard, Suite 1000, Los Angeles, California 90025 (telephone 310-966-1680).
Our eight-member board of directors was 38% female and 25% ethnically diverse as of December 31, 2023. Additional Information Our principal executive offices are located at 11620 Wilshire Boulevard, Suite 1000, Los Angeles, California 90025 (telephone 310-966-1680).
The costs to clean up a contaminated property, to defend against a claim or to comply with environmental laws could be material and could adversely affect the funds available for distribution to our stockholders. To mitigate some of the environmental risk, our properties are covered by a blanket environmental insurance policy.
The costs to clean up a contaminated property, to defend against a claim or to comply with environmental laws could be material and could adversely affect the funds available for distribution to our stockholders. To mitigate some of the environmental risk, our properties are covered by blanket or standalone environmental insurance policies.
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 $1.0 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.
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”).
Many of our employees have contributed to the creation of learning content, leveraging our employee expertise and engagement and promoting a culture of learning. On average, each employee completed over 20 hours of focused training in 2022. We also have a tuition reimbursement program which provides our team with additional opportunities to grow and succeed in their careers.
Many of our employees have contributed to the creation of learning content, leveraging our employee expertise and engagement and promoting a culture of learning. On average, each employee completed over 24 hours of focused training in 2023. We also have a tuition reimbursement program which provides our team with additional opportunities to grow and succeed in their careers.
Generally, we do not carry insurance for certain types of extraordinary losses, including, but not limited to, losses caused by floods (unless the property is located in a flood plain), riots, war and wildfires.
Generally, we do not carry insurance for certain types of extraordinary losses, including, but not limited to, losses caused by floods (unless the property is located in certain flood plains), riots, war and wildfires.
As of December 31, 2022, our ratio of net debt to total market capitalization was 14.9%. 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.
As of December 31, 2023, our ratio of net debt to total market capitalization was 15.0%. 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.
Human Capital As of December 31, 2022, we had 223 employees supported by five regional offices within our Southern California market to service our business and tenants, optimize the welfare and productivity of our staff, and minimize commute times for our staff and to our properties.
Human Capital As of December 31, 2023, we had 242 employees supported by five regional offices within our Southern California market to service our business and tenants, optimize the welfare and productivity of our staff, and minimize commute times for our staff and to our properties.
Additionally, our proactive approach to leasing and asset management is driven by our in-house leasing department and team of portfolio and property managers who maintain direct, day-to-day relationships and dialogue with our tenants, which we believe enhances recurring cash flow and reduces periods of vacancy. External Growth through Acquisitions.
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.
Each employee undergoes performance discussions at least twice per year, with annual compensation adjustment consideration commensurate with the market and individual performance. Our voluntary turnover rate was 7% in 2022. Our referral rate for new hires was 36%, which we believe is indicative of employee engagement and commitment.
Each employee undergoes performance discussions at least twice per year, with annual compensation adjustment consideration commensurate with the market, individual and company performance. Our voluntary turnover rate was 7% in 2023. Our referral rate for new hires was 40%, which we believe is indicative of employee engagement and commitment.
Insurance We carry commercial property, liability, environmental, earthquake and terrorism coverage on all the properties in our portfolio under blanket insurance policies. In addition, we hold other environmental policies for certain properties with known environmental conditions that provide for additional coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations.
Insurance Commercial property, liability, environmental, earthquake and terrorism coverage is carried on all the properties in our portfolio under blanket or standalone insurance policies. In addition, we hold other environmental policies for certain properties with known environmental conditions that provide for additional coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations.
As of the filing date of this Annual Report on Form 10-K, we have sold $834.6 million of our common stock under this ATM program, leaving us with the capacity to issue up to $165.4 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 2023 ATM program, leaving us with the capacity to issue up to $927.4 million of additional shares.
Since our initial public offering, we have raised capital through eight public offerings of our common stock (including one completed in 2022), three public offerings of preferred stock, through sales of common stock under our various at-the-market equity offering programs and through two public offerings of senior notes.
Since our initial public offering, we have raised capital through nine public offerings of our common stock (including one completed in 2023), three public offerings of preferred stock, sales of common stock under our various at-the-market equity offering programs and three public offerings of senior notes.
As of December 31, 2022, our consolidated portfolio consisted of 356 properties with approximately 42.4 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, 2023, our consolidated portfolio consisted of 373 properties with approximately 45.9 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.
In addition, we hold other environmental policies for certain properties with known environmental conditions that provide for additional coverage for potential environmental liabilities. These policies, however, are subject to certain limits, deductibles and exclusions, and insurance may not fully compensate us for any environmental liability.
Such standalone environmental policies are held for certain properties with known environmental conditions that provide for additional coverage for potential environmental liabilities. These policies, however, are subject to certain limits, deductibles and exclusions, and insurance may not fully compensate us for any environmental liability.
Employee Engagement and Support We believe employee engagement and recognition of strong performance are key components of a strong corporate culture. As part of our ongoing efforts to encourage employee engagement, we routinely solicit employee feedback, sometimes via anonymous surveys, and hold teambuilding events. Employees received formal recognition awards during our all-company quarterly meetings after being nominated by their peers.
As part of our ongoing efforts to encourage employee engagement, we routinely solicit employee feedback, sometimes via anonymous surveys, and hold teambuilding events. Employees received formal recognition awards during our all-company quarterly meetings after being nominated by their peers.
Workforce Diversity, Equity and Inclusion The Company values diversity, including diversity of experience, background, and ethnicity. Our employees are 56% female and 44% male, and 53% of our employees self-identify as members of a racial or ethnic minority. Employees at the director level and higher are 38% female and 62% male.
Workforce Diversity, Equity and Inclusion The Company values diversity, including diversity of experience, background, and ethnicity. Our employees are 60% female or non-binary and 40% male, and 54% of our employees self-identify as members of a racial or ethnic minority. Employees at the director level and higher are 42% female and 58% male.
We believe that employees should maintain a healthy work life balance with time away from work, exercising judgement to determine the appropriate time off for themselves based on workload and the collective need to achieve the Company’s goals. Nearly 39% of our employees at the director level and higher were developed and promoted from within the Company.
We believe that employees should maintain a healthy work life balance with time away from work, exercising judgement to determine the appropriate time off for themselves based on workload and the collective need to achieve the Company’s goals. In 2023, we also launched an employee engagement platform, with 95% of employees participating.
We believe Southern California’s infill industrial property market is the largest, most fragmented industrial market in the nation, demonstrating favorable long-term tenant demand fundamentals in the face of an ongoing scarcity and diminishment of supply. We have a portfolio of 356 properties totaling approximately 42.4 million square feet, which are all located in Southern California infill markets.
We believe Southern California’s infill industrial property market is the largest, most fragmented industrial market in the nation, demonstrating favorable long-term tenant demand fundamentals in the face of an ongoing long-term scarcity and diminishment of supply over time.
Nearly all employees have the opportunity to work remotely and have regular access to utilize our various offices, providing them with flexible working conditions while achieving our performance objectives and the ability to minimize the spread of illness and maintain business continuity during times of increased local health and safety risks.
Nearly all employees have the opportunity to work remotely within Southern California and have regular access to utilize our various offices, providing them with flexible working conditions while achieving our performance objectives and the ability to maintain business continuity. We believe that we have good relations with our employees. None of our employees are represented by a union.
We believe that we have good relations with our employees. None of our employees are represented by a union. We have adopted a Code of Business Conduct and Ethics, and Policies and Procedures for Complaints Regarding Accounting and Fraud, including a phone number and website for employees to voice anonymous concerns.
We have adopted a Code of Business Conduct and Ethics, and Policies and Procedures for Complaints Regarding Accounting and Fraud, including a phone number and website for employees to voice anonymous concerns. All such concerns are then brought to the attention of our independent audit committee of the board of directors and our general counsel.
Our portfolio is also geographically diversified within the Southern California market across the following submarkets: Los Angeles 56.6%; San Bernardino 19.0%; Orange County 10.0%; Ventura 7.4%; and San Diego 7.0%.
As of December 31, 2023, we had 1,615 leases, with no single tenant accounting for more than 2.8% of our total annualized base rent. Our portfolio is also geographically diversified within the Southern California market across the following submarkets: Los Angeles 55.7%; San Bernardino 20.0%; Orange County 9.8%; San Diego 7.6%; and Ventura 6.9%.
Diversified Tenant Mix: Our portfolio is leased to a broad tenant base, drawn from diverse industry sectors. We believe that this diversification reduces our exposure to tenant default risk and earnings volatility. As of December 31, 2022, we had 1,677 leases, with no single tenant accounting for more than 2.2% of our total annualized base rent.
We have a portfolio of 373 properties totaling approximately 45.9 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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThe 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. 23 Additionally, the partnership agreement provides that we generally will not be liable to our Operating Partnership or any partner for any action or omission taken in our capacity as general partner, for the debts or liabilities of our Operating Partnership or for the obligations of the Operating Partnership under the partnership agreement, except for liability for our fraud, willful misconduct or gross negligence, pursuant to any express indemnity we may give to our Operating Partnership or in connection with a redemption.
Biggest changeThe 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 24 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.
Also, we have not always implemented actions recommended by these assessments, and recommended investigation and remediation of known or suspected contamination has not always been performed. Contamination may exist at many of our properties, and governmental regulators or third parties could seek to force us to contribute to investigation or remediation or known or suspected contamination.
Also, we have not always implemented actions recommended by these assessments, and recommended investigation and remediation of known or suspected contamination has not always been performed. Contamination may exist at many of our properties, and governmental regulators or third parties could seek to force us to contribute to investigation or remediation of known or suspected contamination.
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 24 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 25 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.
If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds, which could hinder our ability to meet the REIT distribution requirements imposed by the Code. Failure to hedge effectively against interest rate changes may adversely affect us.
If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds, which could hinder our ability to meet the REIT distribution requirements imposed by the Code. 18 Failure to hedge effectively against interest rate changes may adversely affect us.
In particular, the tax laws applicable to REITs effectively require that we hold our properties for investment, rather than primarily for sale in the ordinary course of business (by imposing a 100% prohibited transaction tax on REITs on profits derived from sales of properties held primarily for sale in the ordinary course of business), which may cause us to forgo or defer sales of properties that otherwise would be in our best interest.
In particular, the tax laws applicable to REITs effectively require that we hold our properties for investment, rather than primarily for sale in the ordinary course of business (by imposing a 100% prohibited transaction tax on 20 REITs on profits derived from sales of properties held primarily for sale in the ordinary course of business), which may cause us to forgo or defer sales of properties that otherwise would be in our best interest.
In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury is alleged to have occurred. 22 We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties.
In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury is alleged to have occurred. We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties.
Accordingly, we may not be able to retain sufficient cash flow from operations to meet our debt service requirements and repay our debt. Therefore, we may need to raise 28 additional capital for these purposes, and we cannot assure you that a sufficient amount of capital will be available to us on favorable terms, or at all, when needed.
Accordingly, we may not be able to retain sufficient cash flow from operations to meet our debt service requirements and repay our debt. Therefore, we may need to raise additional capital for these purposes, and we cannot assure you that a sufficient amount of capital will be available to us on favorable terms, or at all, when needed.
Our joint ventures may be subject to debt and, in volatile credit markets, the refinancing of such debt may require equity capital calls. We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (“IT”) networks and related systems.
Our joint ventures may be subject to debt and, in volatile credit markets, the refinancing of such debt may require equity capital calls. 15 We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (“IT”) networks and related systems.
The net proceeds were initially used to repay our $225.0 million unsecured term loan facility due 2023, to fund the redemption of all shares of our Series A Preferred Stock, and acquisition activities. We have since allocated a portion and intend to allocate the remaining net proceeds from the offering to Eligible Green Projects.
The net proceeds were initially used to repay our $225.0 million unsecured term loan facility due 2023, to fund the redemption of all shares of our Series A Preferred Stock, and various acquisition activities. We have since allocated a portion and intend to allocate the remaining net proceeds from the offering to Eligible Green Projects.
During the November 2020 election, there was a California ballot initiative to create such a “split roll” and remove the property tax increase caps for commercial and industrial real estate. This ballot initiative failed by a margin of less than four percent. However, there is a risk future ballot initiatives will succeed.
During the November 2020 election, there was a California ballot initiative to create such a “split roll” and remove the property tax increase caps for commercial and industrial real estate. This ballot initiative failed by a margin of less than four percent. However, there is a risk that future ballot initiatives will succeed.
If one or more of the properties in our portfolio is not in compliance with the ADA, the FHAA or any other regulatory requirements, we may be required to incur additional costs to bring the property into compliance, including the removal of access barriers, and we might incur governmental fines or the award of damages to private litigants.
If 23 one or more of the properties in our portfolio is not in compliance with the ADA, the FHAA or any other regulatory requirements, we may be required to incur additional costs to bring the property into compliance, including the removal of access barriers, and we might incur governmental fines or the award of damages to private litigants.
We may be unable to identify and complete acquisitions of properties that meet our criteria, which may impede our growth. Our business strategy involves the acquisition of properties meeting certain investment criteria in our target markets. These activities require us to identify suitable acquisition candidates or investment opportunities that meet our criteria and are compatible with our growth strategies.
We may be unable to identify and complete acquisitions of properties that meet our criteria, which may impede our growth. Our business strategy involves the acquisition of properties that meet certain investment criteria in our target markets. These activities require us to identify suitable acquisition candidates or investment opportunities that meet our criteria and are compatible with our growth strategies.
These Tax Matters Agreements generally provide that, subject to certain exceptions and limitations, the indemnification rights under the 25 agreement will terminate for any such protected partner that sells, exchanges or otherwise disposes of more than 50% of his or her common units or other applicable units.
These Tax Matters Agreements generally provide that, subject to certain exceptions and limitations, the indemnification rights under the agreement will terminate for any such protected partner that sells, exchanges or otherwise disposes of more than 50% of his or her common units or other applicable units.
All of our tenants may face exposure to adverse business or economic conditions which could lead to an inability to meet their obligations to us. However, non-investment grade tenants may not have the financial capacity or liquidity to adapt to these conditions or may have less diversified businesses, which may exacerbate the effects of adverse conditions on their businesses.
All of our tenants may face exposure to adverse business or economic conditions which could lead to an inability to meet their obligations. However, non-investment grade tenants may not have the financial capacity or liquidity to adapt to these conditions or may have less diversified businesses, which may exacerbate the effects of adverse conditions on their businesses.
Incurring mortgage and other secured debt obligations increases our risk of property losses because defaults on indebtedness secured by properties may result in foreclosure actions initiated by lenders, and ultimately our loss of the property securing any loans for which we are in default.
Incurring mortgage and other secured debt obligations increases our risk of property losses because defaults on indebtedness secured by properties may result in foreclosure actions initiated by lenders, and ultimately our loss of our interest in the property securing any loans for which we are in default.
The remaining net proceeds from the offering of $400.0 million of 2.150% Senior Notes due 2031 (the “$400 Million Notes due 2031”) are expected to be to one or more Eligible Green Projects (as defined below), which may include the repositioning or redevelopment of such projects.
The remaining net proceeds from the offering of $400.0 million of 2.150% Senior Notes due 2031 (the “$400 Million Notes due 2031”) are expected to be allocated to one or more Eligible Green Projects (as defined below), which may include the repositioning or redevelopment of such projects.
Any such corporate tax liability could be substantial and would reduce our cash available for, among other things, our operations and distributions to stockholders. In addition, if we fail to qualify as a REIT, we will not be required to make distributions to our stockholders.
Any such corporate tax liability could be substantial and would reduce our cash available for, among other things, our operations and distributions to stockholders. In addition, if we fail to qualify as a REIT, we will not be required to make 28 distributions to our stockholders.
Additionally, 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, labor and services from 11 third-party contractors and suppliers.
Additionally, 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 11 services from third-party contractors and suppliers.
Our access to third-party sources of capital depends, in part, on: • general market conditions; • the market’s perception of our growth potential; • our current debt levels; • our current and expected future earnings; • our cash flow and cash distributions; and • the trading price of our common stock.
Our access to third-party sources of capital depends, in part, on: • general market conditions; • the market’s perception of our growth potential; • our current debt levels; 17 • our current and expected future earnings; • our cash flow and cash distributions; and • the trading price of our common stock.
Expenditures related to investments in renewable energy, including on-site or off-site renewable energy investments such as wind, solar and battery storage systems. 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.
Expenditures related to investments in renewable energy, including on-site or off-site renewable energy investments such as wind, solar and battery storage systems. Risks Related to Investments in Real Estate and Real Estate-Related Debt Our performance and value are subject to risks associated with real estate assets and the real estate industry.
Any decision to retain or invest the proceeds of any sales, rather than distribute such proceeds to our stockholders, may reduce the amount of cash distributions to equity holders. 20 If any of our insurance carriers becomes insolvent, we could be adversely affected.
Any decision to retain or invest the proceeds of any sales, rather than distribute such proceeds to our stockholders, may reduce the amount of cash distributions to equity holders. If any of our insurance carriers becomes insolvent, we could be adversely affected.
Such contamination may arise from spills of petroleum or hazardous substances or releases from tanks used to store such material known or suspected to exist at a number of our properties 21 which may result in further investigation, remediation, or deed restrictions.
Such contamination may arise from spills of petroleum or hazardous substances or releases from tanks used to store such material known or suspected to exist at a number of our properties which may result in further investigation, remediation, or deed restrictions.
We cannot assure you that the Phase I environmental site assessment or other environmental studies identified all potential environmental liabilities, or that we will not face significant remediation costs or other environmental contamination that makes it difficult to sell any affected properties.
We cannot assure you that the Phase I environmental site assessment or other 22 environmental studies identified all potential environmental liabilities, or that we will not face significant remediation costs or other environmental contamination that makes it difficult to sell any affected properties.
Under Maryland law, a Maryland corporation also may not indemnify a director or officer in a suit by or on behalf of the corporation in which the director or officer was adjudged liable to the corporation or for a judgment of liability on the basis that a personal benefit was improperly received.
Under Maryland law, a Maryland corporation also may not 27 indemnify a director or officer in a suit by or on behalf of the corporation in which the director or officer was adjudged liable to the corporation or for a judgment of liability on the basis that a personal benefit was improperly received.
Further, proposed climate change and environmental laws and regulations at the federal, state and local level, including climate change and 12 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 related disclosure rules proposed by the Securities and Exchange Commission, may increase compliance and data collection costs and compliance risks.
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.
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 21 value of real property.
Adverse environmental or social impacts may occur during the design, construction and operation of the projects or the projects may become controversial or criticized by activist groups or other stakeholders. “Eligible Green Projects” are defined as: • Green Buildings.
Adverse environmental or social impacts may occur during the design, construction and operation of the projects or the projects may become controversial or criticized by activist groups or other stakeholders. 19 “Eligible Green Projects” are defined as: • Green Buildings.
Also, we must make distributions to stockholders aggregating annually at 27 least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains.
Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains.
Our future acquisitions and our ability to successfully operate the properties we acquire in such acquisitions may be exposed to the following significant risks: • even if we are able to acquire a desired property, competition from other potential acquirers may significantly increase the purchase price; 10 • we may acquire properties that are not accretive to our results upon acquisition, and we may not successfully manage and lease those properties to meet our expectations; • we may spend more than budgeted amounts to make necessary improvements or renovations to acquired properties; • we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations; • market conditions may result in higher than expected vacancy rates and lower than expected rental rates; and • we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown or greater than expected liabilities such as liabilities for clean-up of environmental contamination, claims by tenants, vendors or other persons dealing with the former owners of the properties, liabilities incurred in the ordinary course of business and claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.
Our future acquisitions, and our ability to successfully operate the properties we acquire in such acquisitions, may be exposed to the following significant risks: • even if we are able to acquire a desired property, competition from other potential acquirers may significantly increase the purchase price; • we may acquire properties that are not accretive to our results upon acquisition, and we may not successfully manage and lease those properties as originally intended; 10 • we may spend more than budgeted amounts to make necessary improvements or renovations to acquired properties; • we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations; • market conditions may result in higher than expected vacancy rates and lower than expected rental rates; and • we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown or greater than expected liabilities such as liabilities for clean-up of environmental contamination, claims by tenants, vendors or other persons dealing with the former owners of the properties, liabilities incurred in the ordinary course of business and claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.
Any such regulation could impose substantial costs on our tenants, thereby impacting the financial condition of our tenants and their ability to meet their lease obligations and to lease or re-lease our properties.
Any such regulation could impose substantial costs on our tenants, thereby impacting the financial 12 condition of our tenants and their ability to meet their lease obligations and to lease or re-lease our properties.
Moreover, to the 9 extent any of these risks and uncertainties adversely impact us in the ways described above or otherwise, they may also have the effect of heightening many of the other risks set forth in this “Risk Factors” section. Our properties are concentrated in certain industries that make us susceptible to adverse events with respect to those industries.
Moreover, to the extent any of these risks and uncertainties could adversely impact us in the ways described above or otherwise, they could also have the effect of heightening many of the other risks set forth in this “Risk Factors” section. 9 Our properties are concentrated in certain industries that make us susceptible to adverse events with respect to those industries.
Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT. 29
Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.
A security breach or other significant disruption involving our IT networks and related systems could: • Disrupt the proper functioning of our networks and systems; • Result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines; • Result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT; • Result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes; • Require significant management attention and resources to remedy any damages that result; • Subject us to claims for breach of contract or failure to safeguard personal information, damages, credits, penalties or termination of leases or other agreements; • Damage our reputation among our tenants, prospective sellers, brokers and investors generally; and • Subject us to legal liability, including liability under the California Consumer Privacy Protection Act of 2018.
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.
While we maintain portfolio environmental and some site-specific insurance policies, they may be insufficient to cover any such environmental costs and liabilities. Some of our properties have been or may be impacted by contamination arising from current or prior uses of the property, or adjacent properties, for commercial or industrial purposes.
While we maintain portfolio environmental and some site-specific insurance policies, they may be insufficient to cover any such environmental costs and liabilities. Some of our properties have been or may be impacted by contamination arising from current or prior known or unknown uses of the property, or adjacent properties, for commercial or industrial purposes.
The occurrence of sea level rise or one or more natural disasters, such as floods, wildfires and earthquakes (whether or not caused by climate change), could increase our operating costs, impair our tenants’ ability to lease property and pay rent and negatively affect our financial performance.
The occurrence of sea level rise or one or more natural disasters, such as floods, wildfires, solar storms and earthquakes (whether or not caused by climate change), could increase our operating costs, impair our tenants’ ability to lease property and pay rent and negatively affect our financial performance.
Illiquidity of real estate investments could significantly impede our ability to sell a property if and when we decide to do so or to respond to adverse changes in the performance of our properties and harm our financial condition. 19 The real estate investments made, and to be made, by us are relatively difficult to sell quickly.
Illiquidity of real estate investments could significantly impede our ability to sell a property if and when we decide to do so or to respond to adverse changes in the performance of our properties and resulting in harm to our financial condition. The real estate investments made, and to be made, by us are relatively difficult to sell quickly.
For additional details related to our interest rate swap activity, see Note 7 to our consolidated financial statements included in Item 15 of this Report on Form 10-K. Our future hedging transactions may include entering into additional interest rate cap agreements or interest rate swap agreements.
For additional details related to our interest rate swap activity, see Note 8 to our consolidated financial statements included in Item 15 of this Report on Form 10-K. Our future hedging transactions may include entering into additional interest rate cap agreements or interest rate swap agreements.
In addition, our taxable REIT subsidiary will be subject to tax as a regular corporation in the jurisdictions it operates. If our Operating Partnership failed to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.
In addition, our taxable REIT subsidiary may be subject to tax as a regular corporation in the jurisdictions it operates. If our Operating Partnership failed to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.
There was no amount outstanding on the revolving credit facility and each of our term loan facilities was fully drawn at December 31, 2022. 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, 2023. However, we may borrow on the revolving credit facility or incur additional variable rate debt in the future.
As of December 31, 2022, we had a $1.0 billion unsecured revolving credit facility, a $400.0 million term loan facility, a $300.0 million term loan facility and a $60.0 million term loan facility bearing interest at variable rates on amounts drawn and outstanding.
As of December 31, 2023, 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.
If any of these tenants is unable to withstand such downturn or is otherwise unable to compete effectively in its business, it may be forced to declare bankruptcy, fail to meet its rental obligations, seek rental concessions or be unable to enter into new leases, which could materially and adversely affect us.
If any of these tenants is unable to withstand such downturn or is otherwise unable to compete effectively in its business, it may be forced to declare bankruptcy, fail to meet its rental obligations, seek rental concessions or be unable to extend its current lease or enter into new leases, which could materially and adversely affect us.
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, 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, 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.
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 may be unable to renew leases, lease vacant space or re-lease space as leases expire, or renewing existing leases may require significant concessions, inducements and/or capital expenditures.
Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, including the engagement of independent third party consultants to analyze and remediate any vulnerabilities, implementation of software and systems intended to monitor systems and devices on our network to reduce the risk of IT security breaches and improve our ability to detect a breach, the engagement of a cyber forensics company who can assist our investigation in the event of a breach, and ongoing cyber security education and training for employees throughout the year, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging.
Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, including the engagement of independent third party consultants to analyze and remediate any vulnerabilities, implementation of software and systems intended to monitor systems and devices on our network to reduce the risk of IT security breaches and improve our ability to 16 detect a breach, the engagement of a cyber forensics company who can assist our investigation in the event of a breach, and ongoing cyber security 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.
As of December 31, 2022, approximately 78% 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, 2023, 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 material reductions of imports through or a material labor issue were to occur at the Ports of Los Angeles and Long Beach, it could reduce the need for tenants to store related imported goods in our properties and result in higher market vacancy and lower rents.
If a material reduction of imports were to occur at the Ports of Los Angeles and Long Beach, through material labor issue or other reasons, it could reduce the need for tenants to store related imported goods in our properties and result in higher market vacancy and lower rents.
Rising interest rates could also limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing and increase interest expense on refinanced indebtedness.
Steady but high or rising interest rates could also limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing and increase interest expense on refinanced indebtedness.
We have entered into interest rate swaps to effectively fix $300.0 million of our variable-rate indebtedness, and we may enter into other hedging transactions. The use of hedging transactions involves certain risks.
We have entered into interest rate swaps to effectively fix all $760.0 million of our variable-rate indebtedness, and we may enter into other hedging transactions. The use of hedging transactions involves certain risks.
We often dispose of properties in transactions that are intended to qualify for federal income tax deferral as a “like-kind exchange” under Section 1031 of the Code (a “1031 Exchange”).
From time to time we dispose of properties in transactions that are intended to qualify for federal income tax deferral as a “like-kind exchange” under Section 1031 of the Code (a “1031 Exchange”).
The ongoing impact from the COVID-19 pandemic, including ongoing governmental emergency declarations with emergency powers, may impact our ability to collect rent and could adversely impact our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations.
The impact from a pandemic, including 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.
However, the impact of the current rate of inflation of 6.5% 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 3.4% 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.
Our IT networks and related systems are essential to the operation of our business and our ability to perform day‑to‑day 15 operations and, in some cases, may be critical to the operations of certain of our tenants.
Our IT networks and related systems are essential to the operation of our business and our ability to perform day‑to‑day operations and, in some cases, may be critical to the operations of many of our tenants.
A substantial majority of the leases at our properties are with tenants who have non-investment grade credit ratings. The ability of a non-investment grade tenant to meet its obligations to us cannot be considered as well assured as that of an investment grade tenant.
A substantial majority of the leases at our properties are with tenants who have non-investment grade credit ratings. The ability of a non-investment grade tenant to meet its obligations cannot be considered as strong as that of an investment grade tenant.
Lastly, on a quarterly basis we conduct third-party internal and external vulnerability assessments from our cybersecurity firm leveraging the Common Vulnerability Scoring System (CVSS), and on an annual basis we conduct third party physical and cyber penetration testing with an information security company that specializes in conducting such tests.
On a quarterly basis we conduct third-party internal and external vulnerability assessments from our cybersecurity firm leveraging the Common Vulnerability Scoring System (CVSS), and on a bi-annual basis we conduct third party social engineering and cyber penetration testing with an information security company that specializes in conducting such tests.
Adverse U.S. and global market, economic and political conditions, including the ongoing conflict between Ukraine and Russia, 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 other events or circumstances beyond our control could have a material adverse effect on us.
As of December 31, 2022, we owned 96.2% 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, 2023, 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.
While we diversify the geographic concentrations of assets within Southern California and carry insurance for losses resulting from earthquakes, the amount of our coverage may not be sufficient to fully cover losses from earthquakes and associated disasters, and the policies are subject to material deductibles and self-insured retention.
While we diversify the geographic concentrations of assets within Southern California and carry insurance for losses resulting from earthquakes (and other casualties), the amount of our coverage may not always be sufficient to fully cover losses from earthquakes and other casualties, and the policies are subject to material deductibles and self-insured retention.
To the extent that capital is not available to acquire properties, profits may not be realized or their realization may be delayed, which could result in an earnings stream that is less predictable than some of our competitors and result in us not meeting our projected earnings and distributable cash flow levels in a particular reporting period.
To the extent that capital is not available to acquire properties, we may not be able to execute on our acquisition plan, profits may not be realized or their realization may be delayed, which could result in an earnings stream that is less predictable than some of our competitors and result in us not meeting our projected earnings and distributable cash flow levels in a particular reporting period.
As of December 31, 2022, we have interest rate swaps with a combined notional value of $300.0 million in place for the purpose of mitigating our exposure to fluctuations in short-term interest rates.
As of December 31, 2023, 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 and recycle capital.
An increase in interest rates would increase our interest costs on variable rate debt and new debt and could adversely affect our ability to refinance existing debt, conduct repositioning, redevelopment, and acquisition activity, recycling of capital and leasing activity.
As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold or other airborne contaminants from the affected property or increase indoor ventilation.
As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold, lead based paint or other lead containing materials or other airborne contaminants from the affected property or increase indoor ventilation.
To the extent that we do so, we will be subject to the following risks associated with such development, redevelopment and repositioning activities: • construction, redevelopment and repositioning may be unsuccessful and/or costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated, or unprofitable; • time required to complete the construction, redevelopment or repositioning of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity; • 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; • 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; • occupancy rates and rents of a completed project may not be sufficient to make the project profitable; • our ability to dispose of properties developed, redeveloped or repositioned with the intent to sell could be impacted by the ability of prospective buyers to obtain financing given the current state of the credit markets; and • the availability and pricing of financing to fund our development activities on favorable terms or at all. 14 Potential losses, including from adverse weather conditions and natural disasters, such as earthquakes, may not be covered by insurance, and we may be unable to rebuild our existing properties in the event of a substantial or comprehensive loss of such properties.
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, 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; • failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all; 14 • 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; • occupancy rates and rents of a completed project may not be sufficient to make the project profitable; • our ability to dispose of properties developed, redeveloped or repositioned with the intent to sell could be impacted by the inability of prospective buyers to obtain financing given the current state of the credit markets; and • the availability and pricing of financing to fund our development activities on favorable terms or at all.
These restrictions limit our ability to sell an asset at a time, or on terms, that would be favorable absent such restrictions. Our real estate development, redevelopment and repositioning activities are subject to risks. We may engage in 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, 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.
This could lead to adverse impacts on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations. These trends may also influence occupancy levels and the immediate ability or willingness of certain of our tenants to pay rent in full on a timely basis.
This could lead to adverse impacts on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations, occupancy levels and the ability or willingness of certain of our tenants to pay rent in full on a timely basis.
We may be unable to acquire properties identified as potential acquisition opportunities on favorable terms, or at all, which could slow our growth. We may acquire properties utilized for non-industrial uses, including office properties, where our long-term strategy is to develop, redevelop or reposition the asset into industrial property.
We may be unable to acquire properties identified as potential acquisition opportunities on favorable terms, or at all, which could impede our intended rate of growth. 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.
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, and in some cases, are designed to not be detected and, in fact, may not be detected.
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, and in some cases, are designed to not be detected and, in fact, may not be detected, for example, through the use of artificial intelligence.
Our properties are concentrated in certain industries, which, as of December 31, 2022, included the following (and accounted for the percentage of our total annualized base rent indicated): Transportation and Warehousing (24.3%); Wholesale Trade (21.8%); and Manufacturing (20.3%).
Our properties are concentrated in certain industries, which, as of December 31, 2023, included the following (and accounted for the percentage of our total annualized base rent indicated): Manufacturing (22.7%), Wholesale Trade (21.8%) and Transportation and Warehousing (21.3%).
Beginning in April 2023, Measure ULA imposes an additional fee at the time of sale at a rate of 4% for properties between $5 million and $10 million and 5.5% for those $10 million or above.
Beginning on April 1, 2023, Measure ULA imposed an additional fee at the time of sale at a rate of 4% for properties between $5 million and $10 million and 5.5% for those $10 million or above.
In addition, an increase 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.
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.
We face risks associated with security breaches, whether through cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, attachments to e‑mails, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems.
We face risks that threaten the confidentiality, integrity and availability of our systems and information associated with IT security breaches, whether through cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, software vulnerabilities, attachments to e‑mails, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems.
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. 30 Legislative or other actions affecting REITs could have a negative effect on us.
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.
Our properties are concentrated in the industrial real estate sector. This concentration exposes us to the risk of economic downturns in this sector to a greater extent than if our business activities included a more significant portion of other sectors of the real estate industry.
Our properties are concentrated in the industrial real estate sector. This concentration exposes us to the risk of economic downturns in this sector to a greater extent than if our business activities were spread across more sectors of the real estate industry.
Our level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including the following: • our cash flow may be insufficient to meet our required principal and interest payments; • we may be unable to borrow additional funds as needed or on favorable terms; • we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness; • we may be forced to dispose of one or more of our properties, possibly on unfavorable terms or in violation of certain covenants to which we may be subject; • we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations and, in some cases commence foreclosure proceedings on one or more of our properties; and • our default under any loan with cross default provisions could result in a default on other indebtedness. 17 Any loan defaults or property foreclosures may impact our ability to access capital in the future on favorable terms or at all, as well as our relationships with and/or perception among lenders, investors, tenants, brokers, analysts, vendors, employees and other parties.
Our level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including the following: • our cash flow may be insufficient to meet our required principal and interest payments; • we may be unable to borrow additional funds as needed or on favorable terms; • we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness; • we may be forced to dispose of one or more of our properties, possibly on unfavorable terms or in violation of certain covenants to which we may be subject; • we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations and, in some cases commence foreclosure proceedings on one or more of our properties; and • our default under any loan with cross default provisions could result in a default on other indebtedness.
As of December 31, 2022, 5.4% of the rentable square footage of our portfolio was vacant or under repositioning/redevelopment and leases representing 1.6% of the rentable square footage of our portfolio expired on December 31, 2022.
As of December 31, 2023, 5.8% of the rentable square footage of our portfolio was vacant or under repositioning/redevelopment and leases representing 1.0% of the rentable square footage of our portfolio expired on December 31, 2023.
The ongoing impact from the COVID-19 pandemic, including the spread of new variants of the virus, ongoing governmental emergency declarations with emergency powers, and the transition from a Zero-COVID policy in China may have significant adverse impact on economic and market conditions around the world, including the United States and the infill Southern California markets in which we own properties and have development projects, and could further trigger a period of sustained global and U.S. economic downturn or recession.
The impact from a pandemic, including, without limitation COVID-19, and related governmental emergency declarations with emergency powers may have significant adverse impact on economic and market conditions around the world, including the United States and the infill Southern California markets in which we own properties and have development projects, and could trigger a period of sustained global and U.S. economic downturn or recession.
We may acquire properties or portfolios of properties through tax-deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets. We may continue to acquire properties or portfolios of properties through tax-deferred contribution transactions in exchange for partnership interests in our Operating Partnership, which may result in stockholder dilution.
We may continue to acquire properties or portfolios of properties through tax-deferred contribution transactions in exchange for partnership interests in our Operating Partnership, which may result in stockholder dilution.
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.
We anticipate that the aggregate value of the stock and other securities of any taxable REIT subsidiaries that we own will be less than 20% of the value of our total assets, and we will monitor the value of these investments to ensure compliance with applicable asset test limitations.
We anticipate that the aggregate value of the stock and other securities of any taxable REIT subsidiaries that we own will be less than 20% of the value of our total assets, and we will monitor the value of these investments to ensure compliance with applicable asset test limitations. 29 To maintain our REIT qualification, we may be forced to borrow funds during unfavorable market conditions.
In addition, leases representing 13.7% and 16.3% of the rentable square footage of the properties in our portfolio will expire in 2023 and 2024, respectively.
In addition, leases representing 13.9% and 16.6% of the rentable square footage of the properties in our portfolio will expire in 2024 and 2025, respectively.

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Item 2. Properties

Properties — owned and leased real estate

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Biggest changeBroadway Carson 3 Warehouse / Distribution 1957 / 1989, 2017 78,183 0.2 % 5 100.0 % $ 1,207,895 0.2 % $ 15.45 17000 Kingsview Ave/800 Sandhill Ave Carson 1 Warehouse / Distribution 1984 100,121 0.2 % 2 100.0 % $ 1,066,958 0.2 % $ 10.66 263-321 Gardena Blvd Carson 2 Industrial Outdoor Storage 1977 - 1982 55,238 0.1 % 2 100.0 % $ 952,451 0.2 % $ 17.24 18115 Main Street Carson 1 Warehouse / Excess Land 1988 42,270 0.1 % 1 100.0 % $ 394,655 0.1 % $ 9.34 1055 Sandhill Avenue (6) Carson — Redevelopment 1973 — — % — — % $ — — % $ — 701-751 Kingshill Place Carson 6 Warehouse / Light Manufacturing 1979 / 2020 171,056 0.4 % 7 100.0 % $ 2,194,173 0.4 % $ 12.83 256 Alondra Blvd Carson 1 Industrial Outdoor Storage 1954 2,456 — % 1 100.0 % $ 636,540 0.1 % $ 259.18 17011-17027 Central Avenue Carson 3 Warehouse / Distribution 1979 52,561 0.1 % 1 100.0 % $ 967,570 0.2 % $ 18.41 21022 & 21034 Figueroa Street Carson 1 Warehouse / Distribution 2002 51,185 0.1 % 1 100.0 % $ 1,105,596 0.2 % $ 21.60 2130-2140 Del Amo Blvd Carson 2 Warehouse / Distribution 1980 99,064 0.2 % 2 100.0 % $ 1,823,904 0.3 % $ 18.41 20455 Reeves Avenue Carson 1 Warehouse / Distribution 1982 110,075 0.3 % 1 100.0 % $ 2,575,755 0.5 % $ 23.40 1420 Mckinley Avenue Compton 1 Warehouse / Distribution 2017 136,685 0.3 % 1 100.0 % $ 1,550,709 0.3 % $ 11.35 2020 Central Avenue Compton 1 Light Industrial 1972 30,233 0.1 % 1 100.0 % $ 400,459 0.1 % $ 13.25 17909 & 17929 Susana Road Compton 2 Warehouse / Light Manufacturing 1970 - 1973 57,376 0.1 % 2 100.0 % $ 757,368 0.1 % $ 13.20 3131 Harcourt Street & 18031 Susana Road Compton 2 Warehouse / Excess Land 1970 73,000 0.2 % 2 100.0 % $ 630,360 0.1 % $ 8.64 13225 Western Avenue Gardena 1 Warehouse / Light Manufacturing 1955 21,010 0.1 % 1 100.0 % $ 201,472 — % $ 9.59 400 Rosecrans Avenue Gardena 1 Warehouse / Distribution 1967 28,006 0.1 % — — % $ — — % $ — 11832-11954 La Cienega Blvd Hawthorne 4 Light Industrial / Office 1999 63,462 0.2 % 8 93.4 % $ 1,080,365 0.2 % $ 18.23 2205 126th Street Hawthorne 1 Warehouse / Distribution 1998 63,532 0.2 % 4 100.0 % $ 923,029 0.2 % $ 14.53 240 W Ivy Avenue Inglewood 1 Warehouse / Distribution 1981 46,974 0.1 % 3 100.0 % $ 847,050 0.2 % $ 18.03 687 Eucalyptus Avenue Inglewood 1 Warehouse / Distribution 2017 143,436 0.3 % 1 100.0 % $ 2,462,373 0.5 % $ 17.17 4175 Conant Street Long Beach 1 Warehouse / Light Manufacturing 2015 142,593 0.3 % 1 100.0 % $ 2,196,851 0.4 % $ 15.41 1580 Carson Street Long Beach 1 Warehouse / Distribution 1982 / 2018 43,787 0.1 % 1 100.0 % $ 631,584 0.1 % $ 14.42 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) Long Beach Business Park Long Beach 4 Warehouse / Light Manufacturing 1973 - 1976 123,532 0.3 % 33 95.9 % $ 1,744,421 0.3 % $ 14.72 3901 Via Oro Avenue Long Beach 1 Light Industrial / Office 1983 53,817 0.1 % 1 100.0 % $ 1,432,507 0.3 % $ 26.62 1661 240th St.
Biggest changeBroadway Carson 3 Warehouse / Distribution 1957 / 1989, 2017 78,183 0.2 % 5 100.0 % $ 1,239,363 0.2 % $ 15.85 17000 Kingsview Ave/800 Sandhill Ave Carson 1 Warehouse / Distribution 1984 100,121 0.2 % 2 100.0 % $ 1,098,967 0.2 % $ 10.98 263-321 Gardena Blvd Carson 2 Industrial Outdoor Storage 1977 - 1982 55,238 0.1 % — — % $ — — % $ — 18115 Main Street Carson 1 Warehouse / Excess Land 1988 42,270 0.1 % 1 100.0 % $ 406,494 0.1 % $ 9.62 1055 Sandhill Avenue (6) Carson — Redevelopment 1973 — — % — — % $ — — % $ — 701-751 Kingshill Place Carson 6 Warehouse / Light Manufacturing 1979 / 2020 171,056 0.4 % 7 100.0 % $ 2,494,188 0.4 % $ 14.58 256 Alondra Blvd Carson 1 Industrial Outdoor Storage 1954 2,456 — % 1 100.0 % $ 655,636 0.1 % $ 266.95 17011-17027 Central Avenue Carson 3 Warehouse / Distribution 1979 52,561 0.1 % 1 100.0 % $ 990,792 0.1 % $ 18.85 21022 & 21034 Figueroa Street Carson 1 Warehouse / Distribution 2002 51,185 0.1 % 1 100.0 % $ 1,044,174 0.2 % $ 20.40 2130-2140 Del Amo Blvd Carson 2 Warehouse / Distribution 1980 99,064 0.2 % 1 54.5 % $ 1,416,175 0.2 % $ 26.21 20455 Reeves Avenue Carson 1 Warehouse / Distribution 1982 110,075 0.2 % 1 100.0 % $ 2,678,785 0.4 % $ 24.34 1420 Mckinley Avenue Compton 1 Warehouse / Distribution 2017 136,685 0.3 % 1 100.0 % $ 3,772,506 0.6 % $ 27.60 2020 Central Avenue Compton 1 Light Industrial 1972 30,233 0.1 % 1 100.0 % $ 410,470 0.1 % $ 13.58 17909 & 17929 Susana Road Compton 2 Warehouse / Light Manufacturing 1970 - 1973 57,376 0.1 % 2 100.0 % $ 1,008,057 0.2 % $ 17.57 3131 Harcourt Street & 18031 Susana Road Compton 2 Warehouse / Excess Land 1970 73,000 0.2 % 2 100.0 % $ 630,360 0.1 % $ 8.64 13225 Western Avenue Gardena 1 Warehouse / Light Manufacturing 1955 21,010 0.1 % 1 100.0 % $ 352,968 0.1 % $ 16.80 400 Rosecrans Avenue Gardena 1 Warehouse / Distribution 1967 — — % — — % $ — — % $ — 422 Rosecrans Avenue Gardena 1 Warehouse / Distribution 1968 9,350 — % — — % $ — — % $ — 11832-11954 La Cienega Blvd Hawthorne 4 Light Industrial / Office 1999 63,462 0.1 % 8 93.6 % $ 1,162,989 0.2 % $ 19.58 2205 126th Street Hawthorne 1 Warehouse / Distribution 1998 63,532 0.1 % 4 100.0 % $ 951,405 0.1 % $ 14.98 240 W Ivy Avenue Inglewood 1 Warehouse / Distribution 1981 46,974 0.1 % 3 75.2 % $ 763,223 0.1 % $ 21.62 687 Eucalyptus Avenue Inglewood 1 Warehouse / Distribution 2017 143,436 0.3 % 1 100.0 % $ 2,518,361 0.4 % $ 17.56 38 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) 4175 Conant Street Long Beach 1 Warehouse / Light Manufacturing 2015 142,593 0.3 % 1 100.0 % $ 2,262,756 0.3 % $ 15.87 1580 Carson Street Long Beach 1 Warehouse / Distribution 1982 / 2018 43,787 0.1 % 1 100.0 % $ 650,531 0.1 % $ 14.86 Long Beach Business Park Long Beach 4 Warehouse / Light Manufacturing 1973 - 1976 123,532 0.3 % 32 88.9 % $ 1,755,902 0.3 % $ 15.98 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 0.4 % 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.
The following table sets forth a summary schedule of lease expirations for leases in place as of December 31, 2022, plus available space, for each of the 10 full calendar years commencing December 31, 2022 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, 2023, plus available space, for each of the 10 full calendar years commencing December 31, 2023 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, 2022, 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, 2023, 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, 2022, 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, 2022, 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, 2023, 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, 2023, 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, 2022, unless otherwise noted. (6) Includes 901 West Alameda Avenue with 44,924 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, 2023, unless otherwise noted. (6) Includes 901 West Alameda Avenue with 44,924 building square feet that is classified as Creative Office.
(2) Calculated as rentable square feet for such property divided by rentable square feet for the total consolidated portfolio as of December 31, 2022. (3) Calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2022, 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, 2023. (3) Calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2023, 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, 2022, 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, 2023, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(3) Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of December 31, 2022. (4) Calculated as annualized base rent for such leases divided by occupied square feet for such leases as of December 31, 2022. (5) Represents vacant space (not under repositioning) as of December 31, 2022.
(3) Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of December 31, 2023. (4) Calculated as annualized base rent for such leases divided by occupied square feet for such leases as of December 31, 2023. (5) Represents vacant space (not under repositioning) as of December 31, 2023.
(2) Represents the square footage of new leases that had been signed but had not yet commenced as of December 31, 2022. (3) Calculated as square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2022, 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, 2023. (3) Calculated as square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2023, 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, 2022, 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, 2023, multiplied by 12, and then aggregated by industry. Excludes tenant reimbursements. Amounts in thousands.
(4) Calculated as annualized base rent for such property divided by annualized base rent for the total consolidated portfolio as of December 31, 2022. (5) Calculated as annualized base rent for such property divided by occupied square feet for such property as of December 31, 2022. (6) This property is undergoing repositioning, redevelopment, or lease-up as of December 31, 2022.
(4) Calculated as annualized base rent for such property divided by annualized base rent for the total consolidated portfolio as of December 31, 2023. (5) Calculated as annualized base rent for such property divided by occupied square feet for such property as of December 31, 2023. (6) This property is undergoing repositioning, redevelopment, or lease-up as of December 31, 2023.
(2) Calculated as monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2022, 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, 2023, 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, 2022. (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, 2022.
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, 2023. (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, 2023.
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, 2022. (3) Calculated as annualized base rent for such tenant divided by occupied square feet for such tenant as of December 31, 2022.
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, 2023. (3) Calculated as annualized base rent for such tenant divided by occupied square feet for such tenant as of December 31, 2023.
(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, 2022. (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, 2022.
(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, 2023. (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, 2023.
(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, 2022. 44 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, 2022.
(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, 2023. 48 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, 2023.
(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, 2022.
(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, 2023.
We intend to continue to maintain a diversified mix of tenants in order to limit our exposure to any single tenant or industry. 46 The following table sets forth information about the 10 largest tenants in our portfolio based on total annualized base rent as of December 31, 2022.
We intend to continue to maintain a diversified mix of tenants in order to limit our exposure to any single tenant or industry. 50 The following table sets forth information about the 10 largest tenants in our portfolio based on total annualized base rent as of December 31, 2023.
“Other” includes amounts related to cellular tower, solar and parking lot leases. (6) Reflects land square feet for “Land/IOS” leases. 48 Lease Expirations As of December 31, 2022, our weighted average in-place remaining lease term was approximately 4.0 years.
“Other” includes amounts related to cellular tower, solar and parking lot leases. (6) Reflects land square feet for “Land/IOS” leases. 52 Lease Expirations As of December 31, 2023, our weighted average in-place remaining lease term was approximately 4.0 years.
(5) Annualized base rent from uncommenced leases includes: (i) $2.4 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) $7.0 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, 2022, multiplied by 12.).
(5) Annualized base rent from uncommenced leases includes: (i) $5.5 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) $4.4 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, 2023, multiplied by 12.).
(3) Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of December 31, 2022.
(3) Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of December 31, 2023.
(4) Calculated as annualized base rent for such market divided by occupied square feet for such market as of December 31, 2022. 45 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, 2022.
(4) Calculated as annualized base rent for such market divided by occupied square feet for such market as of December 31, 2023. 49 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, 2023.
As of December 31, 2022, our consolidated properties were 94.7% leased to tenants in a variety of industries, with no single tenant accounting for more than 2.2% of our total annualized in-place base rent.
As of December 31, 2023, our consolidated properties were 94.5% leased to tenants in a variety of industries, with no single tenant accounting for more than 2.8% of our total annualized in-place base rent.
(6) Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”) or redevelopment as of December 31, 2022.
(6) Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”), redevelopment or lease-up as of December 31, 2023.
Item 2. Properties As of December 31, 2022, our consolidated portfolio consisted of 356 wholly-owned properties located in Southern California infill markets totaling approximately 42.4 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, 2022.
Item 2. Properties As of December 31, 2023, our consolidated portfolio consisted of 373 wholly-owned properties located in Southern California infill markets totaling approximately 45.9 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, 2023.
As of December 31, 2022, there were 948 modified gross leases in our consolidated portfolio, representing approximately 20.2% 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, 2023, there were 896 modified gross leases in our consolidated portfolio, representing approximately 17.6% 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.
(5) Includes a tenant leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.2 million or $3.21 per land square foot. 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 $11.4 million or $3.28 per land square foot. Excluding this tenant, annualized base rent per square foot is $14.76. Tenants Our portfolio of properties has a stable and diversified tenant base.
(4) Includes (i) two short-term land leases in LA-Mid-Counties/North Orange County which expired on January 31, 2023, (ii) one land lease in LA-Mid-Counties expiring July 31, 2025, (iii) one land lease in North Orange County expiring October 31, 2026, (iv) 30,160 rentable square feet in Ventura expiring September 30, 2027, (v) one land lease in LA-Mid-Counties expiring June 30, 2029, (vi) 42,270 rentable square feet in LA-South Bay expiring October 31, 2030, (vii) 311,995 rentable square feet in North County San Diego expiring February 28, 2031, & (viii) 143,436 rentable square feet in LA-South Bay expiring November 30, 2032 .
(6) Includes (i) one land lease in North Orange County expiring December 31, 2023, (ii) one land lease in LA-Mid-Counties expiring July 31, 2025, (iii) one land lease in North Orange County expiring October 31, 2026, (iv) 30,160 rentable square feet in Ventura expiring September 30, 2027, (v) one land lease in LA-Mid-Counties expiring June 30, 2029, (vi) 42,270 rentable square feet in LA-South Bay expiring October 31, 2030, (vii) 311,995 rentable square feet in North County San Diego expiring February 28, 2031, and (viii) 143,436 rentable square feet in LA-South Bay expiring November 30, 2032 .
For “Land/IOS” leases, calculated as annualized base rent for such leases divided by land square feet for such leases as of December 31, 2022. (4) Excludes 208,005 occupied building square feet and 209,860 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, 2023. (4) Excludes 193,302 occupied building square feet and 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.
Our average lease size is approximately 25,000 square feet, and approximately 37% 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 12.6% of our annualized base rent as of December 31, 2022.
Our average lease size is approximately 28,000 square feet, and approximately 33% 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 15.5% of our annualized base rent as of December 31, 2023.
Hacienda Blvd. City of Industry 1 Warehouse / Light Manufacturing 1997 51,823 0.1 % 1 100.0 % $ 477,480 0.1 % $ 9.21 14955-14971 E Salt Lake Ave City of Industry 1 Warehouse / Distribution 1979 126,036 0.3 % 5 100.0 % $ 1,487,794 0.3 % $ 11.80 15241 - 15277, 15317 - 15339 Don Julian Rd.
Hacienda Blvd. City of Industry 1 Warehouse / Light Manufacturing 1997 51,823 0.1 % 1 100.0 % $ 491,808 0.1 % $ 9.49 14955-14971 E Salt Lake Ave City of Industry 1 Warehouse / Distribution 1979 126,036 0.3 % 5 100.0 % $ 1,665,212 0.3 % $ 13.21 15241 - 15277, 15317 - 15339 Don Julian Rd.
Riverside 2 Warehouse / Light Manufacturing 1978 33,258 0.1 % 1 100.0 % $ 610,617 0.1 % $ 18.36 San Bernardino – Inland Empire East Total 2 33,258 0.1 % 1 100.0 % $ 610,617 0.1 % $ 18.36 Ventura County 300 South Lewis Rd.
Riverside 2 Warehouse / Light Manufacturing 1978 33,258 0.1 % 1 100.0 % $ 635,042 0.1 % $ 19.09 San Bernardino – Inland Empire East Total 2 33,258 0.1 % 1 100.0 % $ 635,042 0.1 % $ 19.09 Ventura County 300 South Lewis Rd.
Historical Capital Expenditures The following table sets forth certain information regarding historical maintenance (non-revenue generating) capital expenditures at the properties in our portfolio as follows: Year Ended December 31, 2022 2021 2020 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) $ 111,112 26,002,606 $ 4.27 $ 80,545 22,951,051 $ 3.51 $ 66,588 20,463,668 $ 3.25 Recurring Capital Expenditures (5) 8,675 39,561,722 $ 0.22 10,466 33,239,851 $ 0.31 6,949 27,929,513 $ 0.25 Total Capital Expenditures $ 119,787 $ 91,011 $ 73,537 (1) Cost is reported in thousands.
Historical Capital Expenditures The following table sets forth certain information regarding historical maintenance (non-revenue generating) capital expenditures at the properties in our portfolio as follows: Year Ended December 31, 2023 2022 2021 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) $ 222,709 32,392,200 $ 6.88 $ 111,112 26,002,606 $ 4.27 $ 80,545 22,951,051 $ 3.51 Recurring Capital Expenditures (5) 26,798 44,002,786 $ 0.61 8,675 39,561,722 $ 0.22 10,466 33,239,851 $ 0.31 Total Capital Expenditures $ 249,507 $ 119,787 $ 91,011 (1) Cost is reported in thousands.
Vinedo Ave. Pasadena 1 Warehouse / Light Manufacturing 1953 / 1993 48,381 0.1 % 1 100.0 % $ 685,159 0.1 % $ 14.16 1050 Arroyo Ave.
Vinedo Ave. Pasadena 1 Warehouse / Light Manufacturing 1953 / 1993 48,381 0.1 % 1 100.0 % $ 705,714 0.1 % $ 14.59 1050 Arroyo Ave.
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. 49 Historical Tenant Improvements and Leasing Commissions The following table sets forth certain historical information regarding leasing related (revenue generating) tenant improvement and leasing commission costs for tenants at the properties in our portfolio as follows: Year Ended December 31, 2022 2021 2020 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) $ 1,528 834,106 $ 1.83 $ 2,103 1,039,707 $ 2.02 $ 889 851,851 $ 1.04 New Leases – Second Generation (3)(5) 494 491,933 $ 1.00 328 150,214 $ 2.18 686 284,387 $ 2.41 Renewal Leases 855 933,596 $ 0.92 289 431,997 $ 0.67 118 450,871 $ 0.26 Total Tenant Improvements $ 2,877 2,259,635 $ 1.27 $ 2,720 1,621,918 $ 1.68 $ 1,693 1,587,109 $ 1.07 Leasing Commissions New Leases – First Generation (3)(4) $ 7,357 876,485 $ 8.39 $ 5,502 1,758,720 $ 3.13 $ 3,562 1,223,553 $ 2.91 New Leases – Second Generation (3)(5) 9,190 1,359,424 $ 6.76 7,508 2,044,593 $ 3.67 3,838 1,682,072 $ 2.28 Renewal Leases 5,025 1,852,256 $ 2.71 4,321 3,127,986 $ 1.38 3,069 2,500,831 $ 1.23 Total Leasing Commissions $ 21,572 4,088,165 $ 5.28 $ 17,331 6,931,299 $ 2.50 $ 10,469 5,406,456 $ 1.94 Total Tenant Improvements & Leasing Commissions $ 24,449 $ 20,051 $ 12,162 (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. 53 Historical Tenant Improvements and Leasing Commissions The following table sets forth certain historical information regarding leasing related (revenue generating) tenant improvement and leasing commission costs for tenants at the properties in our portfolio as follows: Year Ended December 31, 2023 2022 2021 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) $ 1,572 1,400,053 $ 1.12 $ 1,528 834,106 $ 1.83 $ 2,103 1,039,707 $ 2.02 New Leases – Second Generation (3)(5) 113 90,902 $ 1.24 494 491,933 $ 1.00 328 150,214 $ 2.18 Renewal Leases 826 536,858 $ 1.54 855 933,596 $ 0.92 289 431,997 $ 0.67 Total Tenant Improvements $ 2,511 2,027,813 $ 1.24 $ 2,877 2,259,635 $ 1.27 $ 2,720 1,621,918 $ 1.68 Leasing Commissions New Leases – First Generation (3)(4) $ 9,488 1,171,683 $ 8.10 $ 7,357 876,485 $ 8.39 $ 5,502 1,758,720 $ 3.13 New Leases – Second Generation (3)(5) 7,652 1,832,823 $ 4.17 9,190 1,359,424 $ 6.76 7,508 2,044,593 $ 3.67 Renewal Leases 10,308 3,530,689 $ 2.92 5,025 1,852,256 $ 2.71 4,321 3,127,986 $ 1.38 Total Leasing Commissions $ 27,448 6,535,195 $ 4.20 $ 21,572 4,088,165 $ 5.28 $ 17,331 6,931,299 $ 2.50 Total Tenant Improvements & Leasing Commissions $ 29,959 $ 24,449 $ 20,051 (1) Cost is reported in thousands.
Walnut Ave. Carson 1 Cold Storage / Distribution 1974 172,420 0.4 % 2 100.0 % $ 2,758,547 0.5 % $ 16.00 18118-18120 S.
Walnut Ave. Carson 1 Cold Storage / Distribution 1974 172,420 0.4 % 2 100.0 % $ 2,799,714 0.4 % $ 16.24 18118-18120 S.
As of December 31, 2022, there were 531 triple net leases in our consolidated portfolio, representing approximately 70.1% of our total annualized base rent. 47 Modified gross lease.
As of December 31, 2023, there were 544 triple net leases in our consolidated portfolio, representing approximately 76.3% of our total annualized base rent. Modified gross lease.
Santa Fe Springs 1 Warehouse / Excess Land 1971 / 2016 24,875 0.1 % 1 100.0 % $ 381,374 0.1 % $ 15.33 12907 Imperial Highway Santa Fe Springs 1 Warehouse / Distribution 1997 101,080 0.2 % 1 100.0 % $ 1,047,093 0.2 % $ 10.36 14944, 14946, 14948 Shoemaker Ave.
Santa Fe Springs 1 Warehouse / Excess Land 1971 / 2016 24,875 0.1 % 1 100.0 % $ 392,816 0.1 % $ 15.79 12907 Imperial Highway Santa Fe Springs 1 Warehouse / Distribution 1997 101,080 0.2 % 1 100.0 % $ 1,078,506 0.2 % $ 10.67 14944, 14946, 14948 Shoemaker Ave.
Huntington Park 1 Cold Storage / Distribution 1990 / 2008 78,280 0.2 % 1 100.0 % $ 1,328,588 0.2 % $ 16.97 679-691 S Anderson St.
Huntington Park 1 Cold Storage / Distribution 1990 / 2008 78,280 0.2 % 1 100.0 % $ 1,368,446 0.2 % $ 17.48 679-691 S Anderson St.
As of December 31, 2022, there were 198 gross leases in our consolidated portfolio, representing approximately 9.7% of our total annualized base rent.
As of December 31, 2023, there were 175 gross leases in our consolidated portfolio, representing approximately 6.1% of our total annualized base rent.
Rancho Cucamonga 3 Light Manufacturing / Flex 1988-1989 / 2006 129,309 0.3 % 5 100.0 % $ 2,319,648 0.4 % $ 17.94 9805 6th St. Rancho Cucamonga 2 Warehouse / Distribution 1986 81,377 0.2 % 4 100.0 % $ 1,048,123 0.2 % $ 12.88 10700 Jersey Blvd.
Rancho Cucamonga 3 Light Manufacturing / Flex 1988-1989 / 2006 129,309 0.3 % 5 100.0 % $ 2,480,063 0.4 % $ 19.18 9805 6th St. Rancho Cucamonga 2 Warehouse / Distribution 1986 81,377 0.2 % 4 100.0 % $ 1,443,133 0.2 % $ 17.73 10700 Jersey Blvd.
Includes leases aggregating 25,728 rentable square feet that had been signed but had not yet commenced as of December 31, 2022. Adjusting for such leases, we had 841,678 of available vacant space representing 2.0% of our total owned square feet as of December 31, 2022.
Includes leases aggregating 182,072 rentable square feet that had been signed but had not yet commenced as of December 31, 2023. Adjusting for such leases, we had 885,831 of available vacant space representing 1.9% of our total owned square feet as of December 31, 2023.
(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.
(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. 46 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, 2023.
Vista 4 Warehouse / Light Manufacturing 1989 / 2007 115,355 0.3 % 8 100.0 % $ 1,253,698 0.2 % $ 10.87 2575 Pioneer Ave.
Vista 4 Warehouse / Light Manufacturing 1989 / 2007 115,355 0.3 % 8 87.5 % $ 1,381,172 0.2 % $ 13.68 2575 Pioneer Ave.
Camarillo 1 Warehouse / Distribution 1960-1963 / 2006 215,128 0.5 % 11 100.0 % $ 2,313,981 0.4 % $ 10.76 3233 Mission Oaks Blvd Camarillo 2 Warehouse / Distribution 1980-1982 / 2014, 2018, 2019 409,217 1.0 % 11 100.0 % $ 3,824,791 0.7 % $ 9.35 2328 Teller Road Newbury Park 1 Light Manufacturing / Flex 1970 / 2018 126,317 0.3 % 12 100.0 % $ 1,912,048 0.3 % $ 15.14 201 Rice Ave. & 2400-2420 Celsius Oxnard 3 Warehouse / Light Manufacturing 2008 137,785 0.3 % 23 100.0 % $ 1,618,202 0.3 % $ 11.74 610-760 W Hueneme Rd & 5651-5721 Perkins Rd Oxnard 2 Warehouse / Light Manufacturing 1985 87,181 0.2 % 21 95.9 % $ 1,111,035 0.2 % $ 13.29 1800 Eastman Ave Oxnard 1 Warehouse / Light Manufacturing 2009 33,332 0.1 % 1 100.0 % $ 297,040 0.1 % $ 8.91 2220-2260 Camino del Sol Oxnard 1 Warehouse / Distribution 2005 69,891 0.2 % 2 100.0 % $ 708,359 0.1 % $ 10.14 2360-2364 E.
Camarillo 1 Warehouse / Distribution 1960-1963 / 2006 215,128 0.5 % 11 100.0 % $ 2,457,792 0.4 % $ 11.42 3233 Mission Oaks Blvd Camarillo 2 Warehouse / Distribution 1980-1982 / 2014, 2018, 2019 409,217 0.9 % 12 92.9 % $ 4,428,434 0.7 % $ 11.64 2328 Teller Road Newbury Park 1 Light Manufacturing / Flex 1970 / 2018 126,317 0.3 % 13 92.4 % $ 1,909,982 0.3 % $ 16.37 201 Rice Ave. & 2400-2420 Celsius Oxnard 3 Warehouse / Light Manufacturing 2008 137,785 0.3 % 23 100.0 % $ 1,697,783 0.3 % $ 12.32 610-760 W Hueneme Rd & 5651-5721 Perkins Rd Oxnard 2 Warehouse / Light Manufacturing 1985 87,181 0.2 % 21 95.9 % $ 1,196,693 0.2 % $ 14.31 1800 Eastman Ave Oxnard 1 Warehouse / Light Manufacturing 2009 33,332 0.1 % 1 100.0 % $ 305,951 — % $ 9.18 2220-2260 Camino del Sol Oxnard 1 Warehouse / Distribution 2005 69,891 0.1 % 2 100.0 % $ 729,610 0.1 % $ 10.44 2360-2364 E.
(7) Calculated for “Industrial Outdoor Storage” as annualized base rent for such property type divided by land square feet. 43 (8) Represents current redevelopment properties and vacant future redevelopment properties as of December 31, 2022. These redevelopment properties will have an estimated combined 1.6 million of rentable square feet at completion.
(7) Calculated for “Industrial Outdoor Storage” as annualized base rent for such property type divided by land square feet. (8) Represents current redevelopment properties and vacant future redevelopment properties as of December 31, 2023.
Paramount 2 Warehouse / Light Manufacturing 1986 30,224 0.1 % 9 100.0 % $ 429,957 0.1 % $ 14.23 7110 Rosecrans Ave.
Paramount 2 Warehouse / Light Manufacturing 1986 30,224 0.1 % 9 100.0 % $ 462,232 0.1 % $ 15.29 7110 Rosecrans Ave.
Los Angeles 1 Warehouse / Light Manufacturing 1992 / 2017 47,490 0.1 % 3 100.0 % $ 954,056 0.2 % $ 20.09 1825-1845 S Soto Street Los Angeles 2 Warehouse / Light Manufacturing 1993 25,040 0.1 % 1 100.0 % $ 369,784 0.1 % $ 14.77 1515 15th Street Los Angeles 1 Warehouse / Light Manufacturing 1977 246,588 0.6 % 1 100.0 % $ 2,622,545 0.5 % $ 10.64 2750 Alameda Street Los Angeles 2 Warehouse / Light Manufacturing 1961 - 1980 164,026 0.4 % 4 88.0 % $ 1,257,553 0.2 % $ 8.72 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) East 27th Street Los Angeles 4 Light Industrial 1961 - 2004 300,389 0.7 % 7 100.0 % $ 3,250,498 0.6 % $ 10.82 2425-2535 East 12th Street Los Angeles 4 Warehouse / Light Manufacturing 1988 257,536 0.6 % 7 65.6 % $ 3,174,344 0.6 % $ 18.78 1501-1545 Rio Vista Avenue Los Angeles 2 Warehouse / Distribution 2003 54,777 0.1 % 2 35.3 % $ 287,004 0.1 % $ 14.86 8542 Slauson Avenue Pico Rivera 1 Industrial Outdoor Storage 1964 24,679 0.1 % 1 100.0 % $ 799,819 0.1 % $ 32.41 8315 Hanan Way Pico Rivera 1 Warehouse / Distribution 1976 100,692 0.2 % 1 100.0 % $ 843,173 0.2 % $ 8.37 1938-1946 E. 46th St.
Los Angeles 1 Warehouse / Light Manufacturing 1992 / 2017 47,490 0.1 % 2 50.0 % $ 470,663 0.1 % $ 19.82 1825-1845 S Soto Street Los Angeles 2 Warehouse / Light Manufacturing 1993 25,040 0.1 % 1 100.0 % $ 380,877 0.1 % $ 15.21 1515 15th Street Los Angeles 1 Warehouse / Light Manufacturing 1977 246,588 0.5 % 1 100.0 % $ 2,701,221 0.4 % $ 10.95 2750 Alameda Street Los Angeles 2 Warehouse / Light Manufacturing 1961 - 1980 164,026 0.4 % 5 100.0 % $ 1,835,989 0.3 % $ 11.19 36 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) East 27th Street Los Angeles 4 Light Industrial 1961 - 2004 300,389 0.6 % 4 75.9 % $ 3,124,799 0.5 % $ 13.70 2425-2535 East 12th Street Los Angeles 4 Warehouse / Light Manufacturing 1988 257,536 0.6 % 7 77.3 % $ 4,253,554 0.6 % $ 21.37 1501-1545 Rio Vista Avenue Los Angeles 2 Warehouse / Distribution 2003 54,777 0.1 % 3 62.5 % $ 680,473 0.1 % $ 19.88 8542 Slauson Avenue Pico Rivera 1 Industrial Outdoor Storage 1964 24,679 0.1 % 1 100.0 % $ 823,814 0.1 % $ 33.38 8315 Hanan Way Pico Rivera 1 Warehouse / Distribution 1976 100,692 0.2 % 1 100.0 % $ 868,468 0.1 % $ 8.62 1938-1946 E. 46th St.
(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.
(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.
Campus Ave. Ontario 2 Warehouse / Light Manufacturing 1964-1966, 1973, 1987 107,861 0.3 % 1 100.0 % $ 1,048,409 0.2 % $ 9.72 601-605 S. Milliken Ave. Ontario 3 Light Industrial / Office 1987 / 1988 128,313 0.3 % 25 87.7 % $ 1,469,623 0.3 % $ 13.07 845, 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 % $ 1,079,861 0.2 % $ 10.01 601-605 S. Milliken Ave. Ontario 3 Light Industrial / Office 1987 / 1988 128,313 0.3 % 22 83.7 % $ 1,955,949 0.3 % $ 18.21 845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.
La Puente 8 Warehouse / Light Manufacturing 1974 / 2007 100,346 0.2 % 27 96.9 % $ 1,377,318 0.3 % $ 14.16 1400 South Shamrock Monrovia 1 Light Manufacturing / Flex 1957, 1962 / 2004 67,838 0.2 % 1 100.0 % $ 1,117,634 0.2 % $ 16.48 280 West Bonita Avenue Pomona 1 Warehouse / Distribution 1983 119,898 0.3 % 1 100.0 % $ 1,037,358 0.2 % $ 8.65 2743 Thompson Creek Road Pomona 1 Warehouse / Distribution 1983 245,961 0.6 % 1 100.0 % $ 1,824,047 0.3 % $ 7.42 3880 West Valley Blvd.
La Puente 8 Warehouse / Light Manufacturing 1974 / 2007 100,346 0.2 % 26 94.3 % $ 1,598,387 0.2 % $ 16.90 1400 South Shamrock Monrovia 1 Light Manufacturing / Flex 1957, 1962 / 2004 67,838 0.2 % 1 100.0 % $ 1,587,409 0.2 % $ 23.40 280 West Bonita Avenue Pomona 1 Warehouse / Distribution 1983 119,898 0.3 % 1 100.0 % $ 1,123,200 0.2 % $ 8.06 2743 Thompson Creek Road Pomona 1 Warehouse / Distribution 1983 245,961 0.5 % 1 100.0 % $ 1,824,047 0.3 % $ 7.42 3880 West Valley Blvd.
Cerritos 1 Warehouse / Distribution 1979 / 2021 61,372 0.1 % 1 100.0 % $ 667,531 0.1 % $ 10.88 16010 Shoemaker Avenue Cerritos 1 Warehouse / Distribution 1985 115,600 0.3 % 1 100.0 % $ 1,103,760 0.2 % $ 9.55 16121 Carmenita Road Cerritos 1 Warehouse / Distribution 1969/1983, 2020 105,477 0.3 % 2 100.0 % $ 1,083,319 0.2 % $ 10.27 14100 Vine Place Cerritos 1 Warehouse / Distribution 1979 / 2022 122,514 0.3 % — — % $ — — % $ — 9220-9268 Hall Rd.
Cerritos 1 Warehouse / Distribution 1979 / 2021 61,372 0.1 % 1 100.0 % $ 687,557 0.1 % $ 11.20 16010 Shoemaker Avenue Cerritos 1 Warehouse / Distribution 1985 115,600 0.3 % 1 100.0 % $ 1,136,873 0.2 % $ 9.83 16121 Carmenita Road Cerritos 1 Warehouse / Distribution 1969/1983, 2020 105,477 0.2 % 2 100.0 % $ 1,115,819 0.2 % $ 10.58 14100 Vine Place Cerritos 1 Warehouse / Distribution 1979 / 2022 122,514 0.3 % 1 100.0 % $ 2,352,269 0.4 % $ 19.20 9220-9268 Hall Rd.
Torrance 8 Warehouse / Light Manufacturing 1963 / 1968, 2017 87,890 0.2 % 10 92.9 % $ 1,179,123 0.2 % $ 14.44 3100 Fujita Street Torrance 1 Warehouse / Light Manufacturing 1970 91,516 0.2 % 1 100.0 % $ 812,362 0.1 % $ 8.88 960-970 Knox Street Torrance 1 Light Industrial / Office 1976 39,400 0.1 % 3 63.5 % $ 436,257 0.1 % $ 17.45 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 87,890 0.2 % 11 100.0 % $ 1,337,580 0.2 % $ 15.22 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 % $ 866,856 0.1 % $ 22.00 1300, 1301, 1315, 1320-13330, 1347 Storm Parkway; 1338 W. 288th St.; 23021-23023 Normandie Ave.; 22815 & 23023 Normandie Ave.; 22815 & 22831 Frampton Ave.
(6) Santa Fe Springs — Redevelopment 1975 — — % — — % $ — — % $ — 9641 - 9657 Santa Fe Springs Rd. Santa Fe Springs 4 Warehouse / Distribution 1982 / 2009 107,401 0.3 % 4 100.0 % $ 1,573,990 0.3 % $ 14.66 10701-10719 Norwalk Blvd.
(6) Santa Fe Springs — Redevelopment 1975 — — % — — % $ — — % $ — 9641 - 9657 Santa Fe Springs Rd. Santa Fe Springs 4 Warehouse / Distribution 1982 / 2009 107,891 0.2 % 3 68.3 % $ 1,676,690 0.2 % $ 22.75 10701-10719 Norwalk Blvd.
Burbank 1 Warehouse / Light Manufacturing 1977 31,037 0.1 % 4 100.0 % $ 588,586 0.1 % $ 18.96 2980 & 2990 N San Fernando Road Burbank 2 Warehouse / Light Manufacturing 1950 / 2004 130,800 0.3 % 1 100.0 % $ 1,427,291 0.3 % $ 10.91 901 W. Alameda Ave.
Burbank 1 Warehouse / Light Manufacturing 1977 31,037 0.1 % 4 100.0 % $ 608,230 0.1 % $ 19.60 2980 & 2990 N San Fernando Road Burbank 2 Warehouse / Light Manufacturing 1950 / 2004 130,800 0.3 % 1 100.0 % $ 1,470,110 0.2 % $ 11.24 901 W. Alameda Ave.
Birch Street Santa Ana 1 Warehouse / Distribution 1965 / 2016 98,379 0.2 % 3 100.0 % $ 1,355,046 0.3 % $ 13.77 1801 St Andrew Place Santa Ana 1 Light Industrial / Office 1987 370,374 0.9 % 2 100.0 % $ 6,023,116 1.1 % $ 16.26 15777 Gateway Circle Tustin 1 Warehouse / Light Manufacturing 2005 37,592 0.1 % 1 100.0 % $ 456,949 0.1 % $ 12.16 15771 Red Hill Avenue Tustin 1 Light Industrial / Office 1979 / 2016 98,970 0.2 % 2 81.3 % $ 2,581,806 0.5 % $ 32.07 Orange County – Airport Total 14 1,057,017 2.5 % 80 97.4 % $ 16,971,964 3.1 % $ 16.49 Riverside / San Bernardino - Inland Empire West 13971 Norton Avenue Chino 1 Warehouse / Distribution 1990 103,208 0.2 % 1 100.0 % $ 714,364 0.1 % $ 6.92 5002-5018 Lindsay Court Chino 1 Warehouse / Distribution 1986 64,960 0.2 % 2 100.0 % $ 962,472 0.2 % $ 14.82 340-344 Bonnie Circle Corona 1 Warehouse / Distribution 1994 98,000 0.2 % 1 100.0 % $ 737,412 0.1 % $ 7.52 1168 Sherborn Street Corona 1 Warehouse / Distribution 2004 79,515 0.2 % 1 100.0 % $ 820,595 0.2 % $ 10.32 755 Trademark Circle Corona 1 Warehouse / Distribution 2001 34,427 0.1 % 1 100.0 % $ 577,200 0.1 % $ 16.77 The Merge Eastvale 6 Warehouse / Distribution 2020 333,544 0.8 % 8 100.0 % $ 4,089,420 0.8 % $ 12.26 6245 Providence Way Eastvale 1 Warehouse / Distribution 2018 27,636 0.1 % 1 100.0 % $ 297,154 0.1 % $ 10.75 Merge-West Eastvale 6 Warehouse / Distribution 2022 1,057,419 2.5 % 3 70.9 % $ 12,287,126 2.3 % $ 16.38 13231 Slover Avenue Fontana 1 Warehouse / Distribution 1990 109,463 0.3 % 1 100.0 % $ 2,364,401 0.4 % $ 21.60 10509 Business Drive Fontana 1 Warehouse / Distribution 1989 130,788 0.3 % 2 100.0 % $ 2,394,094 0.4 % $ 18.31 15996 Jurupa Avenue Fontana 1 Warehouse / Distribution 2015 212,660 0.5 % 1 100.0 % $ 2,023,928 0.4 % $ 9.52 11127 Catawba Avenue Fontana 1 Warehouse / Distribution 2015 145,750 0.3 % 1 100.0 % $ 1,261,029 0.2 % $ 8.65 10156 Live Oak Avenue Fontana 1 Warehouse / Distribution 2020 236,912 0.6 % 1 100.0 % $ 2,049,763 0.4 % $ 8.65 10694 Tamarind Avenue Fontana 1 Warehouse / Distribution 2020 99,999 0.2 % 1 100.0 % $ 916,608 0.2 % $ 9.17 13369 Valley Blvd Fontana 1 Light Industrial / Office 2005 105,041 0.2 % 1 100.0 % $ 902,648 0.2 % $ 8.59 15850 Slover Avenue Fontana 1 Warehouse / Distribution 2020 60,127 0.1 % 1 100.0 % $ 624,263 0.1 % $ 10.38 13512 Marlay Avenue Fontana 1 Warehouse / Distribution 1960 199,363 0.5 % 1 100.0 % $ 1,624,352 0.3 % $ 8.15 13700-13738 Slover Avenue Fontana 1 Warehouse / Excess Land 1982 17,862 — % 1 100.0 % $ — — % $ — 10131 Banana Avenue Fontana — Industrial Outdoor Storage n/a — — % 1 — % $ 465,739 0.1 % $ — 14874 Jurupa Avenue Fontana 1 Warehouse / Distribution 2019 158,119 0.4 % 1 100.0 % $ 3,118,200 0.6 % $ 19.72 10660 Mulberry Avenue Fontana 1 Warehouse / Distribution 1990 49,530 0.1 % 1 100.0 % $ 378,759 0.1 % $ 7.65 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) 4225 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 134,500 0.3 % 3 100.0 % $ 1,149,300 0.2 % $ 8.54 4325 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 124,258 0.3 % 1 100.0 % $ 790,128 0.1 % $ 6.36 4039 State Street Montclair 1 Warehouse / Distribution 2020 139,000 0.3 % 1 100.0 % $ 1,203,295 0.2 % $ 8.66 5160 Richton Street Montclair 1 Light Industrial / Office 2004 94,976 0.2 % 5 100.0 % $ 1,302,236 0.2 % $ 13.71 1400 S.
Birch Street Santa Ana 1 Warehouse / Distribution 1965 / 2016 98,379 0.2 % 3 100.0 % $ 1,397,792 0.2 % $ 14.21 1801 St Andrew Place Santa Ana 1 Light Industrial / Office 1987 370,374 0.8 % 2 100.0 % $ 6,121,915 0.9 % $ 16.53 15777 Gateway Circle Tustin 1 Warehouse / Light Manufacturing 2005 37,592 0.1 % 1 100.0 % $ 757,855 0.1 % $ 20.16 15771 Red Hill Avenue Tustin 1 Light Industrial / Office 1979 / 2016 98,970 0.2 % 3 100.0 % $ 3,254,261 0.5 % $ 32.88 Orange County – Airport Total 14 1,099,985 2.4 % 73 99.9 % $ 20,772,785 3.2 % $ 18.90 Riverside / San Bernardino - Inland Empire West 13971 Norton Avenue Chino 1 Warehouse / Distribution 1990 103,208 0.2 % — — % $ — — % $ — 5002-5018 Lindsay Court Chino 1 Warehouse / Distribution 1986 64,960 0.1 % 2 100.0 % $ 998,518 0.2 % $ 15.37 13925 Benson Avenue Chino 1 Light Industrial / Office 1989 38,143 0.1 % 1 100.0 % $ 1,440,000 0.2 % $ 37.75 340-344 Bonnie Circle Corona 1 Warehouse / Distribution 1994 98,000 0.2 % 1 100.0 % $ 759,535 0.1 % $ 7.75 1168 Sherborn Street Corona 1 Warehouse / Distribution 2004 79,515 0.2 % 1 100.0 % $ 851,367 0.1 % $ 10.71 755 Trademark Circle Corona 1 Warehouse / Distribution 2001 34,427 0.1 % 1 100.0 % $ 577,200 0.1 % $ 16.77 The Merge Eastvale 6 Warehouse / Distribution 2020 333,544 0.7 % 8 100.0 % $ 4,229,728 0.6 % $ 12.68 6245 Providence Way Eastvale 1 Warehouse / Distribution 2018 27,636 0.1 % 1 100.0 % $ 306,069 — % $ 11.08 Merge-West Eastvale 6 Warehouse / Distribution 2022 1,057,419 2.3 % 5 81.3 % $ 14,862,818 2.3 % $ 17.29 13231 Slover Avenue Fontana 1 Warehouse / Distribution 1990 109,463 0.2 % 1 100.0 % $ 2,482,621 0.4 % $ 22.68 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) 10509 Business Drive Fontana 1 Warehouse / Distribution 1989 130,788 0.3 % 2 100.0 % $ 2,519,206 0.4 % $ 19.26 15996 Jurupa Avenue Fontana 1 Warehouse / Distribution 2015 212,660 0.5 % 1 100.0 % $ 2,084,646 0.3 % $ 9.80 11127 Catawba Avenue Fontana 1 Warehouse / Distribution 2015 145,750 0.3 % 1 100.0 % $ 1,298,860 0.2 % $ 8.91 10156 Live Oak Avenue Fontana 1 Warehouse / Distribution 2020 236,912 0.5 % 1 100.0 % $ 2,111,256 0.3 % $ 8.91 10694 Tamarind Avenue Fontana 1 Warehouse / Distribution 2020 99,999 0.2 % 1 100.0 % $ 944,107 0.1 % $ 9.44 13369 Valley Blvd Fontana 1 Light Industrial / Office 2005 105,041 0.2 % 1 100.0 % $ 2,205,861 0.3 % $ 21.00 15850 Slover Avenue Fontana 1 Warehouse / Distribution 2020 60,127 0.1 % 1 100.0 % $ 642,990 0.1 % $ 10.69 13512 Marlay Avenue Fontana 1 Warehouse / Distribution 1960 199,363 0.4 % 1 100.0 % $ 1,673,083 0.3 % $ 8.39 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 — — % 1 — % $ 1,139,938 0.2 % $ — 14874 Jurupa Avenue Fontana 1 Warehouse / Distribution 2019 158,119 0.4 % 1 100.0 % $ 3,118,200 0.5 % $ 19.72 10660 Mulberry Avenue Fontana 1 Warehouse / Distribution 1990 49,530 0.1 % 1 100.0 % $ 390,122 0.1 % $ 7.88 10545 Production Avenue Fontana 1 Warehouse / Distribution 2006 1,101,840 2.4 % 1 100.0 % $ 18,510,912 2.8 % $ 16.80 4225 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 134,500 0.3 % 3 100.0 % $ 1,182,000 0.2 % $ 8.79 4325 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 124,258 0.3 % 1 100.0 % $ 813,840 0.1 % $ 6.55 4039 State Street Montclair 1 Warehouse / Distribution 2020 139,000 0.3 % 1 100.0 % $ 1,239,491 0.2 % $ 8.92 5160 Richton Street Montclair 1 Light Industrial / Office 2004 94,976 0.2 % 5 100.0 % $ 1,390,343 0.2 % $ 14.64 1400 S.
(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) 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. 54 (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.
Santa Fe Springs 2 Warehouse / Distribution 2004 58,056 0.1 % 5 100.0 % $ 667,039 0.1 % $ 11.49 10950 Norwalk Blvd & 12241 Lakeland Rd. Santa Fe Springs 1 Warehouse / Excess Land 1982 18,995 0.1 % 1 100.0 % $ 510,389 0.1 % $ 26.87 12247 Lakeland Rd.
Santa Fe Springs 2 Warehouse / Distribution 2004 58,056 0.1 % 5 100.0 % $ 798,877 0.1 % $ 13.76 10950 Norwalk Blvd & 12241 Lakeland Rd. Santa Fe Springs 1 Warehouse / Excess Land 1982 18,995 0.1 % 1 100.0 % $ 525,701 0.1 % $ 27.68 12247 Lakeland Rd.
Oxnard 1 Warehouse / Light Manufacturing 2000 125,514 0.3 % 17 100.0 % $ 1,467,667 0.3 % $ 11.69 2950 Madera Rd. Simi Valley 1 Warehouse / Distribution 1988 / 2005 136,065 0.3 % 1 100.0 % $ 937,401 0.2 % $ 6.89 21-29 West Easy St.
Oxnard 1 Warehouse / Light Manufacturing 2000 125,514 0.3 % 16 98.6 % $ 1,553,346 0.2 % $ 12.55 2950 Madera Rd. Simi Valley 1 Warehouse / Distribution 1988 / 2005 136,065 0.3 % 1 100.0 % $ 956,148 0.1 % $ 7.03 21-29 West Easy St.
Santa Fe Springs 3 Warehouse / Light Manufacturing 1978 / 2012 85,950 0.2 % 25 100.0 % $ 1,140,934 0.2 % $ 13.27 10747 Norwalk Blvd Santa Fe Springs 1 Warehouse / Distribution 1999 52,691 0.1 % 3 100.0 % $ 548,851 0.1 % $ 10.42 11600 Los Nietos Road Santa Fe Springs 1 Warehouse / Distribution 1976 / 2022 106,251 0.3 % 1 100.0 % $ 2,231,271 0.4 % $ 21.00 12133 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage 1967 — — % — — % $ — — % $ — 12211 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage N/A — — % 1 — % $ 857,549 0.2 % $ — 9920-10020 Pioneer Blvd (6) Santa Fe Springs — Redevelopment 1973 - 1978 — — % — — % $ — — % $ — 12118 Bloomfield Avenue (6) Santa Fe Springs — Redevelopment 1955 — — % — — % $ — — % $ — 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) 12017 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage n/a — — % 2 — % $ 2,559,422 0.5 % $ — 12027 Greenstone Avenue Santa Fe Springs 1 Industrial Outdoor Storage 1975 7,780 — % 1 100.0 % $ 114,000 — % $ 14.65 13711 Freeway Drive Santa Fe Springs 1 Warehouse / Distribution 1963 82,092 0.2 % 2 100.0 % $ 1,389,840 0.3 % $ 16.93 13535 Larwin Circle Santa Fe Springs 1 Warehouse / Distribution 1987 56,011 0.1 % 1 100.0 % $ 468,169 0.1 % $ 8.36 Gateway Pointe Whittier 4 Warehouse / Distribution 2005 - 2006 989,195 2.3 % 4 100.0 % $ 10,914,803 2.0 % $ 11.03 Los Angeles – Mid-Counties Total 32 2,624,612 6.2 % 102 95.2 % $ 35,063,926 6.4 % $ 14.04 Los Angeles – South Bay 750 Manville Street Compton 1 Warehouse / Distribution 1977 59,996 0.1 % 1 100.0 % $ 629,368 0.1 % $ 10.49 1065 E.
Santa Fe Springs 3 Warehouse / Light Manufacturing 1978 / 2012 85,963 0.2 % 24 97.2 % $ 1,278,921 0.2 % $ 15.31 10747 Norwalk Blvd Santa Fe Springs 1 Warehouse / Distribution 1999 52,691 0.1 % 3 100.0 % $ 565,316 0.1 % $ 10.73 11600 Los Nietos Road Santa Fe Springs 1 Warehouse / Distribution 1976 / 2022 106,251 0.2 % 1 100.0 % $ 2,326,100 0.3 % $ 21.89 12133 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage 1967 / 2023 — — % 1 — % $ 1,203,702 0.2 % $ — 12211 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage N/A — — % 1 — % $ 883,275 0.1 % $ — 9920-10020 Pioneer Blvd (6) Santa Fe Springs — Redevelopment 1973 - 1978 — — % — — % $ — — % $ — 12118 Bloomfield Avenue (6) Santa Fe Springs — Redevelopment 1955 — — % — — % $ — — % $ — 37 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) 12017 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage n/a — — % 1 — % $ 1,359,542 0.2 % $ — 12027 Greenstone Avenue Santa Fe Springs 1 Industrial Outdoor Storage 1975 7,780 — % 1 100.0 % $ 120,000 — % $ 15.42 13711 Freeway Drive Santa Fe Springs 1 Warehouse / Distribution 1963 82,092 0.2 % 2 100.0 % $ 1,449,413 0.2 % $ 17.66 13535 Larwin Circle Santa Fe Springs 1 Warehouse / Distribution 1987 56,011 0.1 % 1 100.0 % $ 468,169 0.1 % $ 8.36 9400-9500 Santa Fe Springs Road Santa Fe Springs 2 Warehouse / Distribution 1980 / 1990 595,304 1.3 % 2 100.0 % $ 10,596,334 1.6 % $ 17.80 Gateway Pointe Whittier 4 Warehouse / Distribution 2005 - 2006 989,195 2.2 % 4 100.0 % $ 11,250,401 1.7 % $ 11.37 Los Angeles – Mid-Counties Total 34 3,220,419 7.0 % 103 98.5 % $ 49,650,690 7.5 % $ 15.66 Los Angeles – South Bay 750 Manville Street Compton 1 Warehouse / Distribution 1977 59,996 0.1 % 1 100.0 % $ 648,249 0.1 % $ 10.80 1065 E.
Chatsworth 1 Warehouse / Distribution 1967 / 1999 319,348 0.8 % 2 100.0 % $ 3,044,154 0.6 % $ 9.53 21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street Chatsworth 7 Warehouse / Distribution 1979 / 1980 153,236 0.4 % 10 90.6 % $ 2,021,326 0.4 % $ 14.55 9171 Oso Avenue Chatsworth 1 Warehouse / Light Manufacturing 1980 65,560 0.2 % 1 100.0 % $ 708,048 0.1 % $ 10.80 9200 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1968 80,410 0.2 % 1 100.0 % $ 820,182 0.2 % $ 10.20 9230 Mason Avenue Chatsworth 1 Warehouse / Distribution 1974 54,000 0.1 % 1 100.0 % $ 434,160 0.1 % $ 8.04 9250 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1977 56,292 0.1 % 1 100.0 % $ 444,316 0.1 % $ 7.89 21415-21605 Plummer Street Chatsworth 2 Light Industrial / Office 1986 231,769 0.5 % 3 82.5 % $ 4,899,749 0.9 % $ 25.63 19900 Plummer Street Chatsworth 1 Light Industrial / Office 1983 43,472 0.1 % 1 100.0 % $ 991,459 0.2 % $ 22.81 900-920 Allen Avenue Glendale 2 Warehouse / Light Manufacturing 1942 - 1995 68,630 0.2 % 2 100.0 % $ 1,105,851 0.2 % $ 16.11 3550 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N.
Chatsworth 1 Warehouse / Distribution 1967 / 1999 319,348 0.7 % 2 100.0 % $ 3,133,140 0.5 % $ 9.81 21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street Chatsworth 7 Warehouse / Distribution 1979 / 1980 153,236 0.3 % 8 73.0 % $ 1,721,168 0.3 % $ 15.38 9171 Oso Avenue Chatsworth 1 Warehouse / Light Manufacturing 1980 65,560 0.1 % 1 100.0 % $ 729,289 0.1 % $ 11.12 9200 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1968 80,410 0.2 % 1 100.0 % $ 839,480 0.1 % $ 10.44 9230 Mason Avenue Chatsworth 1 Warehouse / Distribution 1974 54,000 0.1 % 1 100.0 % $ 447,120 0.1 % $ 8.28 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 231,769 0.5 % 3 82.5 % $ 5,045,224 0.8 % $ 26.39 19900 Plummer Street (6) Chatsworth — Redevelopment 1983 — — % — — % $ — — % $ — 900-920 Allen Avenue Glendale 2 Warehouse / Light Manufacturing 1942 - 1995 68,630 0.1 % 2 100.0 % $ 1,153,369 0.2 % $ 16.81 3550 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N.
Commerce 1 Cold Storage / Distribution 2000 70,877 0.2 % 1 100.0 % $ 1,202,943 0.2 % $ 16.97 5300 Sheila Street Commerce 1 Warehouse / Distribution 1975 695,120 1.6 % 1 100.0 % $ 5,588,030 1.0 % $ 8.04 6100 Sheila Street Commerce 1 Cold Storage / Distribution 1960 80,091 0.2 % 7 100.0 % $ 1,655,696 0.3 % $ 20.67 6277-6289 Slauson Avenue Commerce 3 Warehouse / Distribution 1962 - 1977 315,719 0.7 % 3 100.0 % $ 2,453,487 0.5 % $ 7.77 6687 Flotilla Street Commerce 1 Warehouse / Light Manufacturing 1956 120,000 0.3 % 1 100.0 % $ 1,305,216 0.2 % $ 10.88 2553 Garfield Avenue Commerce 1 Warehouse / Light Manufacturing 1954 25,615 0.1 % 1 100.0 % $ 127,200 — % $ 4.97 6655 East 26th Street Commerce 1 Warehouse / Light Manufacturing 1965 47,500 0.1 % 1 100.0 % $ 387,600 0.1 % $ 8.16 6027 Eastern Avenue (6) Commerce — Redevelopment 1946 — — % — — % $ — — % $ — 6996-7044 Bandini Blvd Commerce 2 Warehouse / Light Manufacturing 1968 112,944 0.3 % 2 100.0 % $ 1,879,328 0.3 % $ 16.64 6000-6052 & 6027-6029 Bandini Blvd Commerce 2 Warehouse / Distribution 2016 182,782 0.4 % 3 100.0 % $ 2,236,504 0.4 % $ 12.24 6700 S Alameda St.
Commerce 1 Cold Storage / Distribution 2000 70,877 0.1 % 1 100.0 % $ 1,239,031 0.2 % $ 17.48 5300 Sheila Street Commerce 1 Warehouse / Distribution 1975 695,120 1.5 % 1 100.0 % $ 5,685,820 0.9 % $ 8.18 6100 Sheila Street Commerce 1 Cold Storage / Distribution 1960 80,091 0.2 % 7 100.0 % $ 1,900,758 0.3 % $ 23.73 6277-6289 Slauson Avenue Commerce 3 Warehouse / Distribution 1962 - 1977 315,719 0.7 % 3 100.0 % $ 2,535,202 0.4 % $ 8.03 6687 Flotilla Street Commerce 1 Warehouse / Light Manufacturing 1956 120,000 0.3 % 1 100.0 % $ 1,344,372 0.2 % $ 11.20 2553 Garfield Avenue Commerce 1 Warehouse / Light Manufacturing 1954 25,615 0.1 % 1 100.0 % $ 129,600 — % $ 5.06 6655 East 26th Street Commerce 1 Warehouse / Light Manufacturing 1965 47,500 0.1 % 1 100.0 % $ 393,300 0.1 % $ 8.28 6027 Eastern Avenue (6) Commerce — Redevelopment 1946 — — % — — % $ — — % $ — 6996-7044 Bandini Blvd Commerce 2 Warehouse / Light Manufacturing 1968 112,944 0.2 % 2 100.0 % $ 2,308,589 0.3 % $ 20.44 6000-6052 & 6027-6029 Bandini Blvd Commerce 2 Warehouse / Distribution 2016 182,782 0.4 % 3 100.0 % $ 2,312,497 0.4 % $ 12.65 6700 S Alameda St.
(5) The tenant is leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.2 million or $3.21 per land square foot. (6) Includes (i) 164,500 rentable square feet in the Greater San Fernando Valley expiring October 31, 2023 and (ii) 6,042 rentable square feet in LA-South Bay expiring January 31, 2027.
(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 $11.4 million or $3.28 per land square foot.
Thousand Oaks 9 Warehouse / Distribution 2018 / 2020 531,378 1.3 % 10 100.0 % $ 5,789,511 1.1 % $ 10.90 Ventura County Total 43 3,156,432 7.4 % 184 99.7 % $ 34,363,503 6.3 % $ 10.92 San Diego – North County 6200 & 6300 Yarrow Dr.
Thousand Oaks 9 Warehouse / Distribution 2018 / 2020 531,378 1.2 % 9 92.0 % $ 6,552,734 1.0 % $ 13.40 Ventura County Total 43 3,156,432 6.9 % 181 96.7 % $ 36,599,724 5.6 % $ 11.99 San Diego – North County 6200 & 6300 Yarrow Dr.
Paramount 1 Warehouse / Distribution 1972 / 2015, 2019 74,856 0.2 % 2 100.0 % $ 855,149 0.2 % $ 11.42 2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E Pacifica Place; 20001-20021 Rancho Way Rancho Dominguez 6 Warehouse / Distribution 1989 / 2021 1,150,644 2.7 % 15 99.1 % $ 14,389,812 2.6 % $ 12.62 19402 Susana Road Rancho Dominguez 1 Warehouse / Excess Land 1957 15,433 — % 1 100.0 % $ 274,140 — % $ 17.76 19100 Susana Road Rancho Dominguez 1 Warehouse / Excess Land 1956 52,714 0.1 % 1 100.0 % $ 990,207 0.2 % $ 18.78 2757 Del Amo Blvd Rancho Dominguez 1 Warehouse / Excess Land 1967 57,300 0.1 % — — % $ — — % $ — 3150 Ana Street Rancho Dominguez 1 Warehouse / Light Manufacturing 1957 105,970 0.3 % 1 100.0 % $ 2,416,116 0.4 % $ 22.80 19007 Reyes Avenue Rancho Dominguez — Industrial Outdoor Storage 1969 / 2021 — — % 1 — % $ 1,293,619 0.2 % $ — 2880 Ana Street Rancho Dominguez 3 Industrial Outdoor Storage 1963 10,732 — % 1 — % $ 1,328,184 0.2 % $ — 19431 Santa Fe Avenue Rancho Dominguez 2 Warehouse / Light Manufacturing 1974 77,758 0.2 % 2 100.0 % $ 692,940 0.1 % $ 8.91 36 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) 20304 Alameda Street Rancho Dominguez 1 Warehouse / Light Manufacturing 1970 80,850 0.2 % 1 100.0 % $ 2,400,000 0.4 % $ 29.68 2410-2420 Santa Fe Avenue Redondo Beach 1 Light Industrial / Office 1977 112,000 0.3 % 1 100.0 % $ 1,578,272 0.3 % $ 14.09 2601-2641 Manhattan Beach Blvd Redondo Beach 6 Light Industrial / Office 1978 126,726 0.3 % 28 85.6 % $ 2,240,409 0.4 % $ 20.64 2400 Marine Avenue Redondo Beach 2 Light Industrial / Office 1964 50,000 0.1 % 4 100.0 % $ 1,877,544 0.3 % $ 37.55 20920-20950 Normandie Ave.
Paramount 1 Warehouse / Distribution 1972 / 2015, 2019 74,856 0.2 % 2 100.0 % $ 1,065,862 0.2 % $ 14.24 2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E Pacifica Place; 20001-20021 Rancho Way Rancho Dominguez 6 Warehouse / Distribution 1989 / 2021 1,099,050 2.4 % 12 98.6 % $ 14,277,394 2.2 % $ 13.18 19402 Susana Road Rancho Dominguez 1 Warehouse / Excess Land 1957 15,433 — % 1 100.0 % $ 282,360 — % $ 18.30 19100 Susana Road Rancho Dominguez 1 Warehouse / Excess Land 1956 52,714 0.1 % 1 100.0 % $ 1,019,914 0.2 % $ 19.35 2757 Del Amo Blvd Rancho Dominguez 1 Warehouse / Excess Land 1967 57,300 0.1 % 1 100.0 % $ 1,134,540 0.2 % $ 19.80 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) 3150 Ana Street Rancho Dominguez 1 Warehouse / Light Manufacturing 1957 105,970 0.2 % 1 100.0 % $ 2,536,922 0.4 % $ 23.94 19007 Reyes Avenue Rancho Dominguez — Industrial Outdoor Storage 1969 / 2021 — — % 1 — % $ 1,332,428 0.2 % $ — 19431 Santa Fe Avenue Rancho Dominguez 3 Industrial Outdoor Storage 1963 / 2023 1,855 — % 1 100.0 % $ 1,943,404 0.3 % $ 1,047.66 20304 Alameda Street Rancho Dominguez 2 Warehouse / Light Manufacturing 1974 77,758 0.2 % 2 100.0 % $ 713,736 0.1 % $ 9.18 2880 Ana Street Rancho Dominguez 1 Warehouse / Light Manufacturing 1970 — — % — — % $ — — % $ — 19301 Santa Fe Avenue Rancho Dominguez 3 Light Industrial / Office 1954 / 1989 41,638 0.1 % 8 76.1 % $ 462,777 0.1 % $ 14.61 2410-2420 Santa Fe Avenue Redondo Beach 1 Light Industrial / Office 1977 112,000 0.2 % 1 100.0 % $ 1,672,968 0.3 % $ 14.94 2601-2641 Manhattan Beach Blvd Redondo Beach 6 Light Industrial / Office 1978 126,726 0.3 % 27 92.2 % $ 2,547,186 0.4 % $ 21.80 2400 Marine Avenue Redondo Beach 2 Light Industrial / Office 1964 50,000 0.1 % 2 70.6 % $ 1,321,713 0.2 % $ 37.45 20920-20950 Normandie Ave.
Poway 6 Warehouse / Light Manufacturing 1999 111,860 0.3 % 15 100.0 % $ 1,785,687 0.3 % $ 15.96 8902-8940 Activity Rd San Diego 5 Light Industrial / Office 1987 / 1997 112,876 0.3 % 36 98.8 % $ 2,157,724 0.4 % $ 19.35 6970-7170 & 7310-7374 Convoy Ct.
Poway 6 Warehouse / Light Manufacturing 1999 111,860 0.3 % 16 100.0 % $ 1,954,141 0.3 % $ 17.47 8902-8940 Activity Rd San Diego 5 Light Industrial / Office 1987 / 1997 112,896 0.3 % 33 83.8 % $ 1,887,748 0.3 % $ 19.94 6970-7170 & 7310-7374 Convoy Ct.
Uncommenced Leases Uncommenced leases as of December 31, 2022, reflect signed new and renewal leases that had not yet commenced as of December 31, 2022. Differences between our occupancy rates and leased rates as disclosed throughout this Annual Report on Form 10-K, are attributed to our uncommenced leases.
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, 2023.
Downey 1 Warehouse / Light Manufacturing 2008 176,405 0.4 % 40 97.7 % $ 2,314,465 0.4 % $ 13.43 12200 Bellflower Blvd Downey 1 Warehouse / Excess Land 1955 54,161 0.1 % 1 100.0 % $ 1,231,751 0.2 % $ 22.74 9607-9623 Imperial Highway Downey 1 Industrial Outdoor Storage 1974 7,466 — % 1 100.0 % $ 833,198 0.1 % $ 111.60 14820-14830 Carmenita Road Norwalk 3 Warehouse / Distribution 1970, 2000 198,845 0.5 % 3 100.0 % $ 2,454,476 0.4 % $ 12.34 9615 Norwalk Blvd.
Downey 1 Warehouse / Light Manufacturing 2008 176,405 0.4 % 40 93.1 % $ 2,720,370 0.4 % $ 16.56 12200 Bellflower Blvd Downey 1 Warehouse / Excess Land 1955 54,161 0.1 % 1 100.0 % $ 1,268,704 0.2 % $ 23.42 9607-9623 Imperial Highway Downey 1 Industrial Outdoor Storage 1974 7,466 — % 1 100.0 % $ 858,194 0.1 % $ 114.95 14820-14830 Carmenita Road Norwalk 3 Warehouse / Distribution 1970, 2000 198,845 0.4 % 3 100.0 % $ 2,537,318 0.4 % $ 12.76 9615 Norwalk Blvd.
Carlsbad 2 Warehouse / Light Manufacturing 1977-1988 / 2006 151,433 0.4 % 3 100.0 % $ 1,800,109 0.3 % $ 11.89 2431-2465 Impala Dr. Carlsbad 7 Light Manufacturing / Flex 1983 / 2006 90,091 0.2 % 10 91.9 % $ 1,528,067 0.3 % $ 18.46 6231 & 6241 Yarrow Dr.
Carlsbad 2 Warehouse / Light Manufacturing 1977-1988 / 2006 151,433 0.3 % 3 100.0 % $ 1,945,148 0.3 % $ 12.84 2431-2465 Impala Dr. Carlsbad 7 Light Manufacturing / Flex 1983 / 2006 90,091 0.2 % 10 95.3 % $ 1,707,195 0.2 % $ 19.88 6231 & 6241 Yarrow Dr.
Carlsbad 2 Warehouse / Light Manufacturing 1977 / 2006 80,461 0.2 % 6 100.0 % $ 1,116,467 0.2 % $ 13.88 6131-6133 Innovation Way Carlsbad 2 Warehouse / Distribution 2017 114,572 0.3 % 4 100.0 % $ 1,588,380 0.3 % $ 13.86 2270 Camino Vida Roble Carlsbad 1 Light Industrial / Office 1981 106,311 0.2 % 17 91.5 % $ 1,602,642 0.3 % $ 16.48 1332-1340 Rocky Point Drive Oceanside 3 Warehouse / Distribution 2009 / 2019 73,748 0.2 % 3 100.0 % $ 906,448 0.2 % $ 12.29 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) 4039 Calle Platino Oceanside 1 Warehouse / Distribution 1991 143,274 0.3 % 4 92.7 % $ 1,690,464 0.3 % $ 12.73 1402 Avenida Del Oro Oceanside 1 Warehouse / Excess Land 2016 311,995 0.7 % 1 100.0 % $ 4,311,948 0.8 % $ 13.82 2843 Benet Road Oceanside 1 Warehouse / Distribution 1987 35,000 0.1 % 1 100.0 % $ 461,795 0.1 % $ 13.19 660-664 Twin Oaks Valley Road San Marcos 2 Warehouse / Distribution 1978 - 1988 96,993 0.2 % 2 100.0 % $ 1,025,498 0.2 % $ 10.57 980 Rancheros Drive San Marcos 1 Warehouse / Distribution 1982 48,878 0.1 % 1 100.0 % $ 577,200 0.1 % $ 11.81 929, 935, 939 & 951 Poinsettia Ave.
Carlsbad 2 Warehouse / Light Manufacturing 1977 / 2006 80,461 0.2 % 6 100.0 % $ 1,170,532 0.2 % $ 14.55 6131-6133 Innovation Way Carlsbad 2 Warehouse / Distribution 2017 114,572 0.2 % 4 100.0 % $ 1,838,153 0.3 % $ 16.04 2270 Camino Vida Roble Carlsbad 1 Light Industrial / Office 1981 106,311 0.2 % 19 100.0 % $ 1,903,730 0.3 % $ 17.91 1332-1340 Rocky Point Drive Oceanside 3 Warehouse / Distribution 2009 / 2019 73,748 0.2 % 3 100.0 % $ 937,586 0.1 % $ 12.71 4039 Calle Platino Oceanside 1 Warehouse / Distribution 1991 143,212 0.3 % 4 48.8 % $ 965,522 0.1 % $ 13.82 1402 Avenida Del Oro Oceanside 1 Warehouse / Excess Land 2016 311,995 0.7 % 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 % $ 472,878 0.1 % $ 13.51 660-664 Twin Oaks Valley Road San Marcos 2 Warehouse / Distribution 1978 - 1988 96,993 0.2 % 2 100.0 % $ 1,056,263 0.2 % $ 10.89 980 Rancheros Drive San Marcos 1 Warehouse / Distribution 1982 48,878 0.1 % 1 100.0 % $ 595,908 0.1 % $ 12.19 929, 935, 939 & 951 Poinsettia Ave.
Vernon 3 Warehouse / Light Manufacturing 1961, 1983 / 2008-2010 190,663 0.4 % 3 100.0 % $ 2,024,136 0.4 % $ 10.62 2970 East 50th Street Vernon 1 Warehouse / Distribution 48,876 0.1 % 1 100.0 % $ 769,803 0.1 % $ 15.75 Los Angeles – Central Total 36 3,189,684 7.5 % 52 95.5 % $ 34,517,305 6.3 % $ 11.33 Los Angeles –- Mid-Counties 6635 Caballero Blvd Buena Park 1 Light Industrial / Office 2003 92,395 0.2 % 1 100.0 % $ 970,702 0.2 % $ 10.51 16221 Arthur St.
Vernon 3 Warehouse / Light Manufacturing 1961, 1983 / 2008-2010 190,663 0.4 % 3 100.0 % $ 2,078,595 0.3 % $ 10.90 2970 East 50th Street Vernon 1 Warehouse / Distribution 1949 48,876 0.1 % 1 100.0 % $ 788,279 0.1 % $ 16.13 Los Angeles – Central Total 36 3,189,684 7.0 % 50 94.5 % $ 37,224,347 5.7 % $ 12.35 Los Angeles –- Mid-Counties 6635 Caballero Blvd Buena Park 1 Light Industrial / Office 2003 92,395 0.2 % 1 100.0 % $ 999,823 0.1 % $ 10.82 16221 Arthur St.
San Fernando Rd. Los Angeles 8 Warehouse / Distribution 1966, 1992, 1993, 1994 474,475 1.1 % 25 98.9 % $ 6,976,028 1.3 % $ 14.87 3116 W. Avenue 32 Los Angeles 1 Warehouse / Distribution 1974 100,500 0.2 % 1 100.0 % $ 1,118,468 0.2 % $ 11.13 7900 Nelson Rd.
San Fernando Rd. Los Angeles 8 Warehouse / Distribution 1966, 1992, 1993, 1994 474,475 1.0 % 26 100.0 % $ 7,978,792 1.2 % $ 16.82 3116 W. Avenue 32 Los Angeles 1 Warehouse / Distribution 1974 100,500 0.2 % 1 100.0 % $ 1,152,022 0.2 % $ 11.46 7900 Nelson Rd.
Torrance 2 Warehouse / Light Manufacturing 1989 49,519 0.1 % 27 100.0 % $ 894,378 0.2 % $ 18.06 24105 Frampton Avenue Torrance 1 Warehouse / Distribution 1974 / 2016 49,841 0.1 % 1 100.0 % $ 485,624 0.1 % $ 9.74 1500-1510 W. 228th St.
Torrance 2 Warehouse / Light Manufacturing 1989 49,519 0.1 % 29 100.0 % $ 999,863 0.1 % $ 20.19 24105 Frampton Avenue Torrance 1 Warehouse / Distribution 1974 / 2016 49,841 0.1 % 1 100.0 % $ 500,193 0.1 % $ 10.04 1500-1510 W. 228th St.
City of Industry 2 Warehouse / Distribution 1965, 2005 / 2003 241,248 0.6 % 13 100.0 % $ 3,979,388 0.7 % $ 16.50 14421-14441 Bonelli Street City of Industry 2 Warehouse / Distribution 1971 148,740 0.3 % 1 100.0 % $ 1,677,029 0.3 % $ 11.27 16425 Gale Avenue City of Industry 1 Warehouse / Distribution 1976 325,800 0.8 % 2 100.0 % $ 2,458,491 0.4 % $ 7.55 14748-14750 Nelson Avenue City of Industry 2 Warehouse / Distribution 1969 / 2018 201,990 0.5 % 13 93.7 % $ 3,415,310 0.6 % $ 18.04 13890 Nelson Avenue City of Industry 1 Warehouse / Distribution 1982 256,993 0.6 % 1 100.0 % $ 2,159,340 0.4 % $ 8.40 218 Turnbull Canyon City of Industry 1 Warehouse / Distribution 1999 190,900 0.4 % 1 100.0 % $ 1,233,471 0.2 % $ 6.46 15010 Don Julian Road (6) City of Industry 1 Redevelopment 1963 92,925 0.2 % — — % $ — — % $ — 334 El Encanto Road City of Industry 1 Warehouse / Light Manufacturing 1960 64,368 0.1 % 1 100.0 % $ 1,011,865 0.2 % $ 15.72 17031-17037 Green Drive City of Industry 1 Warehouse / Distribution 1968 51,000 0.1 % 2 100.0 % $ 622,800 0.1 % $ 12.21 14940 Proctor Road City of Industry 1 Light Manufacturing / Flex 1962 111,927 0.3 % 1 100.0 % $ 1,920,000 0.4 % $ 17.15 1020 Bixby Drive City of Industry 1 Warehouse / Distribution 1977 56,915 0.1 % 1 100.0 % $ 597,949 0.1 % $ 10.51 15650 Don Julian Road City of Industry 1 Warehouse / Distribution 2003 43,392 0.1 % 1 100.0 % $ 625,886 0.1 % $ 14.42 15700 Don Julian Road City of Industry 1 Warehouse / Distribution 2001 40,453 0.1 % 1 100.0 % $ 514,536 0.1 % $ 12.72 17000 Gale Avenue City of Industry 1 Warehouse / Distribution 2008 29,888 0.1 % 1 100.0 % $ 368,398 0.1 % $ 12.33 20851 Currier Road City of Industry 1 Warehouse / Distribution 1999 59,412 0.1 % — — % $ — — % $ — 10750-10826 Lower Azusa Road El Monte 4 Warehouse / Light Manufacturing 1975 79,050 0.2 % 14 97.2 % $ 1,172,513 0.2 % $ 15.26 15715 Arrow Highway Irwindale 1 Light Manufacturing / Flex 1989 76,000 0.2 % 1 100.0 % $ 1,915,200 0.3 % $ 25.20 32 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) 15705, 15709 Arrow Highway & 5220 Fourth St.
City of Industry 2 Warehouse / Distribution 1965, 2005 / 2003 241,248 0.5 % 13 100.0 % $ 5,031,858 0.8 % $ 20.86 14421-14441 Bonelli Street City of Industry 2 Warehouse / Distribution 1971 148,740 0.3 % 1 100.0 % $ 1,731,532 0.3 % $ 11.64 16425 Gale Avenue City of Industry 1 Warehouse / Distribution 1976 325,800 0.7 % 2 100.0 % $ 2,532,245 0.4 % $ 7.77 14748-14750 Nelson Avenue City of Industry 2 Warehouse / Distribution 1969 / 2018 201,990 0.4 % 11 79.2 % $ 3,702,116 0.6 % $ 23.14 13890 Nelson Avenue City of Industry 1 Warehouse / Distribution 1982 256,993 0.6 % 1 100.0 % $ 2,224,120 0.3 % $ 8.65 218 Turnbull Canyon City of Industry 1 Warehouse / Distribution 1999 190,900 0.4 % 1 100.0 % $ 1,264,307 0.2 % $ 6.62 15010 Don Julian Road (6) City of Industry — Redevelopment 1963 — — % — — % $ — — % $ — 334 El Encanto Road City of Industry 1 Warehouse / Light Manufacturing 1960 64,368 0.1 % 1 100.0 % $ 1,052,340 0.2 % $ 16.35 17031-17037 Green Drive City of Industry 1 Warehouse / Distribution 1968 51,000 0.1 % 2 100.0 % $ 634,092 0.1 % $ 12.43 14940 Proctor Road City of Industry 1 Light Manufacturing / Flex 1962 111,927 0.3 % 1 100.0 % $ 1,977,600 0.3 % $ 17.67 1020 Bixby Drive City of Industry 1 Warehouse / Distribution 1977 56,915 0.1 % 1 100.0 % $ 987,854 0.1 % $ 17.36 15650 Don Julian Road City of Industry 1 Warehouse / Distribution 2003 43,392 0.1 % 1 100.0 % $ 644,663 0.1 % $ 14.86 15700 Don Julian Road City of Industry 1 Warehouse / Distribution 2001 40,453 0.1 % 1 100.0 % $ 529,972 0.1 % $ 13.10 17000 Gale Avenue City of Industry 1 Warehouse / Distribution 2008 29,888 0.1 % 1 100.0 % $ 379,450 0.1 % $ 12.70 20851 Currier Road City of Industry 1 Warehouse / Distribution 1999 / 2023 59,412 0.1 % — — % $ — — % $ — 10750-10826 Lower Azusa Road El Monte 4 Warehouse / Light Manufacturing 1975 79,050 0.2 % 17 94.9 % $ 1,288,228 0.2 % $ 17.17 15715 Arrow Highway Irwindale 1 Light Manufacturing / Flex 1989 76,000 0.2 % 1 100.0 % $ 1,991,808 0.3 % $ 26.21 15705, 15709 Arrow Highway & 5220 Fourth St.
Los Angeles 1 Warehouse / Distribution 1975 / 1995 96,616 0.2 % 2 100.0 % $ 1,028,854 0.2 % $ 10.65 11120, 11160, 11200 Hindry Ave Los Angeles 3 Warehouse / Distribution 1992 / 1994 63,654 0.2 % 14 100.0 % $ 1,345,639 0.2 % $ 21.14 15401 Figueroa Street Los Angeles 1 Warehouse / Light Manufacturing 1964 / 2018 38,584 0.1 % 3 100.0 % $ 493,405 0.1 % $ 12.79 15601 Avalon Blvd (6) Los Angeles — Redevelopment 1984 — — % — — % $ — — % $ — 15650-15700 Avalon Blvd (6) Los Angeles 2 Warehouse / Distribution 1962 - 1978 / 2022 98,259 0.2 % 1 100.0 % $ 2,837,799 0.5 % $ 28.88 514 East C Street Los Angeles 1 Industrial Outdoor Storage 2019 3,436 — % 1 100.0 % $ 532,098 0.1 % $ 154.86 17907-18001 Figueroa Street Los Angeles 6 Warehouse / Excess Land 1954 - 1960 74,810 0.2 % 13 100.0 % $ 987,498 0.2 % $ 13.20 8911 Aviation Blvd Los Angeles 1 Light Manufacturing / Flex 1971 100,000 0.2 % 1 100.0 % $ 1,520,124 0.3 % $ 15.20 2500 Victoria Street Los Angeles — Industrial Outdoor Storage n/a — — % 1 — % $ 11,221,901 2.1 % $ — 444 Quay Avenue Los Angeles 1 Warehouse / Light Manufacturing 1992 29,760 0.1 % — — % $ — — % $ — 18455 Figueroa Street Los Angeles 2 Light Industrial / Office 1978 146,765 0.4 % 1 100.0 % $ 2,641,770 0.5 % $ 18.00 620 Anaheim Street Los Angeles 1 Warehouse / Excess Land 1984 34,555 0.1 % 2 100.0 % $ 964,384 0.2 % $ 27.91 14434-14527 San Pedro Street Los Angeles 1 Warehouse / Excess Land 1971 118,923 0.3 % 2 100.0 % $ 180,000 — % $ 1.51 13301 Main Street Los Angeles 1 Warehouse / Light Manufacturing 1989 106,969 0.3 % 1 100.0 % $ 2,223,532 0.4 % $ 20.79 14400 Figueroa Street Los Angeles 4 Warehouse / Distribution 1967 121,062 0.3 % 1 100.0 % $ 3,529,412 0.6 % $ 29.15 2588 & 2605 Industry Way Lynwood 2 Warehouse / Light Manufacturing 1969 / 1971 164,662 0.4 % 1 100.0 % $ 1,612,964 0.3 % $ 9.80 6423-6431 & 6407-6119 Alondra Blvd.
Los Angeles 1 Warehouse / Distribution 1975 / 1995 96,616 0.2 % 2 100.0 % $ 1,058,823 0.2 % $ 10.96 11120, 11160, 11200 Hindry Ave Los Angeles 3 Warehouse / Distribution 1992 / 1994 63,654 0.1 % 15 100.0 % $ 1,466,158 0.2 % $ 23.03 15401 Figueroa Street Los Angeles 1 Warehouse / Light Manufacturing 1964 / 2018 38,584 0.1 % 2 — % $ 54,510 — % $ — 15601 Avalon Blvd Los Angeles 1 Warehouse / Excess Land 1984 / 2023 86,879 0.2 % 1 100.0 % $ 1,949,565 0.3 % $ 22.44 15650-15700 Avalon Blvd Los Angeles 2 Warehouse / Distribution 1962 - 1978 / 2022 98,259 0.2 % 1 100.0 % $ 2,951,311 0.4 % $ 30.04 514 East C Street Los Angeles 1 Industrial Outdoor Storage 2019 3,436 — % 1 100.0 % $ 548,061 0.1 % $ 159.51 17907-18001 Figueroa Street (6) Los Angeles — Redevelopment 1954 - 1960 — — % — — % $ — — % $ — 8911 Aviation Blvd Los Angeles 1 Light Manufacturing / Flex 1971 100,000 0.2 % 1 100.0 % $ 1,565,728 0.2 % $ 15.66 2500 Victoria Street Los Angeles — Industrial Outdoor Storage n/a — — % 1 — % $ 11,446,339 1.7 % $ — 444 Quay Avenue Los Angeles 1 Warehouse / Light Manufacturing 1992 26,700 0.1 % — — % $ — — % $ — 18455 Figueroa Street Los Angeles 2 Light Industrial / Office 1978 146,765 0.3 % 1 100.0 % $ 2,721,023 0.4 % $ 18.54 620 Anaheim Street Los Angeles 1 Warehouse / Excess Land 1984 34,555 0.1 % 2 100.0 % $ 1,012,603 0.2 % $ 29.30 14434-14527 San Pedro Street Los Angeles 1 Warehouse / Excess Land 1971 58,094 0.1 % — — % $ — — % $ — 13301 Main Street Los Angeles 1 Warehouse / Light Manufacturing 1989 106,969 0.2 % 1 100.0 % $ 2,312,473 0.3 % $ 21.62 14400 Figueroa Street Los Angeles 4 Warehouse / Distribution 1967 121,062 0.3 % — — % $ — — % $ — 9000 Airport Blvd Los Angeles 1 Industrial Outdoor Storage 1981 38,680 0.1 % 1 100.0 % $ 7,932,000 1.2 % $ 205.07 2588 & 2605 Industry Way Lynwood 2 Warehouse / Light Manufacturing 1969 / 1971 164,662 0.4 % 1 100.0 % $ 1,660,677 0.2 % $ 10.09 6423-6431 & 6407-6119 Alondra Blvd.
San Diego 10 Warehouse / Light Manufacturing 1970 / 2007 97,737 0.2 % 42 100.0 % $ 1,886,373 0.3 % $ 19.30 8525 Camino Santa Fe San Diego 1 Warehouse / Distribution 1986 59,399 0.1 % 4 100.0 % $ 922,343 0.2 % $ 15.53 13550 Stowe Drive San Diego 1 Warehouse / Distribution 1991 112,000 0.3 % 1 100.0 % $ 1,344,000 0.2 % $ 12.00 9190 Activity Road San Diego 1 Warehouse / Distribution 1986 83,520 0.2 % 1 100.0 % $ 945,414 0.2 % $ 11.32 10015 Waples Court San Diego 1 Warehouse / Distribution 1988 / 2020 106,412 0.3 % 1 100.0 % $ 1,557,916 0.3 % $ 14.64 8985 Crestmar Point San Diego 1 Warehouse / Light Manufacturing 1988 57,086 0.1 % 2 86.9 % $ 512,799 0.1 % $ 10.34 5725 Eastgate Drive San Diego 1 Industrial Outdoor Storage 1995 27,267 0.1 % 1 100.0 % $ 590,073 0.1 % $ 21.64 8745-8775 Production Avenue San Diego 2 Light Industrial / Office 1974 / 2021 46,820 0.1 % 4 100.0 % $ 681,447 0.1 % $ 14.55 8888-8992 Balboa Avenue San Diego — Redevelopment 1967 — — % — — % $ — — % $ — 4181 Ruffin Road San Diego 1 Light Industrial / Office 1987 150,144 0.4 % 5 82.1 % $ 2,976,874 0.5 % $ 24.14 San Diego – Central Total 48 1,494,462 3.5 % 174 97.6 % $ 23,144,983 4.2 % $ 15.87 Consolidated Portfolio - Total / Weighted Average 356 Properties 638 42,403,735 100.0 % 1,677 94.6 % $ 546,348,804 100.0 % $ 13.61 42 (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 % 41 93.9 % $ 2,005,230 0.3 % $ 21.83 8525 Camino Santa Fe San Diego 1 Warehouse / Distribution 1986 59,399 0.1 % 4 100.0 % $ 1,169,454 0.2 % $ 19.69 13550 Stowe Drive San Diego 1 Warehouse / Distribution 1991 112,000 0.3 % 1 100.0 % $ 1,384,320 0.2 % $ 12.36 9190 Activity Road San Diego 1 Warehouse / Distribution 1986 83,520 0.2 % 1 100.0 % $ 1,703,808 0.2 % $ 20.40 10015 Waples Court San Diego 1 Warehouse / Distribution 1988 / 2020 106,412 0.2 % 1 100.0 % $ 1,604,654 0.2 % $ 15.08 8985 Crestmar Point San Diego 1 Warehouse / Light Manufacturing 1988 57,086 0.1 % 2 86.9 % $ 519,449 0.1 % $ 10.48 5725 Eastgate Drive San Diego 1 Industrial Outdoor Storage 1995 27,267 0.1 % 1 100.0 % $ 607,775 0.1 % $ 22.29 8745-8775 Production Avenue San Diego 2 Light Industrial / Office 1974 / 2021 46,820 0.1 % 4 100.0 % $ 703,114 0.1 % $ 15.02 8888-8992 Balboa Avenue (6) San Diego — Redevelopment 1967 — — % — — % $ — — % $ — 4181 Ruffin Road San Diego 1 Light Industrial / Office 1987 150,144 0.3 % 4 39.5 % $ 1,343,555 0.2 % $ 22.65 9223 Balboa Avenue San Diego 3 Light Industrial / Office 2020 248,579 0.5 % 2 100.0 % $ 8,948,845 1.4 % $ 36.00 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 0.2 % 1 100.0 % $ 1,837,117 0.3 % $ 27.56 San Diego – Central Total 53 2,009,961 4.4 % 174 92.7 % $ 33,983,786 5.2 % $ 18.24 Consolidated Portfolio - Total / Weighted Average 373 Properties 654 45,860,368 100.0 % 1,615 94.1 % $ 656,933,626 100.0 % $ 15.22 (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.
Vista 1 Warehouse / Light Manufacturing 1988 / 2006 68,935 0.2 % 8 100.0 % $ 873,048 0.1 % $ 12.66 2455 Ash Street Vista 1 Warehouse / Light Manufacturing 1990 42,508 0.1 % 1 100.0 % $ 439,260 0.1 % $ 10.33 San Diego – North County Total 29 1,479,554 3.5 % 69 98.2 % $ 19,175,024 3.5 % $ 13.20 San Diego – Central 12720-12860 Danielson Ct.
Vista 1 Warehouse / Light Manufacturing 1988 / 2006 68,935 0.1 % 8 100.0 % $ 1,058,531 0.2 % $ 15.36 2455 Ash Street Vista 1 Warehouse / Light Manufacturing 1990 42,508 0.1 % 1 100.0 % $ 456,852 0.1 % $ 10.75 San Diego – North County Total 29 1,479,492 3.2 % 71 93.8 % $ 19,801,418 3.0 % $ 14.27 San Diego – Central 12720-12860 Danielson Ct.
Sturgis Road Oxnard 3 Warehouse / Light Manufacturing 1989 49,641 0.1 % 16 95.6 % $ 566,068 0.1 % $ 11.93 3000 Paseo Mercado, 3120-3150 Paseo Mercado Oxnard 5 Warehouse / Light Manufacturing 1988 132,187 0.3 % 25 97.5 % $ 1,438,907 0.3 % $ 11.16 701 Del Norte Blvd.
Sturgis Road Oxnard 3 Warehouse / Light Manufacturing 1989 49,641 0.1 % 15 90.9 % $ 584,554 0.1 % $ 12.96 3000 Paseo Mercado, 3120-3150 Paseo Mercado Oxnard 5 Warehouse / Light Manufacturing 1988 132,187 0.3 % 24 92.3 % $ 1,447,885 0.2 % $ 11.86 701 Del Norte Blvd.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+1 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, 2022 to October 31, 2022 226 $ 51.80 N/A N/A November 1, 2022 to November 30, 2022 82 $ 55.80 N/A N/A December 1, 2022 to December 31, 2022 38 $ 54.12 N/A N/A 346 $ 53.00 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 October 1, 2023 to October 31, 2023 378 $ 46.53 N/A N/A November 1, 2023 to November 30, 2023 63 $ 47.72 N/A N/A December 1, 2023 to December 31, 2023 38 $ 55.97 N/A N/A 479 $ 47.44 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.
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. 52 Performance Graph The following graph compares the cumulative total stockholder return on our common stock from December 31, 2017 through December 31, 2022, 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, 2017, 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. 56 Performance Graph The following graph compares the cumulative total stockholder return on our common stock from December 31, 2018 through December 31, 2023, 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, 2018, 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 8, 2023, there we re 251 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 7, 2024, there we re 280 holders of record of our common stock.
Removed
Period Ending Index 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 Rexford Industrial Realty, Inc. $100.00 $103.24 $162.92 $178.70 $299.91 $206.42 S&P 500 Index $100.00 $95.62 $125.72 $148.85 $191.58 $156.88 Dow Jones Equity All REIT Index $100.00 $95.90 $123.46 $117.54 $165.97 $124.47 Dow Jones U.S. Real Estate Industrial Index $100.00 $96.36 $137.49 $157.52 $241.82 $163.89
Added
Period Ending Index 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 Rexford Industrial Realty, Inc. $100.00 $157.80 $173.09 $290.49 $199.94 $211.21 S&P 500 Index $100.00 $131.49 $155.68 $200.37 $164.08 $207.21 Dow Jones Equity All REIT Index $100.00 $128.74 $122.57 $173.07 $129.79 $144.46 Dow Jones U.S. Real Estate Industrial Index $100.00 $142.68 $163.46 $250.94 $170.08 $207.40

Item 7. Management's Discussion & Analysis

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

163 edited+35 added−41 removed114 unchanged
Biggest changeWe consider a repositioning/redevelopment property to be stabilized upon the earlier of (i) reaching 90% occupancy or (ii) one year from the date construction work is completed. 57 Estimated Construction Period (1) Property (Submarket) Market Total Property Rentable Square Feet (2) Repositioning/ Lease-up Rentable Square Feet (2) Start Completion Total Property Leased % at 12/31/22 Current Repositioning: 12821 Knott Street (West OC) (3) OC 165,171 165,171 1Q-2019 1Q-2023 —% 12133 Greenstone Avenue (Mid-Counties) (4) LA LAND LAND 1Q-2021 1Q-2023 100% 8210-8240 Haskell Avenue (SF Valley) LA 52,934 52,934 1Q-2022 1Q-2023 —% 19431 Santa Fe Avenue (South Bay) LA LAND LAND 1Q-2022 2Q-2023 100% (5) Total Current Repositioning 218,105 218,105 Lease-Up - Repositioning 14100 Vine Place (Mid-Counties) LA 122,514 122,514 2Q-2022 4Q-2022 —% Future Repositioning: 20851 Currier Road (SG Valley) LA 59,412 59,412 1Q-2023 2Q-2023 —% 2800 Casitas Avenue (SF Valley) LA 117,234 117,234 1Q-2023 3Q-2023 100% 500 Dupont Avenue (IE - West) SB 276,000 276,000 1Q-2023 1Q-2024 —% 11308-11350 Penrose Street (SF Valley) LA 151,604 71,824 1Q-2023 2Q-2024 100% 29120 Commerce Center Drive (SF Valley) LA 135,258 135,258 3Q-2023 1Q-2024 100% 1010 Belmont Street (IE - West) SB 61,824 61,824 3Q-2023 3Q-2024 100% Total Future Repositioning 801,332 721,552 58 Estimated Construction Period (1) Property (Submarket) Market Estimated Redevelopment Rentable Square Feet (6) Start Completion Total Property Leased % at 12/31/22 Current Redevelopment: 15601 Avalon Boulevard (South Bay) LA 86,830 3Q-2021 1Q-2023 —% 1055 Sandhill Avenue (South Bay) LA 127,857 3Q-2021 1Q-2024 —% 9615 Norwalk Boulevard (Mid-Counties) LA 201,571 3Q-2021 2Q-2024 —% 9920-10020 Pioneer Boulevard (Mid-Counties) LA 162,231 4Q-2021 1Q-2024 —% 12752-12822 Monarch Street (West OC) (7) OC 161,711 1Q-2022 2Q-2023 See note (7) 1901 Via Burton (North OC) OC 139,449 1Q-2022 1Q-2024 —% 3233 Mission Oaks Boulevard (Ventura) (8) VC 117,358 2Q-2022 2Q-2024 —% 6027 Eastern Avenue (Central LA) LA 93,498 3Q-2022 1Q-2024 —% 8888-8892 Balboa Avenue (Central SD) SD 123,488 3Q-2022 1Q-2024 —% 12118 Bloomfield Avenue (Mid-Counties) LA 109,570 4Q-2022 1Q-2024 —% 2390-2444 American Way (North OC) OC 100,483 4Q-2022 1Q-2024 —% 4416 Azusa Canyon Road (San Gabriel Valley) LA 130,063 4Q-2022 2Q-2024 —% Total Current Redevelopment 1,554,109 Future Redevelopment: 3071 Coronado Street (North OC) OC 105,173 1Q-2023 1Q-2024 100% 15010 Don Julian Road (San Gabriel Valley) LA 219,242 1Q-2023 2Q-2024 —% 12772 San Fernando Road (San Fernando Valley) LA 143,421 3Q-2023 3Q-2024 52% 17907-18001 Figueroa Street (South Bay) LA 75,392 4Q-2023 4Q-2024 100% 21515 Western Avenue (South Bay) LA 84,100 4Q-2023 4Q-2024 —% 13711 Freeway Drive (Mid-Counties) LA 104,500 1Q-2024 2Q-2025 100% Total Future Redevelopment 731,828 Stabilized: (9) Market Stabilized Rentable Square Feet Stabilized Period Total Property Leased % at 12/31/22 29025-29055 Avenue Paine (San Fernando Valley) LA 111,260 1Q-2022 100% 900 East Ball Road (North OC) OC 62,607 2Q-2022 100% 11600 Los Nietos Road (Mid-Counties) LA 106,251 3Q-2022 100% 3441 MacArthur Blvd.
Biggest changeVinedo Avenue (SF Valley) LA 48,381 48,381 1Q-2024 4Q-2024 100% 1020 Bixby Drive (SG Valley) LA 56,915 56,915 1Q-2024 4Q-2024 100% 12907 Imperial Highway (Mid-Counties) LA 101,080 101,080 1Q-2024 4Q-2024 100% 17000 Kingsview (South Bay) LA 100,121 100,121 1Q-2024 1Q-2025 100% 29125 Avenue Paine (SF Valley) LA 176,107 176,107 1Q-2024 3Q-2025 100% (6) East 46th Street (Central LA) LA 190,663 78,928 2Q-2024 2Q-2025 100% 3131 Harcourt Street (South Bay) LA 34,000 34,000 3Q-2024 3Q-2025 100% 14400 Figueroa Street (South Bay) LA 56,700 56,700 3Q-2024 4Q-2025 —% 8985 Crestmar Point (Central SD) SD 53,395 53,395 4Q-2024 3Q-2025 87% Total Future Repositioning 1,221,933 936,372 – See footnotes starting on page 64 – 62 Estimated Construction Period (1) Property (Submarket) Market Estimated Redevelopment Rentable Square Feet (7) Start Completion Total Property Leased % at 12/31/23 Current Redevelopment: 1055 Sandhill Avenue (South Bay) LA 127,857 3Q-2021 2Q-2024 —% 9615 Norwalk Boulevard (Mid-Counties) LA 201,571 3Q-2021 1Q-2025 —% 9920-10020 Pioneer Blvd (Mid-Counties) LA 162,231 4Q-2021 2Q-2024 —% 1901 Via Burton (North OC) OC 139,449 1Q-2022 2Q-2024 —% 3233 Mission Oaks Boulevard (Ventura) (8) VC 117,358 2Q-2022 2Q-2024 —% 6027 Eastern Avenue (Central LA) LA 93,498 3Q-2022 3Q-2024 —% 8888-8992 Balboa Avenue (Central SD) SD 123,488 3Q-2022 3Q-2024 —% 2390-2444 American Way (North OC) OC 100,483 4Q-2022 2Q-2024 —% 12118 Bloomfield Avenue (Mid-Counties) LA 109,447 4Q-2022 4Q-2024 —% 4416 Azusa Canyon Road (SG Valley) LA 130,063 4Q-2022 4Q-2024 —% 3071 Coronado Street (North OC) OC 105,173 1Q-2023 1Q-2024 —% 15010 Don Julian Road (SG Valley) LA 219,242 1Q-2023 1Q-2025 —% 21515 Western Avenue (South Bay) LA 84,100 2Q-2023 1Q-2025 —% 12772 San Fernando Road (SF Valley) LA 143,421 3Q-2023 3Q-2024 —% 19900 Plummer Street (SF Valley) LA 79,900 3Q-2023 4Q-2024 —% 17907-18001 Figueroa Street (South Bay) LA 76,722 4Q-2023 4Q-2024 —% Rancho Pacifica - Building 5 (South Bay) (9) LA 76,500 4Q-2023 4Q-2024 —% 1500 Raymond Avenue (North OC) OC 138,497 4Q-2023 1Q-2025 —% Total Current Redevelopment 2,229,000 Lease-up (Redevelopment): 12752-12822 Monarch St.
(3) 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.
(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.
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 ATM programs.
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.
See “Note 2 – Summary of Significant Accounting Policies” to our consolidated financial statements included in Item 15 of this Report on Form 10-K for further details regarding our estimation process for impairment of long-lived assets. 64 Valuation of Operating Lease Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables.
See “Note 2 – Summary of Significant Accounting Policies” to our consolidated financial statements included in Item 15 of this Report on Form 10-K for further details regarding our estimation process for impairment of long-lived assets. Valuation of Operating Lease Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables.
Loss on Extinguishment of Debt The loss on extinguishment of debt of $0.9 million for the year ended December 31, 2022, is primarily comprised of the write-off of $0.7 million of unamortized debt issuance costs related to the $150.0 million unsecured term loan facility we repaid in May 2022 in advance of the May 2025 maturity date and the write-off of $0.2 million of unamortized debt issuance costs attributable to one of the creditors departing the unsecured revolving credit facility when we amended our senior unsecured credit agreement in May 2022.
Loss on Extinguishment of Debt The loss on extinguishment of debt of $0.9 million for the year ended December 31, 2022, is comprised of the write-off of $0.7 million of unamortized debt issuance costs related to the $150 million unsecured term loan facility we repaid in May 2022 in advance of the May 2025 maturity date and the write-off of $0.2 million of unamortized debt issuance costs attributable to one of the creditors departing the unsecured revolving credit facility when we amended our senior unsecured credit agreement in May 2022.
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 variable-rate 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. For a summary of our outstanding debt, see Item 7.
As of the filing date of this Annual Report on Form 10-K, we did not have any borrowings outstanding under the Revolver, leaving $1.0 billion available for future borrowings. Uses of Liquidity Acquisitions One of our most significant liquidity needs has historically been for the acquisition of real estate properties.
As of the filing date of this Annual Report on Form 10-K, we did not have any borrowings outstanding under the Revolver, leaving $1.0 billion available for future borrowings. 79 Uses of Liquidity Acquisitions One of our most significant liquidity needs has historically been for the acquisition of real estate properties.
Because a taxable REIT subsidiary is subject to federal income tax and state and local income tax (where applicable) as a regular corporation, the income earned by our taxable REIT subsidiaries generally will be subject to an additional level of tax as compared to the income earned by our other subsidiaries.
Because a taxable REIT subsidiary is subject to 67 federal income tax and state and local income tax (where applicable) as a regular corporation, the income earned by our taxable REIT subsidiaries generally will be subject to an additional level of tax as compared to the income earned by our other subsidiaries.
Impairment of the carrying value of long-lived assets are subject to uncertainty associated with forecasting future cash flows for measuring recoverability. Recoverability of real estate assets and other long-lived assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows.
Impairment of the carrying value of long-lived assets are subject to uncertainty associated with forecasting future cash flows for measuring recoverability. Recoverability of real estate assets and other long-lived assets is measured by comparison of 68 the carrying amount of the asset to the estimated future undiscounted cash flows.
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. 53 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. 57 Company Overview Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service REIT focused on owning and operating industrial properties in Southern California infill markets.
We estimate that, on a weighted average basis, in-place rents of leases scheduled to expire in 2023 and 2024 are currently below current market asking rates, although individual units or properties within any particular submarket may currently be leased either above, below, or at the current market asking rates within that submarket.
We estimate that, on a weighted average basis, in-place rents of leases scheduled to expire in 2024 and 2025 are currently below current market asking rates, although individual units or properties within any particular submarket may currently be leased either above, below, or at the current market asking rates within that submarket.
Our overall financial results will be impacted by the extent to which we are able to pass-through property expenses to our tenants. Taxable REIT Subsidiary As of December 31, 2022, our Operating Partnership indirectly and wholly owns Rexford Industrial Realty and Management, Inc., which we refer to as our services company.
Our overall financial results will be impacted by the extent to which we are able to pass-through property expenses to our tenants. Taxable REIT Subsidiary As of December 31, 2023, our Operating Partnership indirectly and wholly owns Rexford Industrial Realty and Management, Inc., which we refer to as our services company.
(4) Participating securities include unvested shares of restricted stock, unvested LTIP units of partnership interest in our Operating Partnership and unvested performance units in our Operating Partnership. Non-GAAP Supplemental Measures: NOI and Cash NOI Net operating income (“NOI”) is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties.
(3) Participating securities include unvested shares of restricted stock, unvested LTIP units of partnership interest in our Operating Partnership and unvested performance units in our Operating Partnership. Non-GAAP Supplemental Measures: NOI and Cash NOI Net operating income (“NOI”) is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties.
The quality and intensity of tenant demand in 2022 is demonstrated through the Company’s strong leasing spreads and volume, achieving rental rates and related terms from new and renewing tenants that have generally exceeded those from historical years (see “—Leasing Activity and Rental Rates” below).
The quality and intensity of tenant demand in 2023 is demonstrated through the Company’s strong leasing spreads and volume, achieving rental rates and related terms from new and renewing tenants that have generally exceeded those from historical years (see “—Leasing Activity and Rental Rates” below).
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources. For a summary of our interest rate swaps and recent transactions, see “Note 7 – Interest Rate Derivatives” to our consolidated financial statements included in Item 15 of this Report on Form 10-K.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources. For a summary of our interest rate swaps and recent transactions, see “Note 8 – Interest Rate Derivatives” to our consolidated financial statements included in Item 15 of this Report on Form 10-K.
See “Note 2 – Summary of Significant Accounting Policies” and “Note 13 – Incentive Award Plan” to our consolidated financial statements included in Item 15 of this Report on Form 10-K for further details regarding our estimation process for equity-based compensation.
See “Note 2 – Summary of Significant Accounting Policies” and “Note 14 – Incentive Award Plan” to our consolidated financial statements included in Item 15 of this Report on Form 10-K for further details regarding our estimation process for equity-based compensation.
The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on the $400 Million Notes due 2030 and $400 Million Notes due 2031 are guaranteed on a senior basis by the Company. The guarantee is full and unconditional, and the Operating Partnership is a consolidated subsidiary of the Company.
The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on the $300 Million Notes due 2028, $400 Million Notes due 2030 and $400 Million Notes due 2031 are guaranteed on a senior basis by the Company. The guarantee is full and unconditional, and the Operating Partnership is a consolidated subsidiary of the Company.
See “Note 5 – Notes Payable” to the consolidated financial statements included in Item 15 of this Report on Form 10-K for further details regarding the scheduled principal payments. Also see “Note 6 – Leases” to the consolidated financial statements for further details regarding the scheduled operating lease payments.
See “Note 6 – Notes Payable” to the consolidated financial statements included in Item 15 of this Report on Form 10-K for further details regarding the scheduled principal payments. Also see “Note 7 – Leases” to the consolidated financial statements for further details regarding the scheduled operating lease payments.
The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2022 and 2021, 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 2022 and 2023, as the timing of these stabilizations have a direct impact on our current and comparative results of operations.
Our net debt is defined as our consolidated indebtedness less cash and cash equivalents. 78 Debt Covenants The Credit Agreement, $60 Million Term Loan Facility, $100 Million Notes, $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 Facility, 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.
Our net debt is defined as our consolidated indebtedness less cash and cash equivalents. 82 Debt Covenants The Credit Agreement, $60.0 million term loan facility (“$60 Million Term Loan”), $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and $25.0 million unsecured guaranteed senior notes and $75.0 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”) all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • For the Credit Agreement and $60 Million Term Loan, maintaining a ratio of secured debt to total asset value of not more than 45%; • For the $100 Million Notes, $125 Million Notes and Series 2019A and 2019B Notes (together the “Senior Notes”), maintaining a ratio of secured debt to total asset value of not more than 40%; • For the Senior Notes, maintaining a ratio of total secured recourse debt to total asset value of not more than 15%; • For the Senior Notes, maintaining a minimum tangible net worth of at least the sum of (i) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016; • Maintaining a ratio of adjusted EBITDA (as defined in each of the loan agreements) to fixed charges of at least 1.5 to 1.0; • For the Credit Agreement and Senior Notes, maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and • For the Credit Agreement and Senior Notes, maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.00.
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. 80 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. 84 Ite m 7A.
The applicable margin for the Revolver ranges from 0.725% to 1.400% per annum for SOFR-based loans and 0.00% to 0.40% per annum for base rate loans, depending on our investment grade ratings.
The applicable margin for the Revolver ranges from 0.725% to 1.400% per annum for SOFR-based loans and 0.00% to 0.40% per annum for base rate loans, depending on our leverage ratio and investment grade ratings.
Additionally, as of December 31, 2022, we had 0.4 million rentable square feet of other repositioning projects. Vacant space at these properties is concentrated in our Los Angeles, Orange County and San Bernardino markets and represents 3.3% of our total consolidated portfolio square footage as of December 31, 2022.
Additionally, as of December 31, 2023, we had 0.4 million rentable square feet of other repositioning projects. Vacant space at these properties is concentrated in our Los Angeles, Orange County and San Bernardino markets and represents 3.5% of our total consolidated portfolio square footage as of December 31, 2023.
Investment in Real Estate We evaluated the acquisitions that we completed during the years ended December 31, 2022 and 2021, and determined that these transactions should be accounted for as asset acquisitions.
Investment in Real Estate We evaluated the acquisitions that we completed during the years ended December 31, 2023 and 2022, and determined that these transactions should be accounted for as asset acquisitions.
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 based and attract incremental ecommerce-oriented and traditional distribution demand.
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 based and attract incremental ecommerce-oriented and traditional distribution demand over the long-term.
We calculate interest sensitivity by multiplying the amount of variable rate debt outstanding by the respective change in rate. The sensitivity analysis does not take into consideration possible changes in the balances or fair value of our floating rate debt or the effect of any change in overall economic activity that could occur in that environment.
We calculate interest sensitivity by multiplying the amount of variable rate debt outstanding by the respective change in rate. The sensitivity analysis does not take into consideration the possibility of future changes in the balances or fair value of our floating rate debt or the effect of any change in overall economic activity that could occur in that environment.
Additionally, Term SOFR and Daily Simple SOFR will be increased by a 0.10% SOFR adjustment. The applicable margin for the Term Facility ranges from 0.80% to 1.60% per annum for SOFR-based loans and 0.00% to 0.60% per annum for base rate loans, depending on our investment grade ratings.
Additionally, Term SOFR and daily SOFR will be increased by a 0.10% SOFR adjustment. The applicable margin for the Term Facility ranges from 0.80% to 1.60% per annum for SOFR-based loans and 0.00% to 0.60% per annum for base rate loans, depending on our leverage ratio and investment grade ratings.
Interest on the Credit Agreement is generally to be paid based upon, at our option, either (i) Term SOFR plus the applicable margin; (ii) Daily Simple SOFR plus the applicable margin or (iii) the applicable base rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) one percent (1.00%)) plus the applicable margin.
Interest on the Credit Agreement is generally to be paid based upon, at our option, either (i) 1-month SOFR (“Term SOFR”) plus the applicable margin; (ii) daily SOFR plus the applicable margin or (iii) the applicable base rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) one percent (1.00%)) plus the applicable margin.
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, 2022: Weighted Average Term Remaining (in years) (1) Stated Interest Rate Effective Interest Rate (2) Principal Balance (in thousands) (3) % of Total Fixed 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, 2023: Weighted Average Term Remaining (in years) Stated Interest Rate Effective Interest Rate (1) Principal Balance (in thousands) (2) % of Total Fixed vs.
Occupancy Rates As of December 31, 2022, our consolidated portfolio, inclusive of space in repositioning as described in the subsequent paragraph, was approximately 94.6% occupied, while our stabilized consolidated portfolio exclusive of such space was approximately 97.9% occupied. We believe the opportunity to increase occupancy at our properties will be an important driver of future revenue growth.
Occupancy Rates As of December 31, 2023, our consolidated portfolio, inclusive of space in repositioning as described in the subsequent paragraph, was approximately 94.1% occupied, while our stabilized consolidated portfolio exclusive of such space was approximately 97.6% occupied. We believe the opportunity to increase occupancy at our properties will be an important driver of future revenue growth.
We expect to fund these projects through a combination of available cash on hand, proceeds from forward equity settlements, the issuance of common stock under the Current 2022 ATM Program, cash flow from operations and borrowings available under the Revolver.
We expect to fund these projects through a combination of available cash on hand, proceeds from forward equity settlements, the issuance of common stock under the 2023 ATM Program, cash flow from operations and borrowings available under the Revolver.
The $400 Million Notes due 2030 and $400 Million Notes due 2031 contain the following covenants (as defined in the indentures) that we must comply with: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • Maintaining a ratio of secured debt to total asset value of not more than 40%; • Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and • Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0.
The $300 Million Notes due 2028, $400 Million Notes due 2030 and $400 Million Notes due 2031 (together the “Registered Notes”) contain the following covenants (as defined in the indentures) that we must comply with: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • Maintaining a ratio of secured debt to total asset value of not more than 40%; • Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and • Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations” in our Form 10-K for the year ended December 31, 2021, filed with the SEC on February 17, 2022, for a discussion of the year ended December 31, 2021 compared to the year ended December 31, 2020. 68 Non-GAAP Supplemental Measures: Funds From Operations and Core Funds From Operations We calculate funds from operations (“FFO”) attributable to common stockholders in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”).
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations” in our Form 10-K for the year ended December 31, 2022, filed with the SEC on February 13, 2023, for a discussion of the year ended December 31, 2022 compared to the year ended December 31, 2021. 72 Non-GAAP Supplemental Measures: Funds From Operations and Core Funds From Operations We calculate funds from operations (“FFO”) attributable to common stockholders in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”).
In addition, the Credit Agreement also features a sustainability-linked pricing component whereby the applicable margin and applicable credit facility fee can decrease by 0.04% and 0.01%, respectively, or increase by 0.04% and 0.01%, respectively, if we meet, or do not meet, certain sustainability performance targets, as applicable.
In addition, the Credit Agreement also features a sustainability-linked pricing component whereby the applicable margin and applicable credit facility fee can decrease by 0.04% and 0.01%, respectively, or increase by 0.04% and 0.01%, respectively, from year to year if we meet, or do not meet, certain annual sustainability performance targets, as applicable.
(6) As of December 31, 2022, Term SOFR related to $300.0 million of our variable rate debt has been effectively fixed at 2.81725% through the use of interest rate swaps. For details, see “Note 7 – Interest Rate Derivatives” to our consolidated financial statements.
(7) As of December 31, 2023, Term SOFR related to $300.0 million of our variable rate debt has been effectively fixed at 2.81725% through the use of interest rate swaps. For details, see “Note 8 – Interest Rate Derivatives” to our consolidated financial statements.
The increase is primarily due to increases in non-cash equity compensation expense, primarily related to performance unit equity grants made in 2021, payroll related costs and accrued bonus expense due to a higher employee headcount and rising labor costs. 67 Depreciation and Amortization Our Same Property Portfolio depreciation and amortization expense decreased by $5.2 million, or 4.2%, for the year ended December 31, 2022, compared to the year ended December 31, 2021, primarily due to acquisition-related in-place lease intangibles and tenant improvements becoming fully depreciated at certain properties during 2021 and 2022, partially offset by an increase in depreciation expense related to capital improvements placed into service during 2021 and 2022 and an increase in amortization of deferred leasing costs.
The increase is primarily due to increases in non-cash equity compensation expense, primarily related to performance unit equity grants made in 2022, payroll related costs and accrued bonus expense due to a higher employee headcount and rising labor costs. 71 Depreciation and Amortization Our Same Property Portfolio depreciation and amortization expense decreased by $0.7 million, or 0.5%, for the year ended December 31, 2023, compared to the year ended December 31, 2022, primarily due to acquisition-related in-place lease intangibles and tenant improvements becoming fully depreciated at certain properties during 2022 and 2023, partially offset by an increase in depreciation expense related to capital improvements placed into service during 2022 and 2023 and an increase in amortization of deferred leasing costs.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cash Flows” in our Form 10-K for the year ended December 31, 2021, filed with the SEC on February 17, 2022, for a discussion of the year ended December 31, 2021 compared to the year ended December 31, 2020.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cash Flows” in our Form 10-K for the year ended December 31, 2022, filed with the SEC on February 13, 2023, for a discussion of the year ended December 31, 2022 compared to the year ended December 31, 2021.
(6) Includes leases totaling 1,257,196 rentable square feet that expired during the year ended December 31, 2022, for which the space has been or will be placed into repositioning (including “other repositioning project”) or redevelopment. (7) Retention is calculated as renewal lease square footage plus relocation/expansion square footage, divided by the square footage of leases expiring during the period.
(6) Includes leases totaling 1,966,564 rentable square feet that expired during the year ended December 31, 2023, for which the space has been or will be placed into repositioning (including “other repositioning project”) or redevelopment. (7) Retention is calculated as renewal lease square footage plus relocation/expansion square footage, divided by the square footage of leases expiring during the period.
As of the filing date of this Annual Report on Form 10-K, we have over $125.0 million of acquisitions under contract or accepted offer. There can be no assurance we will complete any such acquisitions.
As of the filing date of this Annual Report on Form 10-K, we have approximately $150.0 million of acquisitions under contract or accepted offer. There can be no assurance we will complete any such acquisitions.
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 investment grade ratings.
In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable credit facility fee, on each lender's commitment amount under the Revolver, regardless of usage. The applicable credit facility fee ranges from 0.125% to 0.300% per annum, depending on our leverage ratio and investment grade rating.
Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, 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 property.
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.
The increase was primarily attributable to the incremental cash flows from property acquisitions completed subsequent to January 1, 2021, and the increase in Cash NOI from our Same Property Portfolio, partially offset by higher cash interest paid as compared to the prior year. Net cash used in investing activities .
The increase was primarily attributable to the incremental cash flows from property acquisitions completed subsequent to January 1, 2022, and the increase in Cash NOI from our Same Property Portfolio, partially offset by changes in working capital and higher cash interest paid as compared to the prior year. Net cash used in investing activities .
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, 2022 to the Year Ended December 31, 2021 For the comparison of the years ended December 31, 2022 and 2021, our Same Property Portfolio includes all properties in our industrial portfolio that were wholly-owned by us for the period from January 1, 2021 through December 31, 2022, and that were stabilized prior to January 1, 2021, which consisted of 224 properties aggregating approximately 28.6 million rentable square feet.
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, 2023 to the Year Ended December 31, 2022 For the comparison of the years ended December 31, 2023 and 2022, our Same Property Portfolio includes all properties in our industrial portfolio that were wholly-owned by us for the period from January 1, 2022 through December 31, 2023, and that were stabilized prior to January 1, 2022, which consisted of buildings aggregating approximately 32.5 million rentable square feet at 254 of our properties.
In addition, ecommerce-related delivery demand associated with last-mile distribution is driving discernible shifts in inventory-handling strategies among retailers and distributors, which we believe is driving incremental demand for our infill property locations.
In addition, ecommerce-related delivery demand associated with last-mile distribution and local omnichannel retail fulfillment are driving discernible shifts in inventory-handling strategies among retailers and distributors, which we believe is driving incremental demand for our infill property locations.
Meanwhile, underlying tenant demand within our infill target markets continues to demonstrate growth, illustrated or driven by strong re-leasing spreads and renewal activity, an expanding regional economy, substantial growth in ecommerce transaction and delivery volumes, as well as further compression of delivery time-frames to consumers and to businesses, increasing the significance of last-mile facilities for timely fulfillment.
Meanwhile, underlying tenant demand within our infill target markets continues to be healthy, illustrated or driven by strong re-leasing spreads and renewal activity, a dynamic regional economy, growth in ecommerce transaction and delivery volumes, as well as further compression of delivery time-frames to consumers and to businesses, increasing the significance of last-mile facilities for timely fulfillment.
Comparison of the Year Ended December 31, 2021 to the Year Ended December 31, 2020 Refer to “Item 7.
Comparison of the Year Ended December 31, 2022 to the Year Ended December 31, 2021 Refer to “Item 7.
As of December 31, 2022, our consolidated portfolio consisted of 356 properties with approximately 42.4 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, 2023, our consolidated portfolio consisted of 373 properties with approximately 45.9 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 discussed above under “—Factors that May Influence Future Results —Acquisitions and Value-Add Repositioning and Redevelopment of Properties”, as of December 31, 2022, 17 of our properties were under current repositioning, redevelopment, or lease-up, and we have a pipeline of 12 additional properties for which we anticipate beginning construction work over the next five quarters.
As discussed above under “—Factors that May Influence Future Results —Acquisitions and Value-Add Repositioning and Redevelopment of Properties,” as of December 31, 2023, 31 of our properties were under current repositioning, redevelopment, or lease-up, and we have a pipeline of 16 additional properties for which we anticipate beginning construction work over the next six quarters.
Gains on Sale of Real Estate During the year ended December 31, 2022, we recognized gains on sale of real estate of $8.5 million from the disposition of one property that was sold for a gross sales price of $16.5 million.
During the year ended December 31, 2022, we recognized gains on sale of real estate of $8.5 million from the disposition of one property that was sold for a gross sales price of $16.5 million. Comparison of the Year Ended December 31, 2022 to the Year Ended December 31, 2021 Refer to “Item 7.
As of December 31, 2022, 16 of our properties were under current repositioning or redevelopment and one of our properties were in the lease-up stage. In addition, we have a pipeline of 12 additional properties for which we anticipate beginning repositioning/redevelopment construction work between the first quarter of 2023 and the first quarter of 2024.
As of December 31, 2023, 27 of our properties were under current repositioning or redevelopment and four of our properties were in the lease-up stage. In addition, we have a pipeline of 16 additional properties for which we anticipate beginning repositioning/redevelopment construction work between the first quarter of 2024 and the second quarter of 2025.
Results for our Same Property Portfolio exclude any properties that were acquired or sold during the period from January 1, 2021 through December 31, 2022, properties classified as current or future repositioning, redevelopment or lease-up during 2021 or 2022, interest income, interest expense and corporate general and administrative expenses.
Results for our Same Property Portfolio exclude any properties that were acquired or sold during the period from January 1, 2022 through December 31, 2023, properties or buildings classified as current or future repositioning (including select buildings in “other repositioning”), redevelopment or lease-up during 2022 or 2023, interest income, interest expense and corporate general and administrative expenses.
The rule became effective January 4, 2021. The Company and the Operating Partnership have filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of the Operating Partnership, which will be fully and unconditionally guaranteed by the Company.
The Company and the Operating Partnership have filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of the Operating Partnership, which will be fully and unconditionally guaranteed by the Company.
As of December 31, 2022, our cash and cash equivalents were $36.8 million, and we did not have any borrowings outstanding under our unsecured revolving credit facility, leaving $1.0 billion available for future borrowings.
As of December 31, 2023, our cash and cash equivalents were $33.4 million, and we did not have any borrowings outstanding under our unsecured revolving credit facility, leaving $1.0 billion available for future borrowings.
These high-barrier infill markets are characterized by a relative scarcity of available product, generally operating at or above approximately 98% occupancy, coupled with the limited ability to introduce new supply due to high land and redevelopment costs 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 available highly functional product, coupled with the limited ability to introduce new supply due to high land and redevelopment costs 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.
Includes all new and renewal leases that were executed during each respective quarter. (2) Calculated as the change between GAAP rents, which straightlines rental rate increases and abatements, for new or renewal leases and the expiring GAAP rents on the expiring leases for the same space.
Includes all new and renewal leases that were executed during each respective quarter. (2) Calculated as the change between GAAP rents, which straightlines rental rate increases and abatements, for new or renewal leases and the expiring GAAP rents (excluding the impact of amortization of intangible assets or liabilities) on the expiring leases for the same space.
Our Total Portfolio rental revenue was also positively impacted by the incremental revenues from the 114 properties we acquired during 2021 and 2022, partially offset by the decrease in revenues from the six properties that were sold during 2021 and 2022.
Our Total Portfolio rental revenue was also positively impacted by the incremental revenues from the 80 properties we acquired during 2022 and 2023, partially offset by the decrease in revenues from the three properties that were sold during 2022 and 2023.
See footnote (6) below. Excludes the effect of amortization of debt issuance costs, premiums/discounts and the facility fee on the Revolver. (2) Excludes unamortized debt issuance costs and premiums/discounts totaling $14.1 million, which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of December 31, 2022.
Excludes the effect of amortization of debt issuance costs, premiums/discounts and the facility fee on the Revolver. (2) Excludes unamortized debt issuance costs and debt premiums/discounts totaling $17.1 million which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of December 31, 2023.
We believe our portfolio’s leasing performance in 2022 has generally outpaced that of the infill markets within which we operate, although, as discussed in more detail below, our target infill markets continue to operate at or near historically high levels of occupancy.
We believe our portfolio’s leasing performance in 2023 has generally outpaced that of the infill markets within which we operate, and, as discussed in more detail below, our target infill markets continue to operate at high levels of occupancy.
Investment Grade Rating During the year ended December 31, 2022, our credit ratings were raised to Baa2 (Stable outlook) from Baa3 (Stable outlook) by Moody’s and to BBB+ (Stable outlook) from BBB (Positive outlook) by both S&P and Fitch with respect to our Credit Agreement (described below), $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), $25.0 million unsecured guaranteed senior notes and $75.0 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”), $400 Million Notes due 2030 and $400 Million Notes due 2031.
Investment Grade Rating Our credit ratings at December 31, 2023 were Baa2 (Stable outlook) from Moody’s and BBB+ (Stable outlook) from both S&P and Fitch with respect to our Credit Agreement (described below), $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), $25.0 million unsecured guaranteed senior notes and $75.0 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”), $300 Million Notes, $400 Million Notes due 2030 and $400 Million Notes due 2031.
See “Note 3 – Investments in Real Estate” to the consolidated financial statements for a summary of the properties we acquired during the year ended December 31, 2022. 75 Recurring and Nonrecurring Capital Expenditures Capital expenditures are considered part of both our short-term and long-term liquidity requirements.
See “Note 3 – Investments in Real Estate” and “Note 5– Loan Receivable” to the consolidated financial statements for a summary of the investments we completed during the year ended December 31, 2023. Recurring and Nonrecurring Capital Expenditures Capital expenditures are considered part of both our short-term and long-term liquidity requirements.
The amount of rental revenue generated by these properties is affected by our ability to maintain or increase occupancy levels and rental rates at our properties, which will depend upon our ability to lease vacant space and re-lease expiring space at favorable rates.
Rental Revenues Our operating results depend primarily upon generating rental revenue from the properties in our portfolio. The amount of rental revenue generated by these properties is affected by our ability to maintain or increase occupancy levels and rental rates at our properties, which will depend upon our ability to lease vacant space and re-lease expiring space at favorable rates.
Our Total Portfolio property expenses were also impacted by incremental expenses from the 114 properties we acquired during 2021 and 2022, partially offset by the decrease in property expenses from the six properties that were sold during 2021 and 2022.
Our Total Portfolio property expenses were also impacted by incremental expenses from the 80 properties we acquired during 2022 and 2023, partially offset by the decrease in property expenses from the three properties that were sold during 2022 and 2023.
As of December 31, 2022, we have 16 current repositioning/redevelopment projects with estimated construction completion periods ranging from the first quarter of 2023 through the second quarter of 2025, and an additional 12 repositioning and redevelopment projects in our pipeline with estimated completion dates through the second quarter of 2025.
As of December 31, 2023, we have 27 current repositioning/redevelopment projects with estimated construction completion periods ranging from the first quarter of 2024 through the fourth quarter of 2025, and an additional 16 repositioning and redevelopment projects in our pipeline with estimated completion dates through the third quarter of 2026.
Subsequent to December 31, 2022, through the filing date of this Form 10-K, we have acquired two properties with a combined 1.2 million rentable square feet of buildings for an aggregate purchase price of $405.0 million, and we are actively monitoring a volume of properties in our markets that we believe represent attractive potential investment opportunities to continue to grow our business.
Subsequent to December 31, 2023, through the filing date of this Form 10-K, we acquired one property with 0.2 million rentable square feet of buildings for a purchase price of $84.0 million, and we are actively monitoring a volume of properties in our markets that we believe represent attractive potential investment opportunities to continue to grow our business.
On February 6, 2023, our board of directors declared the following quarterly cash dividends/distributions: Security Amount per Share/Unit Record Date Payment Date Common stock $ 0.380 March 31, 2023 April 17, 2023 OP Units $ 0.380 March 31, 2023 April 17, 2023 5.875% Series B Cumulative Redeemable Preferred Stock $ 0.367188 March 15, 2023 March 31, 2023 5.625% Series C Cumulative Redeemable Preferred Stock $ 0.351563 March 15, 2023 March 31, 2023 4.43937% Cumulative Redeemable Convertible Preferred Units $ 0.505085 March 15, 2023 March 31, 2023 4.00% Cumulative Redeemable Convertible Preferred Units $ 0.450000 March 15, 2023 March 31, 2023 3.00% Cumulative Redeemable Convertible Preferred Units $ 0.545462 March 15, 2023 March 31, 2023 76 Indebtedness Outstanding The following table sets forth certain information with respect to our indebtedness outstanding as of December 31, 2022: Contractual Maturity Date Margin Above SOFR Effective Interest Rate (1) Principal Balance (in thousands) (2) Unsecured and Secured Debt: Unsecured Debt: Revolving Credit Facility (3) 5/26/2026 (4) S+0.725 % (5) 5.125 % $ — $400M Term Loan 7/19/2024 (4) S+0.800 % (5) 5.258 % 400,000 $100M Senior Notes 8/6/2025 n/a 4.290 % 100,000 $300M Term Loan 5/26/2027 S+0.800 % (5) 3.717 % (6) 300,000 $125M Senior Notes 7/13/2027 n/a 3.930 % 125,000 $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 $ 1,825,000 Secured Debt: 2601-2641 Manhattan Beach Boulevard 4/5/2023 n/a 4.080 % $ 3,832 960-970 Knox Street 11/1/2023 n/a 5.000 % 2,307 7612-7642 Woodwind Drive 1/5/2024 n/a 5.240 % 3,712 11600 Los Nietos Road 5/1/2024 n/a 4.190 % 2,462 $60M Term Loan Facility (7) 10/27/2024 (7) S+1.250 % (7) 5.708 % 60,000 5160 Richton Street 11/15/2024 n/a 3.790 % 4,153 22895 Eastpark Drive 11/15/2024 n/a 4.330 % 2,612 701-751 Kingshill Place 1/5/2026 n/a 3.900 % 7,100 13943-13955 Balboa Boulevard 7/1/2027 n/a 3.930 % 14,965 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 % 3,928 Gilbert/La Palma 3/1/2031 n/a 5.125 % 1,935 7817 Woodley Avenue 8/1/2039 n/a 4.140 % 3,009 Total Secured Debt $ 125,515 Total Debt $ 1,950,515 (1) Reflects the contractual interest rate under the terms of each loan as of December 31, 2022 and includes the effect of interest rate swaps that were effective as of December 31, 2022.
In addition, we intend to make distribution payments to holders of OP Units and preferred units, and dividend payments to holders of our preferred stock. 80 On February 5, 2024, our board of directors declared the following quarterly cash dividends/distributions: Security Amount per Share/Unit Record Date Payment Date Common stock $ 0.4175 March 28, 2024 April 15, 2024 OP Units $ 0.4175 March 28, 2024 April 15, 2024 5.875% Series B Cumulative Redeemable Preferred Stock $ 0.367188 March 15, 2024 March 28, 2024 5.625% Series C Cumulative Redeemable Preferred Stock $ 0.351563 March 15, 2024 March 28, 2024 4.43937% Cumulative Redeemable Convertible Preferred Units $ 0.505085 March 15, 2024 March 28, 2024 4.00% Cumulative Redeemable Convertible Preferred Units $ 0.450000 March 15, 2024 March 28, 2024 3.00% Cumulative Redeemable Convertible Preferred Units $ 0.545462 March 15, 2024 March 28, 2024 Indebtedness Outstanding The following table sets forth certain information with respect to our indebtedness outstanding as of December 31, 2023: 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+0.685 % (4) 6.165 % (5) $ — $400M Term Loan 7/19/2024 (3) S+0.760 % (4) 4.832 % (6) 400,000 $100M Senior Notes 8/6/2025 n/a 4.290 % 100,000 $300M Term Loan 5/26/2027 S+0.760 % (4) 3.677 % (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 $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 $ 2,125,000 Secured Debt: 7612-7642 Woodwind Drive 1/5/2024 n/a 5.240 % $ 3,613 11600 Los Nietos Road 5/1/2024 n/a 4.190 % 2,290 $60M Term Loan (8) 10/27/2024 (8) S+1.250 % (8) 5.060 % 60,000 5160 Richton Street 11/15/2024 n/a 3.790 % 4,029 22895 Eastpark Drive 11/15/2024 n/a 4.330 % 2,539 701-751 Kingshill Place 1/5/2026 n/a 3.900 % 6,984 13943-13955 Balboa Boulevard 7/1/2027 n/a 3.930 % 14,596 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 % 3,852 Gilbert/La Palma 3/1/2031 n/a 5.125 % 1,741 7817 Woodley Avenue 8/1/2039 n/a 4.140 % 2,881 Total Secured Debt $ 118,025 Total Debt $ 2,243,025 (1) Reflects the contractual interest rate under the terms of each loan as of December 31, 2023 and includes the effect of interest rate swaps that were effective as of December 31, 2023.
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 project”) after the tenant vacates, (ii) early terminations with pre-negotiated replacement leases and (iii) move outs where space is directly leased by subtenants. 66 Our leasing activity is impacted both by our repositioning and redevelopment efforts, as well as by market conditions.
Additionally, subject to the terms of the Credit Agreement, $60 Million Term Loan Facility and Senior 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 and (iv) 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, (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.
Dispositions • During 2022, we sold one property with 79,247 rentable square feet, for a gross sales price of $16.5 million and recognized $8.5 million in gains on sale of real estate. ____________________ (1) For a reconciliation to net income and a discussion of why we believe Core FFO and NOI are useful supplemental measures of operating performance, see “Non-GAAP Supplemental Measures: Funds From Operations” and “Non-GAAP Supplemental Measures: NOI and Cash NOI” included under Item 7 of this Annual Report on Form 10-K.
Dispositions • During 2023, we sold two properties with 87,037 rentable square feet, for an aggregate gross sales price of $28.3 million and recognized $19.0 million in gains on sale of real estate. ___________________________________________________________________________________________________________________________________ (1) For a reconciliation to net income and a discussion of why we believe Core FFO and NOI are useful supplemental measures of operating performance, see “Non-GAAP Supplemental Measures: Funds From Operations” and “Non-GAAP Supplemental Measures: NOI and Cash NOI” included under Item 7 of this Annual Report on Form 10-K.
Our Total Portfolio depreciation and amortization expense increased by $45.5 million, or 30.1%, for the year ended December 31, 2022, compared to the year ended December 31, 2021, primarily due to incremental expense from the 114 properties we acquired during 2021 and 2022, partially offset by the decrease in our Same Property Portfolio depreciation and amortization expense noted above.
Our Total Portfolio depreciation and amortization expense increased by $47.7 million, or 24.2%, for the year ended December 31, 2023, compared to the year ended December 31, 2022, primarily due to incremental expense from the 80 properties we acquired during 2022 and 2023, partially offset by the decrease in our Same Property Portfolio depreciation and amortization expense noted above.
While low vacancy in our markets and continued rent growth (see “—Leasing Activity and Rental Rates” below) has helped to mitigate some of the impact of rising construction costs and project delays, additional increases in costs and further delays could result in a lower expected yield on our redevelopment projects, which could negatively impact our future earnings. 60 Rental Revenues Our operating results depend primarily upon generating rental revenue from the properties in our portfolio.
While low vacancy in our markets and continued rent growth (see “—Leasing Activity and Rental Rates” below) has helped to mitigate some of the impact of rising construction costs and project delays, 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.
As summarized in the tables under “ Acquisitions and Value-Add Repositioning and Redevelopment of Properties ” above, as of December 31, 2022, 16 of our properties with a combined 1.8 million of estimated rentable square feet at completion are under current repositioning or redevelopment, one property is in lease-up, and we have a near-term pipeline of 12 repositioning and redevelopment projects with a combined 1.5 million of estimated rentable square feet at completion.
As summarized in the tables under “ Acquisitions and Value-Add Repositioning and Redevelopment of Properties ” above, as of December 31, 2023, 27 of our properties with a combined 2.9 million of estimated rentable square feet at completion are under current repositioning or redevelopment, four properties with a combined 0.3 million rentable square feet are in lease-up, and we have a near-term pipeline of 16 repositioning and redevelopment projects with a combined 1.4 million of estimated rentable square feet at completion.
As of December 31, 2022, 0.9 million rentable square feet of our portfolio was available for lease, 1.4 million rentable square feet of vacant space was under repositioning/redevelopment and leases representing 0.7 million rentable square feet of our portfolio expired on December 31, 2022.
As of December 31, 2023, 1.1 million rentable square feet of our portfolio was available for lease, 1.6 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, 2023.
(2) Tenant Reimbursements Our Same Property Portfolio and Total Portfolio tenant reimbursements revenue increased by $5.8 million, or 9.0%, and $31.2 million or 41.7%, respectively, for the year ended December 31, 2022, compared to the year ended December 31, 2021.
(2) Tenant Reimbursements Our Same Property Portfolio and Total Portfolio tenant reimbursements revenue increased by $4.5 million, or 5.1%, and $26.8 million or 25.2%, respectively, for the year ended December 31, 2023, compared to the year ended December 31, 2022.
During the year ended December 31, 2022, our credit ratings were raised to BBB- from BB+ by 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, 2023 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.
As of February 10, 2023, approximately $165.4 million of common stock remains available to be sold under the Current 2022 ATM Program.
As of February 9, 2024, approximately $927.4 million of common stock remains available to be sold under the 2023 ATM Program.
We capitalized $12.2 million of interest expense and $5.2 million of insurance and real estate tax expense during the year ended December 31, 2022, related to our repositioning and redevelopment projects.
We capitalized $23.6 million of interest expense and $7.1 million of insurance and real estate tax expense during the year ended December 31, 2023, related to our repositioning and redevelopment projects.
As described under “Market and Portfolio Fundamentals” above, while market indicators, including changes in vacancy rates and average asking lease rates, varied by market, overall there was continued low market vacancy and pervasive supply and demand imbalance across our submarkets, which continues to support strong market fundamentals including positive rental growth.
As described under “Market and Portfolio Fundamentals” above, while market indicators, including changes in vacancy rates and average asking lease rates, varied by market and showed signs of a post-pandemic normalizing of tenant demand, overall there was continued low market vacancy and pervasive supply and demand imbalance across our submarkets, which continues to support favorable long-term market fundamentals.
Net cash provided by operating activities increased by $96.2 million to $327.7 million for the year ended December 31, 2022, compared to $231.5 million for the year ended December 31, 2021.
Net cash provided by operating activities increased by $99.9 million to $427.5 million for the year ended December 31, 2023, compared to $327.7 million for the year ended December 31, 2022.
During the year ended December 31, 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our various ATM programs with respect to 23,519,219 shares of common stock at a weighted average initial forward price of $64.29 per share.
During the year ended December 31, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our 2023 ATM Program with respect to 5,137,392 shares of common stock at a weighted average initial forward price of $56.70 per share.
The infill Southern California industrial real estate sector has continued to exhibit strong fundamentals.
The infill Southern California industrial real estate sector continues to exhibit strong long-term fundamentals.

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