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What changed in Rexford Industrial Realty, Inc.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Rexford Industrial Realty, Inc.'s 2023 and 2024 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 2024 report.

+466 added−474 removedSource: 10-K (2025-02-10) vs 10-K (2024-02-12)

Top changes in Rexford Industrial Realty, Inc.'s 2024 10-K

466 paragraphs added · 474 removed · 378 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeOur board of directors maintains charters for each of its committees and has adopted a written set of corporate governance guidelines and a code of business conduct and ethics applicable to independent directors, executive officers, employees and agents, each of which is available for viewing on our website at http://www.rexfordindustrial.com under the heading “Investor Relations—Company Information—Governance—Governance Documents.” Website addresses referred to in this Annual Report on Form 10-K are not intended to function as hyperlinks, and the information contained on our website is not incorporated into, and does not form a part of, this Annual Report on Form 10-K or any other report or documents we file with or furnish to the SEC.
Biggest changeOur board of directors maintains charters for each of its committees and has adopted a written set of corporate governance guidelines and a code of business conduct and ethics applicable to independent directors, executive officers, employees and agents, each of which is available for viewing on our website at http://www.rexfordindustrial.com under the heading “Investor Relations—Governance—Documents & Policies.” We have also adopted an insider trading policy governing the purchase, sale and other dispositions of the Company’s securities by directors, officers and employees.
Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, redevelop, lease and manage industrial real estate primarily located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property.
Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, redevelop, lease and manage industrial real estate primarily located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property.
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.
As of December 31, 2024, our ratio of net debt to total market capitalization was 26.5%. 5 Competition In acquiring our target properties, we compete with other public industrial property sector REITs, income oriented non-traded REITs, private real estate fund managers and local real estate investors and developers, some of which have greater financial resources or other competitive advantages than we do.
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.
We have a portfolio of 425 properties totaling approximately 50.8 million square feet, which are all strategically located in Southern California infill markets. Diversified Tenant Mix: Our portfolio is leased to a broad tenant base, drawn from diverse industry sectors. We believe that this diversification reduces our exposure to tenant default risk and earnings volatility.
Our strategy includes proactive renewal of existing tenants, re-tenanting to achieve higher rents, and repositioning and redeveloping industrial property by renovating, modernizing or increasing functionality to increase cash flow and value.
Our strategy includes proactive renewal of existing tenants, re-tenanting to achieve higher rents, and repositioning and redeveloping industrial property by renovating, modernizing, increasing functionality or constructing new industrial-use buildings to increase cash flow and value.
These 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.
These policies apply to all employees, and receipt and review by each employee is documented and verified annually. Employee Engagement and Support We believe employee engagement and recognition of strong performance are key components of a strong corporate culture and essential determinants of our future success.
Growth-Oriented, Flexible and Conservative Capital Structure : Our capital structure provides us with the resources, financial flexibility and the capacity to support the future growth of our business.
Growth-Oriented, Flexible and Conservative Capital Structure : Our capital structure is designed to provide us with the resources, financial flexibility and the capacity to support the future growth of our business.
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.
Nearly all employees have the opportunity to work remotely within Southern California and have regular access to various offices, thereby allowing them flexible working conditions while achieving performance objectives and maintaining business continuity. We believe that we maintain positive relations with our employees, none of whom are represented by a union.
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.
As of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 million rentable square feet. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2013.
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.
Since our initial public offering, we have raised capital through ten public offerings of our common stock (including one completed in 2024), three public offerings of preferred stock, sales of common stock under our various at-the-market equity offering programs, three public offerings of senior notes and a private offering of exchangeable senior notes.
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%.
As of December 31, 2024, we had 1,650 leases, with no single tenant accounting for more than 2.5% of our total annualized base rent. Our portfolio is also geographically diversified within the Southern California market across the following submarkets: Los Angeles 56.2%; San Bernardino 18.9%; Orange County 11.7%; San Diego 7.1%; and Ventura 6.1%.
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.
Many of our employees have contributed to the creation of learning content, leveraging their expertise to promote a culture of learning and engagement. On average, each employee completed over 26 hours of focused training in 2024. We also have a tuition reimbursement program, providing employees with additional opportunities to grow and succeed in their careers.
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).
At the director level and above, 42% are female and 58% male. As of December 31, 2024, our eight-member board was 38% female and 25% ethnically diverse. Additional Information Our principal executive offices are located at 11620 Wilshire Boulevard, Suite 1000, Los Angeles, California 90025 (telephone 310-966-1680).
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.
We have implemented a Code of Business Conduct and Ethics, and Policies and Procedures for Complaints Regarding Accounting and Fraud. This includes a dedicated phone number and website for employees to voice anonymous concerns, which are subsequently brought to the attention of our independent audit committee of the board of directors and our general counsel.
We also have a credit agreement with a $1.0 billion unsecured revolving credit facility, and as of the filing date of this Annual Report on Form 10-K, we did not have any borrowings outstanding, leaving $1.0 billion available for future borrowings.
We also have a credit agreement with a $1.0 billion unsecured revolving credit facility, and as of the filing date of this Annual Report on Form 10-K, we only had $5.0 million outstanding in letters of credit that reduced our borrowing capacity, leaving $995.0 million available for future borrowings.
Additionally, all employees receive a weekly update via email from our executive management team. 7 We offer and encourage ongoing employee training and advancement opportunities, with a wide variety of thousands of courses and topics including management, leadership, personal development, diversity and inclusion, sexual harassment prevention, antibribery, health and safety, and technical skills development.
We offer and encourage ongoing employee training and advancement opportunities, with a wide variety of courses on topics including management, leadership, personal development, diversity and inclusion, sexual harassment prevention, anti-bribery practices, health and safety, and technical skills development.
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.
Human Capital As of December 31, 2024, we employed 271 individuals, supported by five regional offices within our Southern California market. These offices facilitate servicing our business and tenants, optimizing staff welfare and productivity, and minimizing commute times.
Additionally, we have a paid parental leave policy for birthing and non-birthing parents to support the bonding and wellness of our employees and their newborn children. In 2022 we established a flexible time off policy under which employees no longer need to accrue time off and time off is not capped.
Our employee engagement platform, launched in 2023, continues to foster connection and participation across our workforce, achieving a 97% participation rate and reinforcing our commitment to an engaged and collaborative culture. Additionally, we have a paid parental leave policy for birthing and non-birthing parents, supporting the bonding and wellness of our employees and their newborn children.
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 team-building events. Our employees also actively participated in monthly volunteer events, collectively contributing 3,379 hours in 2024 to support and give back to our communities, surpassing our goal of 3,000 hours.
Removed
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.
Added
Beginning in May 2024, we manage a portion of our earthquake insurance indirectly through our wholly-owned captive insurance company, which provides $25.0 million of earthquake coverage to the Company and its affiliates for earthquake claims in excess of $250.0 million.
Removed
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.
Added
Employees received formal recognition awards during our all-company quarterly meetings after being nominated by their peers for outstanding demonstration of our Core Values. Each employee also undergoes performance discussions at least twice per year, with annual compensation adjustment consideration based on market trends, individual contributions, and company performance.
Removed
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.
Added
Our voluntary turnover rate was 4% in 2024, and our referral rate for 7 new hires was 23%, which we believe reflects strong employee engagement and commitment. Additionally, all employees receive weekly updates via email from our executive management team.
Added
In 2022, we introduced a flexible time-off policy, allowing employees to take time off as needed without accruing hours. We believe this approach supports a healthy work-life balance while enabling employees to exercise judgment in managing their workload and contributing to the Company’s goals.
Added
In the fourth quarter of 2024, we implemented a Wellness Incentive Program to encourage health-focused activities and provide tailored resources for healthier lifestyles. The program resulted in benefits such as lowered monthly medical premiums and personalized health insights to support long-term wellness goals.
Added
Workforce Diversity, Equity and Inclusion We seek to hire and retain a highly qualified workforce in compliance with applicable federal and other laws and regulations.
Added
The Company values diversity in experience, background, and ethnicity, and it is our policy to recruit talent based on skill, knowledge, attitude and experience, using legally compliant methods and without discrimination on the basis of any legally protected characteristic. Our workforce is 61% female or non-binary and 39% male, with 53% identifying as racial or ethnic minorities.
Added
Website addresses referred to in this Annual Report on Form 10-K are not intended to function as hyperlinks, and the information contained on our website is not incorporated into, and does not form a part of, this Annual Report on Form 10-K or any other report or documents we file with or furnish to the SEC. 8

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

84 edited+17 added−24 removed282 unchanged
Biggest changeFor 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.
Biggest changeFor such projects, we will be subject to the following risks associated with such development, redevelopment and repositioning activities: • construction, redevelopment and repositioning may be unsuccessful and/or costs of a project may exceed original estimates (including as a result of the imposition of tariffs), possibly making the project less profitable than originally estimated, or unprofitable; • time required to complete the construction, redevelopment or repositioning of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity; • non-industrial properties targeted for development, redevelopment or repositioning may be more difficult to manage compared to our industrial properties where we have the most property management expertise; • contractor and subcontractor disputes, strikes, labor disputes or supply disruptions, which may cause delays or increase costs; • delays from utility companies may prevent the energization and delivery of buildings to tenants; • failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all; • delays with respect to obtaining, or the inability to obtain, necessary zoning, occupancy, land use and other governmental permits, and changes in zoning and land use laws; • statewide and local changes in zoning and land use laws and state attorney general actions that result in moratoriums on industrial and warehouse development or materially restrict the size and uses of industrial and warehouse projects, such as the recently enacted California Assembly Bill 98 which enacts statewide heightened industrial development standards effective as of January 1, 2026; • occupancy rates and rents of a completed project may not be sufficient to make the project profitable; • the availability and pricing of financing to fund our development activities on favorable terms or at all.
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.
Certain provisions of the Maryland General Corporation Law (“MGCL”), may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including: • “Business combination” provisions that, subject to certain exceptions, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price or supermajority stockholder voting requirements on these combinations; and • “Control share” provisions that provide that holders of “control shares” of our company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise voting power in the election of directors within one of three increasing ranges) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of the voting power of issued and outstanding “control shares,” subject to certain exceptions) have no voting rights with respect to their control shares, except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
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.
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; • 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.
These provisions include, among others: • redemption rights of qualifying parties; • a requirement that we may not be removed as the general partner of our Operating Partnership without our consent; • transfer restrictions on common units; • our ability, as general partner, in some cases, to amend the partnership agreement and to cause our Operating Partnership to issue additional partnership interests with terms that could delay, defer or prevent a merger or other change of control of us or our Operating Partnership without the consent of our stockholders or the limited partners; and • the right of the limited partners to consent to certain transfers of our general partnership interest (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise).
These provisions include, among others: • redemption rights of qualifying parties; 26 • a requirement that we may not be removed as the general partner of our Operating Partnership without our consent; • transfer restrictions on common units; • our ability, as general partner, in some cases, to amend the partnership agreement and to cause our Operating Partnership to issue additional partnership interests with terms that could delay, defer or prevent a merger or other change of control of us or our Operating Partnership without the consent of our stockholders or the limited partners; and • the right of the limited partners to consent to certain transfers of our general partnership interest (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise).
The partnership agreement provides that, in the event of a conflict between the interests of our Operating Partnership or any partner, on the one hand, and the separate interests of our company or our stockholders, on the other hand, we, in our capacity as the general partner of our Operating Partnership, may 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.
The partnership agreement provides that, in the event of a conflict between the interests of our Operating Partnership or any partner, on the one hand, and the separate interests of our company or our stockholders, on the other hand, we, in our capacity as the general partner of our Operating Partnership, may give priority to the separate interests of our company or our stockholders (including with respect to tax consequences to limited partners, assignees or our stockholders), and, in the event of such a conflict, any action or failure to act on our part or on the part of our directors that gives priority to the separate interests of our company or our stockholders that does not result in a violation of the contract rights of the limited partners of our Operating Partnership under its partnership agreement does not violate the duty of loyalty or any other duty that we, in our capacity as the general partner of our Operating Partnership, owe to our Operating Partnership and its partners or violate the obligation of good faith and fair dealing.
In connection with certain tax-deferred property contribution transactions in exchange for partnership interests in our Operating Partnership and also in connection with our formation transactions, we entered into tax matters agreements (the “Tax Matters Agreements”) with certain limited partners of our Operating Partnership, that provide that if we dispose of any interest with respect to certain properties in our portfolio in a taxable transaction during a certain period after the applicable transaction, our Operating Partnership will indemnify such limited partners for their tax liabilities attributable to their share of the built-in gain that existed with respect to such property interest as of the time of the applicable transaction and tax liabilities incurred as a result of the indemnification payment.
In connection with certain tax-deferred property contribution transactions in exchange for partnership interests in our Operating Partnership and also in connection with our formation transactions, we entered into tax matters agreements (the “Tax Matters Agreements”) with certain limited partners of our Operating Partnership that provide that if we dispose of any interest with respect to certain properties in our portfolio in a taxable transaction during a certain period after the applicable transaction, our Operating Partnership will indemnify such limited partners for their tax liabilities attributable to their share of the built-in gain that existed with respect to such property interest as of the time of the applicable transaction and, in certain cases, tax liabilities incurred as a result of the indemnification payment.
In particular, our ability to dispose of one or more properties within a specific time period is subject to certain limitations imposed by our Tax Matters Agreements (as defined below), as well as weakness in or even the lack of an established market for a property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, and changes in laws, regulations or fiscal policies of jurisdictions in which the property is located.
In particular, our ability to dispose of one or more properties within a specific time period is subject to certain limitations imposed by our Tax Matters Agreements (as defined below), as well as weakness in or even the lack of an established market for a 20 property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, and changes in laws, regulations or fiscal policies of jurisdictions in which the property is located.
Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, such characterization is a factual determination (unless a sale or disposition qualifies under certain statutory safe harbors), and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.
Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, such characterization is a factual determination (unless a sale or disposition qualifies under 30 certain statutory safe harbors), and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.
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.
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.
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 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.
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.
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. Our properties are concentrated in certain industries that make us susceptible to adverse events with respect to those industries.
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.
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 executive officers’ involvement in other businesses and real estate-related activities could divert their attention from our day-to-day operations, and state law may limit our ability to enforce any non-compete agreements. We could increase the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval.
Our executive officers’ involvement in other businesses and real estate-related activities could divert their attention from our day-to-day operations, and state law may limit our ability to enforce any non-compete agreements. 25 We could increase the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval.
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.
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.
Also, the failure of our Operating Partnership or any subsidiary partnerships to qualify as a partnership could cause it to become subject to federal and state corporate income tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners, including us.
Also, the failure of our Operating Partnership or any subsidiary partnerships to qualify as a partnership could cause it to become subject to federal and state corporate income 29 tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners, including us.
If we cannot obtain off-market or lightly-marketed deal flow in the future, our ability to locate and acquire additional properties in the manner in which we have historically may be adversely affected and may cause us to revisit our core strategies. Our future acquisitions may not yield the returns we expect.
If we cannot obtain off-market or lightly-marketed 10 deal flow in the future, our ability to locate and acquire additional properties in the manner in which we have historically may be adversely affected and may cause us to revisit our core strategies. Our future acquisitions may not yield the returns we expect.
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 22 usually perform a Phase I environmental site assessment at any property we are considering acquiring. Phase I environmental site assessments are limited in scope and do not involve sampling of soil, soil vapor, or groundwater, and these assessments may not include or identify all potential environmental liabilities or risks associated with the property.
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.
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 cybersecurity education and training for employees throughout the year, there can be no assurance that our security efforts and measures will always be effective or that attempted security breaches or disruptions would always be thwarted or mitigated.
For purposes of this section, the term “stockholders” means the holders of shares of our common stock and preferred stock. 8 Risks Related to Our Business and Operations Our portfolio of properties is concentrated in the industrial real estate sector, and our business would be adversely affected by an economic downturn in that sector.
For purposes of this section, the term “stockholders” means the holders of shares of our common stock and preferred stock. Risks Related to Our Business and Operations Our portfolio of properties is concentrated in the industrial real estate sector, and our business would be adversely affected by an economic downturn in that sector.
The bankruptcy or insolvency of a major tenant also may adversely affect the income produced by our properties. We may acquire properties or portfolios of properties through tax-deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
The bankruptcy or insolvency of a major tenant also may adversely affect the income produced by our properties. 14 We may acquire properties or portfolios of properties through tax-deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
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.
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.
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.
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.
Such a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets. Our debt level reduces cash available for distribution and may expose us to the risk of default under our debt obligations.
Such a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets. 18 Our debt level reduces cash available for distribution and may expose us to the risk of default under our debt obligations.
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.
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.
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.
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.
Certain Tax Matters Agreements provide that, during a certain period after the applicable transaction (in the case of the IPO, the period beginning from the date of the completion of our IPO (July 24, 2013) through the period ending on the twelfth anniversary of our IPO (July 24, 2025)), our Operating Partnership will offer certain limited partners the opportunity to guarantee its debt, and following such period, our Operating Partnership will use commercially reasonable efforts to provide such limited partners who continue to own at least 50% of the common units or other applicable units they originally received in the applicable transactions with debt guarantee opportunities.
Certain Tax Matters Agreements provide that, during a certain period after the applicable transaction (in the case of the IPO, the period beginning from the date of the completion of our IPO (July 24, 2013) through the period ending on the twelfth anniversary of our IPO (July 24, 2025)), our Operating Partnership will maintain a certain level of debt or offer certain limited partners the opportunity to guarantee its debt, and following such period, our Operating Partnership will use commercially reasonable efforts to provide such limited partners who continue to own at least 50% of the common units or other applicable units they originally received in the applicable transactions with debt guarantee opportunities.
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.
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.
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.
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.
As of December 31, 2023, the variable interest rate on the $300.0 million term loan facility has been swapped to a fixed rate of 2.81725% through its maturity date, and the $400.0 million term loan facility and $60.0 million term loan facility have been swapped to a fixed rate of 3.97231% and 3.71000%, respectively, for a portion of the extension option period following the initial maturity date.
As of December 31, 2024, the variable interest rate on the $300.0 million term loan facility has been swapped to a fixed rate of 2.81725% through its maturity date, and the $400.0 million term loan facility and $60.0 million term loan facility have been swapped to a fixed rate of 3.97231% and 3.71000%, respectively, for a portion of the extension option period following the initial maturity date.
As of December 31, 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.
As of December 31, 2024, approximately 77% of the acquisitions by property count completed by us since our initial public offering (“IPO”) were acquired in off-market or lightly-marketed transactions, which are transactions that are characterized by a lack of a formal marketing process and lack of widely-disseminated marketing materials.
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.
There was no amount outstanding on the revolving credit facility and each of our term loan facilities was fully drawn at December 31, 2024. However, we may borrow on the revolving credit facility or incur additional variable rate debt in the future.
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.
Inflationary pricing may have a negative effect on the construction costs necessary to complete our repositioning and redevelopment projects, including, but not limited to, costs of construction materials, insurance, and labor and services from third-party contractors and suppliers.
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.
As of December 31, 2024, we had a $1.0 billion unsecured revolving credit facility, $400.0 million term loan facility, $300.0 million term loan facility and $60.0 million term loan facility bearing interest at variable rates on amounts drawn and outstanding.
As of December 31, 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.
As of December 31, 2024, we have interest rate swaps with a combined notional value of $760.0 million in place for the purpose of mitigating our exposure to fluctuations in short-term interest rates.
Over the prior three years, the Company has not been subject to any material information security breaches to our knowledge, has not incurred any material financial harm from information security breaches, nor has the Company been subject to any material information security breaches or expenses to our knowledge since our initial formation.
Over the prior four years, the Company has not been subject to any material information security breaches to our knowledge, has not incurred any material financial harm from information security breaches, nor has the Company been subject to any material information security breaches or expenses to our knowledge since our initial formation.
As of December 31, 2023, we had $760.0 million of variable-rate debt, excluding the impact of interest rates swaps in effect.
As of December 31, 2024, we had $760.0 million of variable-rate debt, excluding the impact of interest rates swaps in effect.
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.
If a material reduction of imports were to occur at the Ports of Los Angeles and Long Beach, through impacts from tariffs and trade policy, 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.
Should events, including limited liquidity, defaults, non-performance or other adverse developments occur with respect to the banks or other financial institutions that hold our funds, or that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, our liquidity may be adversely affected.
Should events, including limited liquidity, defaults, non-performance or other adverse developments occur with respect to the banks or other financial institutions that hold our funds or that provide financial assurances on behalf of our tenants, or that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, our liquidity may be adversely affected.
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.
However, the impact of the current rate of inflation of 2.9% may not be adequately offset by some of our annual rent escalations, and it is possible that the resetting of rents from our renewal and re-leasing activities would not fully offset the impact of the current inflation rate.
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.
The impact from 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.
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.
As of December 31, 2024, we owned 96.4% of the outstanding common units in our Operating Partnership and we may, in connection with future acquisitions of properties or otherwise, cause our Operating Partnership to issue additional common units to third parties.
However, no assurance can be given that our budget contingencies would accurately account for potential construction cost increases given the current severity of inflation and variety of contributing factors or that our general contractors would be able to absorb such increases in costs and complete our construction projects timely, within budget, or at all.
However, no assurance can be given that our budget contingencies would accurately account for potential construction cost increases given the current level of inflation and variety of contributing factors, including the imposition of new or increased tariffs, or that our general contractors would be able to absorb such increases in costs and complete our construction projects timely, within budget, or at all.
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.
A security breach or other significant disruption involving our IT networks and related systems could: • Disrupt the proper functioning of our networks and systems; • Result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines; • Result in our inability to properly comply with or monitor our compliance with the rules and regulations regarding our qualification as a REIT; • Result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes; • Require significant management attention and resources to remedy any damages that result; • Subject us to claims for breach of contract or failure to safeguard personal information, damages, credits, penalties or termination of leases or other agreements; • Damage our reputation among our tenants, prospective sellers, brokers and investors generally; and • Subject us to legal liability, including liability under the California Consumer Privacy Act of 2018 and other state and federal laws. 16 To help us better identify, manage, and mitigate these IT risks, we use the National Institute of Standards and Technology (NIST) cybersecurity framework as a guide for our cybersecurity risk management program.
We intend to continue to meet the requirements for taxation as a REIT. We have not requested and do not plan to request a ruling from the Internal Revenue Service (“IRS”) that we qualify as a REIT, and the statements in this Form 10-K are not binding on the IRS or any court.
We have not requested and do not plan to request a ruling from the Internal Revenue Service (“IRS”) that we qualify as a REIT, and the statements in this Form 10-K are not binding on the IRS or any court.
If the property taxes we pay increase, our cash flow would be adversely impacted to the extent that we are not reimbursed by tenants for those taxes. We face certain risks in connection with Section 1031 Exchanges.
If the property taxes we pay increase, our cash flow would be adversely impacted to the extent that we are not reimbursed by tenants for those taxes due to lease restrictions or tenant disputes. We face certain risks in connection with Section 1031 Exchanges.
Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve Board. During 2023, the Federal Reserve Board increased the federal funds rate four times, resulting in a range from 5.25% to 5.50% as of December 31, 2023.
Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve Board. During 2024, the Federal Reserve Board decreased the federal funds rate three times, resulting in a range of 4.25% to 4.50% as of December 31, 2024.
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.
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.
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.
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.
Both California laws require initial disclosures in 2026. California also enacted a third climate-disclosure law that requires entities that operate in the state and make net zero emissions claims, carbon-neutral claims or significant GHG reduction claims to disclose, starting in 2024, information about those claims and the purchase or use of voluntary carbon offsets used to achieve those claims.
California also enacted the Voluntary Carbon Market Disclosure Act (AB-1305), a third climate-disclosure law that requires entities that operate in the state and make net zero emissions claims, carbon-neutral claims or significant GHG reduction claims to disclose, starting in 2024, information about those claims and the purchase or use of voluntary carbon offsets used to achieve those claims.
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%).
Our properties are concentrated in certain industries, which, as of December 31, 2024, included the following (and accounted for the percentage of our total annualized base rent indicated): Manufacturing (23.5%), Wholesale Trade (22.1%) and Transportation and Warehousing (20.3%).
As of December 31, 2023, we owned 59 properties in the City of Los Angeles representing approximately 15.5% of the rentable square footage of our portfolio.
As of December 31, 2024, we owned 75 properties in the City of Los Angeles representing approximately 12.5% of the rentable square footage of our portfolio.
Although there is some expectation that the Federal Reserve Board may begin to decrease rates in 2024, future decisions to decrease, hold steady or increase interest rates and the timing of such decision is unknown. Our exposure to increases in interest rates in the short term is limited to our variable-rate borrowings.
Although the Federal Reserve Board may continue to decrease rates in 2025, future decisions to decrease, hold steady or increase interest rates and the timing of such decisions are unknown. Our exposure to increases in interest rates in the short term is limited to our variable-rate borrowings.
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.
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.
Our charter and bylaws, the partnership agreement of our Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest. 26 Tax Matters Agreements limit our ability to sell or otherwise dispose of certain properties, even though a sale or disposition may otherwise be in our stockholders’ best interest.
Our charter and bylaws, the partnership agreement of our Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
Although there is some expectation that the Federal Reserve Board may begin to decrease the federal funds rate in 2024, any future decisions to decrease, hold steady or increase the federal funds rate and the timing of such decision, is unknown, and the risk of higher overall interest rates still exists.
Although the Federal Reserve Board may continue to decrease the federal funds rate in 2025, any future decisions to decrease, hold steady or increase the federal funds rate and the timing of such decisions, are unknown, and the risk of higher overall interest rates still exists.
Federal policies and recent global events, such as the rising price of oil and the conflicts between Russia and Ukraine and events in the Middle East, may have exacerbated, and may continue to exacerbate, increases in the consumer price index.
Federal policies and global events, such as the price of oil, the conflicts between Russia and Ukraine, U.S. elections and speculation regarding impending political and governing policy, and events in the Middle East, may have exacerbated, and may continue to exacerbate, increases in the consumer price index.
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.
As of December 31, 2024, 8.7% of the rentable square footage of our portfolio was vacant or classified as repositioning, redevelopment, or lease-up and leases representing 0.8% of the rentable square footage of our portfolio expired on December 31, 2024.
If we or one or more of our tenants experiences a loss that is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties.
If we do obtain insurance for any of those risks in the future, such insurance cost may impact the operating costs and net cash flow of our properties. 15 If we or one or more of our tenants experiences a loss that is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties.
Higher leverage also increases the risk of default on our obligations. In addition, a change in our investment policies, including the manner in which we allocate our resources across our portfolio or the types of assets in which we seek to invest, may increase our exposure to interest rate risk, real estate market fluctuations and liquidity risk.
In addition, a change in our investment policies, including the manner in which we allocate our resources across our portfolio or the types of assets in which we seek to invest, may increase our exposure to interest rate risk, real estate market fluctuations and liquidity risk. 27 Our rights and the rights of our stockholders to take action against our directors and officers are limited.
In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on terms favorable to us in connection with a potential business combination, or at all, and could have material adverse impacts on our liquidity, our business, financial condition or results of operations.
In addition, if any of our tenants or other parties with whom we conduct business are unable to access funds pursuant to instruments or lending arrangements with a financial institution, such parties’ ability to pay their obligations to us or to enter into new commercial arrangements requiring additional payments to us could be adversely affected. 17 In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on terms favorable to us in connection with a potential business combination, or at all, and could have material adverse impacts on our liquidity, our business, financial condition or results of operations.
Consequently, inflation may increase our general and administrative expenses over time and may adversely impact our results of operations and cash flows. Since 2022, the Federal Reserve Board has raised interest rates in an effort to curb inflation.
Consequently, inflation may increase our general and administrative expenses over time and may adversely impact our results of operations and cash flows. 11 During 2024, the Federal Reserve Board lowered interest rates three times, after raising interest rates at a significant pace during 2022 and 2023 in an effort to curb inflation.
Further, all employees are required to complete bi-monthly micro training modules. Our Technology department conducts periodic simulated social engineering exercises that may include, but are not limited to, simulated phishing (e-mail), vishing (voice), smishing (SMS), USB testing, and physical assessments. These tests are conducted at random throughout the year with no set schedule or frequency.
Our Technology department conducts periodic simulated social engineering exercises that may include, but are not limited to, simulated phishing (e-mail), vishing (voice), smishing (SMS), USB testing, and physical assessments. These tests are conducted at random throughout the year with no set schedule or frequency. Additionally, we may conduct targeted exercises against specific departments or individuals based on a risk determination.
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.
In addition, steady but high interest rates or increases in interest rates could decrease the amount third parties are willing to pay for our assets, thereby limiting our ability to recycle capital and our portfolio promptly in response to changes in economic or other conditions. 12 The potential impacts of current and future climate change and governmental initiatives remain uncertain at this time but could result in increased operating costs.
We compete with numerous developers, owners and operators of real estate, many of which own properties similar to ours in the same submarkets in which our properties are located.
We face significant competition in the leasing market, which may decrease or hinder opportunities to increase the occupancy and rental rates of our properties. We compete with numerous developers, owners and operators of real estate, many of which own properties similar to ours in the same submarkets in which our properties are located.
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.
In addition, leases representing 14.4% and 17.1% of the rentable square footage of the properties in our portfolio will expire in 2025 and 2026, respectively.
Additional California ballot measure initiatives have sought the removal of Proposition 13 property tax protections, which proposals have not passed, but if successful could cause a significant increase in property taxes at our properties.
During 2024, we sold one property located in the City of Los Angeles and paid a fee of $0.6 million as required under Measure ULA. Additional California ballot measure initiatives have sought the removal of Proposition 13 property tax protections, which proposals have not passed, but if successful could cause a significant increase in property taxes at our properties.
Our unsecured credit facility, unsecured notes and certain of our other secured loans contain, and any other future indebtedness we incur may contain, various covenants, including business activity restrictions, and the failure to comply with those covenants could materially adversely affect us.
Our inability to enter into future hedging transactions on favorable terms, or at all, could increase our operating expenses and put us at increased exposure to interest rate risks. 19 Our unsecured credit facility, unsecured notes and certain of our other secured loans contain, and any other future indebtedness we incur may contain, various covenants, including business activity restrictions, and the failure to comply with those covenants could materially adversely affect us.
Any adverse economic or real estate developments in the Southern California market as described above, or any decrease in demand for industrial space resulting from the regulatory environment, business climate or energy or fiscal problems, could adversely impact us and our stockholders.
Any adverse economic or real estate developments in the Southern California market as described above, or any decrease in demand for industrial space resulting from the regulatory environment, business climate or energy or fiscal problems, could adversely impact us and our stockholders. 9 The impact from governmental emergency declarations with emergency powers, may impact our ability to collect rent and could adversely impact our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations.
Replacing insurance coverage at unfavorable rates and the potential of uncollectible claims due to carrier insolvency would likely adversely affect us. Our property taxes could increase due to property tax rate changes or reassessment, which could adversely impact our cash flows.
Replacing insurance coverage at unfavorable rates and the potential of uncollectible claims due to carrier insolvency would likely adversely affect us.
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.
We regularly experience attempted cyberattacks and other incidents, and we expect such attacks and incidents to continue in varying degrees. Even the most well-protected information, networks, systems, and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and may not be recognized until after being launched against a target.
Risks Related to Our Organizational Structure Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of common units, which may impede business decisions that could benefit our stockholders.
The potential increase in the allowance for credit losses would result in a decrease in net income and may have a material adverse effect on our financial condition and results of operations. 24 Risks Related to Our Organizational Structure Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of common units, which may impede business decisions that could benefit our stockholders.
Additionally, we may conduct targeted exercises against specific departments or individuals based on a risk determination. From time to time our employees may be required to complete additional cyber awareness training courses or receive personalized training from our Technology department staff based on outcomes of random testing or as part of a risk-based assessment.
From time to time our employees may be required to complete additional cyber awareness training courses or receive personalized training from our Technology department staff based on outcomes of random testing or as part of a risk-based assessment. Given the rise of AI-driven cyber threats, our training efforts now include education on AI-generated phishing attacks.
Our ability to pay expected dividends to our stockholders depends on our ability to generate revenues in excess of expenses, scheduled principal payments on debt and capital expenditure requirements. Events and conditions generally applicable to owners and operators of real property that are beyond our control may decrease cash available for distribution and the value of our properties.
Events and conditions generally applicable to owners and operators of real property that are beyond our control may decrease cash available for distribution and the value of our properties.
If our operating costs increase or our property income decreases as a result of any of the foregoing factors, our results of operations may be adversely affected. Many of our costs, such as operating expenses and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation.
If our operating costs increase or our property income decreases as a result of any of the foregoing factors, our results of operations may be adversely affected.
The Russian invasion of Ukraine in February 2022 and the resulting global governmental responses, including international sanctions imposed on Russia and other countries that are supporting Russia’s invasion of Ukraine, have led to volatility in global markets, disruptions in the energy, agriculture and other industries and have created worldwide inflationary pressures.
As a result, we may see increases in bankruptcies of our tenants and increased defaults by tenants, and we may experience higher vacancy rates and delays in re-leasing vacant space, which could negatively impact our business and results of operations. 13 The Russian invasion of Ukraine in February 2022 and the resulting global governmental responses, including international sanctions imposed on Russia and other countries that are supporting Russia’s invasion of Ukraine, have led to volatility in global markets, disruptions in the energy, agriculture and other industries and have created worldwide inflationary pressures.
Such issuances would reduce our ownership percentage in our Operating Partnership and affect the amount of distributions made to us by our Operating Partnership and, therefore, the amount of distributions we can make to our stockholders.
Such issuances would reduce our ownership percentage in our Operating Partnership and affect the amount of distributions made to us by our Operating Partnership and, therefore, the amount of distributions we can make to our stockholders. 28 Risks Related to Our Status as a REIT Failure to maintain our qualification as a REIT would have significant adverse consequences to us and the per share trading price of our common stock.
Presidential election may adversely affect the economy and financial markets, our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock. In addition, global market, political and economic conditions could adversely affect the businesses of many of our tenants.
Trump, and changes in governmental policy on a variety of matters such as trade, tariffs and manufacturing policies may adversely affect the economy and financial markets, our financial condition, results of operations, cash flows and our ability to pay distributions on, and the per share trading price of, our common stock.
Prior to executing our strategy, we may lack non-industrial property management expertise necessary to optimally manage the non-industrial properties.
We may acquire properties utilized for non-industrial uses, including office properties, where our long-term strategy is to develop, redevelop or reposition such office asset into industrial property. Prior to executing our strategy, we may lack non-industrial property management expertise necessary to optimally manage the non-industrial properties.
Risks Related to Our Status as a REIT Failure to maintain our qualification as a REIT would have significant adverse consequences to us and the per share trading price of our common stock. We have elected to be taxed as a REIT for federal income tax purposes commencing with our initial taxable year ended December 31, 2013.
We have elected to be taxed as a REIT for federal income tax purposes commencing with our initial taxable year ended December 31, 2013. We intend to continue to meet the requirements for taxation as a REIT.
Market, political and economic challenges, including dislocations and volatility in the credit markets, general global economic uncertainty, and any uncertainty or volatility following the 2024 U.S.
Market, political and economic challenges, including dislocations and volatility in the credit markets, general global economic uncertainty, uncertainty or volatility from matters such as the implementation of the governing agenda of President Donald J.

… 45 more changes not shown on this page.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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

Item 2. Properties

Properties — owned and leased real estate

110 edited+5 added−4 removed10 unchanged
Biggest changeSan Fernando 1 Warehouse / Light Manufacturing 1969 / 2012 76,993 0.2 % 2 100.0 % $ 778,338 0.1 % $ 10.11 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) 605 8th Street San Fernando 1 Warehouse / Distribution 1991 / 2015, 2020 55,715 0.1 % 1 100.0 % $ 709,296 0.1 % $ 12.73 525 Park Avenue San Fernando 1 Warehouse / Distribution 2003 63,403 0.1 % 2 100.0 % $ 1,130,623 0.2 % $ 17.83 1145 Arroyo Avenue San Fernando 1 Warehouse / Light Manufacturing 1989 147,019 0.3 % 2 100.0 % $ 2,123,481 0.3 % $ 14.44 1150 Aviation Place San Fernando 1 Warehouse / Light Manufacturing 1989 147,000 0.3 % 1 100.0 % $ 1,460,576 0.2 % $ 9.94 1175 Aviation Place San Fernando 1 Warehouse / Distribution 1989 92,455 0.2 % 1 100.0 % $ 961,504 0.1 % $ 10.40 1245 Aviation Place San Fernando 1 Warehouse / Distribution 1989 132,936 0.3 % 1 100.0 % $ 2,871,418 0.4 % $ 21.60 635 8th Street San Fernando 1 Warehouse / Distribution 1989 72,250 0.2 % 2 100.0 % $ 1,170,122 0.2 % $ 16.20 24935 & 24955 Avenue Kearny Santa Clarita 2 Warehouse / Distribution 1988 138,980 0.3 % 2 100.0 % $ 1,872,606 0.3 % $ 13.47 25413 Rye Canyon Road Santa Clarita 1 Warehouse / Light Manufacturing 1981 48,158 0.1 % 2 100.0 % $ 604,992 0.1 % $ 12.56 24903 Avenue Kearny Santa Clarita 1 Warehouse / Distribution 1988 214,436 0.5 % 1 100.0 % $ 2,129,355 0.3 % $ 9.93 27712 & 27756 Avenue Mentry Santa Clarita 2 Warehouse / Light Manufacturing 1988 220,752 0.5 % 2 100.0 % $ 2,181,380 0.3 % $ 9.88 12838 Saticoy Street North Hollywood 1 Warehouse / Excess Land 1954 100,390 0.2 % 1 100.0 % $ 1,278,045 0.2 % $ 12.73 9750-9770 San Fernando Road Sun Valley 1 Industrial Outdoor Storage 1952 35,624 0.1 % 1 100.0 % $ 585,559 0.1 % $ 16.44 11076-11078 Fleetwood Street Sun Valley 1 Warehouse / Light Manufacturing 1974 25,878 0.1 % 1 100.0 % $ 559,650 0.1 % $ 21.63 11308-11350 Penrose Street Sun Valley 1 Warehouse / Distribution 1974 151,011 0.3 % 3 52.6 % $ 1,005,628 0.2 % $ 12.66 15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.
Biggest changeSan Fernando 1 Warehouse / Light Manufacturing 1969 / 2012 76,993 0.2 % 2 100.0 % $ 801,020 0.1 % $ 10.40 605 8th Street San Fernando 1 Warehouse / Distribution 1991 / 2015, 2020 55,715 0.1 % 1 100.0 % $ 1,270,302 0.2 % $ 22.80 525 Park Avenue San Fernando 1 Warehouse / Distribution 2003 63,403 0.1 % 2 100.0 % $ 1,434,474 0.2 % $ 22.62 1145 Arroyo Avenue San Fernando 1 Warehouse / Light Manufacturing 1989 147,019 0.3 % 2 100.0 % $ 2,195,156 0.3 % $ 14.93 1150 Aviation Place San Fernando 1 Warehouse / Light Manufacturing 1989 147,000 0.3 % 1 100.0 % $ 3,616,200 0.5 % $ 24.60 1175 Aviation Place San Fernando 1 Warehouse / Distribution 1989 92,455 0.2 % 1 100.0 % $ 2,107,974 0.3 % $ 22.80 1245 Aviation Place San Fernando 1 Warehouse / Distribution 1989 132,936 0.3 % 1 100.0 % $ 2,986,274 0.4 % $ 22.46 635 8th Street San Fernando 1 Warehouse / Distribution 1989 72,250 0.1 % 2 100.0 % $ 1,215,122 0.2 % $ 16.82 24935 & 24955 Avenue Kearny Santa Clarita 2 Warehouse / Distribution 1988 138,980 0.3 % 2 100.0 % $ 1,948,829 0.2 % $ 14.02 25413 Rye Canyon Road Santa Clarita 1 Warehouse / Light Manufacturing 1981 48,158 0.1 % 1 39.8 % $ 329,646 — % $ 17.18 24903 Avenue Kearny Santa Clarita 1 Warehouse / Distribution 1988 214,436 0.4 % 1 100.0 % $ 2,193,235 0.3 % $ 10.23 27712 & 27756 Avenue Mentry Santa Clarita 2 Warehouse / Light Manufacturing 1988 220,752 0.4 % 2 100.0 % $ 2,246,820 0.3 % $ 10.18 12838 Saticoy Street North Hollywood 1 Warehouse / Excess Land 1954 100,390 0.2 % 1 100.0 % $ 1,316,386 0.2 % $ 13.11 11128 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 30,488 0.1 % 2 100.0 % $ 756,403 0.1 % $ 24.81 11150 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 19,968 — % 3 100.0 % $ 434,641 0.1 % $ 21.77 11166 Gault Street North Hollywood 1 Warehouse / Light Manufacturing 1970 20,592 — % 1 — % $ 3,555 — % $ — 7100 Case Avenue North Hollywood 1 Warehouse / Distribution 1970 34,286 0.1 % 1 100.0 % $ 460,724 0.1 % $ 13.44 7100 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % 2 100.0 % $ 432,721 — % $ 25.44 7101 Case Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % — — % $ — — % $ — 7101 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 32,741 0.1 % 2 100.0 % $ 707,206 0.1 % $ 21.60 7103 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 17,010 — % 1 100.0 % $ 249,240 — % $ 14.65 7118 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 20,273 — % 1 100.0 % $ 468,063 0.1 % $ 23.09 7119 Fair Avenue North Hollywood 1 Warehouse / Light Manufacturing 1969 20,273 — % 2 100.0 % $ 428,834 — % $ 21.15 7121 Case Avenue North Hollywood 1 Warehouse / Distribution 1969 20,273 — % 1 100.0 % $ 450,061 0.1 % $ 22.20 7149 Fair Avenue North Hollywood 1 Warehouse / Distribution 1969 32,311 0.1 % 2 100.0 % $ 422,146 — % $ 13.07 9750-9770 San Fernando Road Sun Valley 1 Industrial Outdoor Storage 1952 35,624 0.1 % 1 100.0 % $ 984,278 0.1 % $ 27.63 11076-11078 Fleetwood Street Sun Valley 1 Warehouse / Light Manufacturing 1974 25,878 0.1 % 1 100.0 % $ 584,845 0.1 % $ 22.60 11308-11350 Penrose Street (6) Sun Valley 1 Warehouse / Distribution 1974 / 2024 151,011 0.3 % 3 52.6 % $ 1,502,652 0.2 % $ 18.91 11120 Sherman Way Sun Valley 1 Warehouse / Distribution 1970 28,094 0.1 % 1 100.0 % $ 655,647 0.1 % $ 23.34 11130 Sherman Way Sun Valley 1 Warehouse / Light Manufacturing 1969 22,148 — % 1 100.0 % $ 511,353 0.1 % $ 23.09 34 Property Address City Number of Buildings Asset Type Year Built / Renovated (1) Rentable Square Feet Percentage of Rentable Square Feet (2) Number of Leases Occupancy Annualized Base Rent (3) Percentage of Total Annualized Base Rent (4) Total Annualized Base Rent per Square Foot (5) 11156 Sherman Way Sun Valley 1 Warehouse / Distribution 1969 25,929 0.1 % 1 100.0 % $ 326,400 — % $ 12.59 15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.
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.
(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.
(4) Non-recurring capital expenditures are expenditures made in respect of a property for repositioning, redevelopment, or other major upgrade or renovation of such property, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements or capital expenditures for deferred maintenance existing at the time such property was acquired. 56 (5) Recurring capital expenditures are expenditures made in respect of a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems.
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.
The following table sets forth a summary schedule of lease expirations for leases in place as of December 31, 2024, plus available space, for each of the 10 full calendar years commencing December 31, 2024 and thereafter in our portfolio. The information set forth in the table assumes that tenants exercise no renewal options and no early termination rights.
(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.
(2) Calculated as building square feet divided by land square feet. (3) Calculated for each property as the monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12, and then aggregated by property type. Excludes tenant reimbursements. Amounts in thousands.
(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.
(4) Represents annualized base rent for leases that had commenced as of December 31, 2024, at each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(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.
(7) Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street. 48 Property Diversification The following table sets forth information relating to diversification by property type in our portfolio based on total annualized base rent as of December 31, 2024.
(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) Calculated as rentable square feet for such property divided by rentable square feet for the total consolidated portfolio as of December 31, 2024. (3) Calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12. Excludes tenant reimbursements.
(2) 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.
(2) Represents annualized base rent for each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.
(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.
(4) Includes (i) 133,836 rentable square feet in North Orange County expiring December 31, 2024 and (ii) 461,431 rentable square feet in LA-South Bay expiring September 30, 2031. (5) The tenant is leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.7 million or $3.34 per land square foot.
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.
Differences between our occupancy rates and leased rates as disclosed throughout this Annual Report on Form 10-K, are attributed to our uncommenced leases. The following table sets forth information relating to our uncommenced leases as of December 31, 2024.
(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) Represents the square footage of new leases that had been signed but had not yet commenced as of December 31, 2024. (3) Calculated as square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2024, divided by total rentable square feet.
(2) 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.
(2) Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by industry. Excludes tenant reimbursements. Amounts in thousands.
(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.
(4) Calculated as annualized base rent for such property divided by annualized base rent for the total consolidated portfolio as of December 31, 2024. (5) Calculated as annualized base rent for such property divided by occupied square feet for such property as of December 31, 2024. (6) This property is undergoing repositioning, redevelopment, or lease-up as of December 31, 2024.
(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.
(2) Calculated as monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by year of lease expiration. Excludes tenant reimbursements. Amounts in thousands.
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 leases divided by annualized base rent for the total consolidated portfolio as of December 31, 2024. (3) For building leases, calculated as annualized base rent for such leases divided by occupied building square feet for such leases as of December 31, 2024.
Excludes tenant reimbursements. Amounts in thousands. (2) Calculated as annualized base rent for such 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.
Excludes tenant reimbursements. Amounts in thousands. (2) Calculated as annualized base rent for such tenant divided by annualized base rent for the total consolidated portfolio as of December 31, 2024. (3) Calculated as annualized base rent for such tenant divided by occupied square feet for such tenant as of December 31, 2024.
(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.
(3) Calculated as annualized base rent for tenants in such industry divided by annualized base rent for the total consolidated portfolio as of December 31, 2024. (4) Calculated as annualized base rent for tenants in such industry divided by occupied square feet for tenants in such industry as of December 31, 2024.
(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.
(7) Calculated by dividing annualized base rent from commenced leases and uncommenced leases (as described in note (6) above), by leased square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2024. 50 Geographic Diversification The following table sets forth information relating to geographic diversification by county and submarket in our portfolio based on total annualized base rent as of December 31, 2024.
(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.
(3) Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of December 31, 2024. (4) Calculated as annualized base rent for such leases divided by the occupied square feet for such leases as of December 31, 2024. (5) Represents vacant space (not under repositioning/redevelopment) as of December 31, 2024.
(6) Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”), redevelopment or lease-up as of December 31, 2023.
(6) Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”), redevelopment or lease-up as of December 31, 2024.
(6) 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 .
(8) Includes (i) one land lease in LA-Mid-Counties expiring July 31, 2025, (ii) one land lease in North Orange County expiring October 31, 2026, (iii) 30,160 rentable square feet in Ventura expiring September 30, 2027, (iv) one land lease in LA-Mid-Counties expiring June 30, 2029, (v) 42,270 rentable square feet in LA-South Bay expiring October 31, 2030, (vi) 311,995 rentable square feet in North County San Diego expiring February 28, 2031, and (vii) 143,436 rentable square feet in LA-South Bay expiring November 30, 2032 .
(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.
(4) Calculated for each property type as annualized base rent for such property type divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
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.
We intend to continue to maintain a diversified mix of tenants in order to limit our exposure to any single tenant or industry. 52 The following table sets forth information about the 10 largest tenants in our portfolio based on total annualized base rent as of December 31, 2024.
(3) Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of December 31, 2023.
(3) Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.
(4) Calculated as annualized base rent for such market divided by occupied square feet for such market as of December 31, 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.
(4) Calculated as annualized base rent for such market divided by occupied square feet for such market as of December 31, 2024. 51 Industry Diversification The following table sets forth information relating to tenant diversification by industry in our portfolio based on total annualized base rent as of December 31, 2024.
(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.).
(5) Annualized base rent from uncommenced leases includes: (i) $0.6 million of annualized base rent under uncommenced new leases (calculated by multiplying the first full month of contractual base rents (before rent abatements) to be received under uncommenced new leases, by 12) and (ii) $0.7 million of incremental annualized base rent under uncommenced renewal leases (calculated as the difference between (a) the first full month of contractual base rents (before rent abatements) to be received under uncommenced renewal leases and (b) the monthly contracted base rents under commenced leases (for the same space) as of December 31, 2024, multiplied by 12.).
“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.
“Other” includes amounts related to cellular tower, solar and parking lot leases. (6) Reflects land square feet for “Land/IOS” leases. 54 Lease Expirations As of December 31, 2024, our weighted average in-place remaining lease term was approximately 4 years.
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.
For “Land/IOS” leases, calculated as annualized base rent for such leases divided by land square feet for such leases as of December 31, 2024. (4) Excludes 248,540 building square feet that are associated with “Land/IOS”. (5) “Land/IOS” includes leases for improved land sites and industrial outdoor storage (IOS) sites.
(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.
(5) Calculated for each property type as annualized base rent for such property type divided by occupied building square feet for such property type as of December 31, 2024, unless otherwise noted. (6) Includes 901 West Alameda Avenue with 45,690 building square feet that is classified as Creative Office.
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.
As of December 31, 2024, our consolidated properties were 91.4% leased to tenants in a variety of industries, with no single tenant accounting for more than 2.5% of our total annualized in-place base rent.
(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.
(5) Includes a tenant leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.7 million or $3.34 per land square foot. Excluding this tenant, annualized base rent per square foot is $15.64. Tenants Our portfolio of properties has a stable and diversified tenant base.
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.
Item 2. Properties As of December 31, 2024, our consolidated portfolio consisted of 425 wholly-owned properties located in Southern California infill markets totaling approximately 50.8 million rentable square feet. The table below sets forth relevant information with respect to the operating properties in our consolidated portfolio as of December 31, 2024.
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.
As of December 31, 2024, there were 862 modified gross leases in our consolidated portfolio, representing approximately 15.9% of our total annualized base rent. Gross lease. In our gross leases, the landlord is responsible for all aspects of and costs related to the property and its operation during the lease term.
Irvine 1 Light Manufacturing / Flex 1974 / 2018 124,741 0.3 % 4 100.0 % $ 2,413,584 0.4 % $ 19.35 16752 Armstrong Avenue Irvine 1 Warehouse / Excess Land 1970/2012 81,600 0.2 % 2 100.0 % $ 2,311,885 0.4 % $ 28.33 3441 West MacArthur Blvd.
Irvine 1 Light Manufacturing / Flex 1974 / 2018 124,741 0.3 % 4 100.0 % $ 2,811,016 0.4 % $ 22.53 16752 Armstrong Avenue Irvine 1 Warehouse / Excess Land 1970/2012 81,600 0.2 % 2 100.0 % $ 2,311,885 0.3 % $ 28.33 3441 West MacArthur Blvd.
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.
Riverside 2 Warehouse / Light Manufacturing 1978 33,258 0.1 % 1 100.0 % $ 660,443 0.1 % $ 19.86 San Bernardino – Inland Empire East Total 2 33,258 0.1 % 1 100.0 % $ 660,443 0.1 % $ 19.86 Ventura County 300 South Lewis Rd.
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.
Torrance 8 Warehouse / Light Manufacturing 1963 / 1968, 2017 87,890 0.2 % 10 83.8 % $ 1,216,962 0.2 % $ 16.53 3100 Fujita Street Torrance 1 Warehouse / Light Manufacturing 1970 91,516 0.2 % 1 100.0 % $ 1,619,026 0.2 % $ 17.69 960-970 Knox Street Torrance 1 Light Industrial / Office 1976 39,400 0.1 % 4 100.0 % $ 902,819 0.1 % $ 22.91 1300, 1301, 1315, 1320-13330, 1347 Storm Parkway; 1338 W. 288th St.; 23021-23023 Normandie Ave.; 22815 & 23023 Normandie Ave.; 22815 & 22831 Frampton Ave.
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.
Our average lease size is approximately 29,000 square feet, and approximately 32% of our total leased square feet consists of leases that are less than 50,000 square feet each. Our 10 largest tenants combined accounted for 14.1% of our annualized base rent as of December 31, 2024.
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.
As of December 31, 2024, there were 609 triple net leases in our consolidated portfolio, representing approximately 79.2% of our total annualized base rent. Modified gross lease.
Sylmar 2 Warehouse / Distribution 1969, 2008 / 2016 134,030 0.3 % 8 92.6 % $ 1,715,687 0.3 % $ 13.82 12772 San Fernando Road (6) Sylmar — Redevelopment 1964 / 2013 — — % — — % $ — — % $ — 13943-13955 Balboa Blvd Sylmar 1 Warehouse / Distribution 2000 208,749 0.5 % 3 100.0 % $ 4,004,656 0.6 % $ 19.18 18310-18330 Oxnard St.
Sylmar 2 Warehouse / Distribution 1969, 2008 / 2016 134,030 0.3 % 8 94.2 % $ 1,870,682 0.2 % $ 14.82 12772 San Fernando Road (6) Sylmar — Redevelopment 1964 / 2013 — — % — — % $ — — % $ — 13943-13955 Balboa Blvd Sylmar 1 Warehouse / Distribution 2000 208,749 0.4 % 3 100.0 % $ 4,169,969 0.5 % $ 19.98 18310-18330 Oxnard St.
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.
Walnut Ave. Carson 1 Cold Storage / Distribution 1974 172,420 0.3 % 2 100.0 % $ 2,842,117 0.4 % $ 16.48 18118-18120 S.
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.
Includes leases aggregating 33,065 rentable square feet that had been signed but had not yet commenced as of December 31, 2024. Adjusting for such leases, we had 1,880,055 of available vacant space representing 3.7% of our total owned square feet as of December 31, 2024.
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.
See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Factors That May Influence Future Results of Operations – Acquisitions and Value-Add Repositioning and Redevelopment of Properties,” of this Annual Report on Form 10-K for additional details related to these properties. 55 Historical Tenant Improvements and Leasing Commissions The following table sets forth certain historical information regarding leasing related tenant improvement and leasing commission costs for tenants at the properties in our portfolio as follows: Year Ended December 31, 2024 2023 2022 Cost (1) Square Feet PSF (2) Cost (1) Square Feet PSF (2) Cost (1) Square Feet PSF (2) Tenant Improvements New Leases – First Generation (3)(4) $ 1,718 957,290 $ 1.79 $ 1,572 1,400,053 $ 1.12 $ 1,528 834,106 $ 1.83 New Leases – Second Generation (3)(5) 314 141,274 $ 2.22 113 90,902 $ 1.24 494 491,933 $ 1.00 Renewal Leases 349 444,014 $ 0.79 826 536,858 $ 1.54 855 933,596 $ 0.92 Total Tenant Improvements $ 2,381 1,542,578 $ 1.54 $ 2,511 2,027,813 $ 1.24 $ 2,877 2,259,635 $ 1.27 Leasing Commissions New Leases – First Generation (3)(4) $ 9,166 2,000,568 $ 4.58 $ 9,488 1,171,683 $ 8.10 $ 7,357 876,485 $ 8.39 New Leases – Second Generation (3)(5) 6,953 1,939,960 $ 3.58 7,652 1,832,823 $ 4.17 9,190 1,359,424 $ 6.76 Renewal Leases 9,904 3,384,808 $ 2.93 10,308 3,530,689 $ 2.92 5,025 1,852,256 $ 2.71 Total Leasing Commissions $ 26,023 7,325,336 $ 3.55 $ 27,448 6,535,195 $ 4.20 $ 21,572 4,088,165 $ 5.28 Total Tenant Improvements & Leasing Commissions $ 28,404 $ 29,959 $ 24,449 (1) Cost is reported in thousands.
Mid-Counties 411,034 0.9 % 8,385 1.3 % $ 20.40 11/30/2028 Best Buy Stores, L.P.
Mid-Counties 411,034 0.9 % 8,730 1.1 % $ 21.24 11/30/2028 Best Buy Stores, L.P.
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.
Huntington Park 1 Cold Storage / Distribution 1990 / 2008 78,280 0.2 % 1 100.0 % $ 1,409,499 0.2 % $ 18.01 679-691 S Anderson St.
As of December 31, 2023, there were 175 gross leases in our consolidated portfolio, representing approximately 6.1% of our total annualized base rent.
As of December 31, 2024, there were 179 gross leases in our consolidated portfolio, representing approximately 4.9% of our total annualized base rent.
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.
Campus Ave. Ontario 2 Warehouse / Light Manufacturing 1964-1966, 1973, 1987 107,861 0.2 % 1 100.0 % $ 1,112,257 0.1 % $ 10.31 601-605 S. Milliken Ave. Ontario 3 Light Industrial / Office 1987 / 1988 128,313 0.2 % 24 98.5 % $ 2,389,406 0.3 % $ 18.90 845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.
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.
Historical Capital Expenditures The following table sets forth certain historical information regarding non-recurring and recurring capital expenditures at the properties in our portfolio as follows: Year Ended December 31, 2024 2023 2022 Cost (1) Square Feet (2) PSF (3) Cost (1) Square Feet (2) PSF (3) Cost (1) Square Feet (2) PSF (3) Non-Recurring Capital Expenditures (4) $ 313,187 36,624,828 $ 8.55 $ 222,709 32,392,200 $ 6.88 $ 111,112 26,002,606 $ 4.27 Recurring Capital Expenditures (5) 19,661 49,255,581 $ 0.40 26,798 44,002,786 $ 0.61 8,675 39,561,722 $ 0.22 Total Capital Expenditures $ 332,848 $ 249,507 $ 119,787 (1) Cost is reported in thousands.
(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.
(6) Santa Fe Springs — Redevelopment 1975 — — % — — % $ — — % $ — 9641 - 9657 Santa Fe Springs Rd. Santa Fe Springs 4 Warehouse / Distribution 1982 / 2009 107,891 0.2 % 4 100.0 % $ 2,520,118 0.3 % $ 23.36 10701-10719 Norwalk Blvd.
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.
Rancho Cucamonga 3 Light Manufacturing / Flex 1988-1989 / 2006 129,309 0.3 % 5 100.0 % $ 2,627,230 0.3 % $ 20.32 9805 6th St. Rancho Cucamonga 2 Warehouse / Distribution 1986 81,377 0.2 % 4 100.0 % $ 1,503,192 0.2 % $ 18.47 10700 Jersey Blvd.
Van Nuys 1 Warehouse / Light Manufacturing 1971 81,282 0.2 % 1 100.0 % $ 879,567 0.1 % $ 10.82 6701 & 6711 Odessa Ave.
Van Nuys 1 Warehouse / Light Manufacturing 1971 81,282 0.2 % 1 100.0 % $ 905,954 0.1 % $ 11.15 6701 & 6711 Odessa Ave.
Tenant Submarket Occupied Square Feet Percentage of Total Occupied Square Feet Annualized Base Rent (1) Percentage of Total Annualized Base Rent (2) Annualized Base Rent per Square Foot (3) Lease Expirations TIRECO, Inc. Inland Empire West 1,101,840 2.6 % $ 18,511 2.8 % $ 16.80 1/31/2025 L3 Technologies, Inc.
Tenant Submarket Occupied Square Feet Percentage of Total Occupied Square Feet Annualized Base Rent (1) Percentage of Total Annualized Base Rent (2) Annualized Base Rent per Square Foot (3) Lease Expirations TIRECO, Inc. Inland Empire West 1,101,840 2.4 % $ 19,251 2.5 % $ 17.47 1/31/2027 L3 Technologies, Inc.
Multiple Submarkets (4) 595,267 1.4 % 12,555 1.9 % $ 21.09 9/30/2031 Zenith Energy West Coast Terminals LLC South Bay — — % 11,446 1.8 % See Note (5) 9/29/2041 Federal Express Corporation Multiple Submarkets (6) 527,861 1.2 % 10,824 1.7 % $ 20.51 11/30/2032 (6) Cubic Corporation Central San Diego 515,382 1.2 % 10,786 1.6 % $ 20.93 3/31/2038 (7) GXO Logistics Supply Chain, Inc.
Multiple Submarkets (4) 595,267 1.3 % 12,825 1.7 % $ 21.54 9/30/2031 (4) Zenith Energy West Coast Terminals LLC South Bay — — % 11,675 1.5 % See Note (5) 9/29/2041 Cubic Corporation Multiple Submarkets (6) 515,382 1.1 % 11,110 1.4 % $ 21.56 3/31/2038 (6) IBY, LLC San Gabriel Valley 1,178,021 2.5 % 10,981 1.4 % $ 9.32 4/5/2031 (7) Federal Express Corporation Multiple Submarkets (8) 527,861 1.1 % 10,382 1.3 % $ 19.67 11/30/2032 (8) GXO Logistics Supply Chain, Inc.
Los Angeles 1 Warehouse / Distribution 1998 / 2015 202,905 0.4 % 3 100.0 % $ 2,244,077 0.3 % $ 11.06 3340 San Fernando Road Los Angeles — Warehouse / Excess Land n/a — — % — — % $ — — % $ — 2800 Casitas Avenue Los Angeles 1 Warehouse / Light Manufacturing 1999 / 2023 116,158 0.3 % 1 100.0 % $ 2,857,487 0.4 % $ 24.60 12154 Montague Street Pacoima 1 Warehouse / Light Manufacturing 1974 123,974 0.3 % 2 100.0 % $ 1,706,845 0.3 % $ 13.77 14200-14220 Arminta Street Panorama 1 Warehouse / Light Manufacturing 2006 200,003 0.4 % 1 100.0 % $ 2,762,328 0.4 % $ 13.81 7815 Van Nuys Blvd Panorama City 1 Warehouse / Excess Land 1960 43,101 0.1 % 4 88.4 % $ 704,158 0.1 % $ 18.48 14350 Arminta Street Panorama City 1 Warehouse / Light Manufacturing 2006 18,147 — % 1 100.0 % $ 321,126 — % $ 17.70 121-125 N.
Los Angeles 1 Warehouse / Distribution 1998 / 2015 202,905 0.4 % 3 100.0 % $ 3,491,801 0.4 % $ 17.21 3340 San Fernando Road Los Angeles — Warehouse / Excess Land n/a — — % — — % $ — — % $ — 2800 Casitas Avenue Los Angeles 1 Warehouse / Light Manufacturing 1999 / 2023 116,158 0.2 % 1 100.0 % $ 2,857,487 0.4 % $ 24.60 12154 Montague Street Pacoima 1 Warehouse / Light Manufacturing 1974 123,974 0.2 % 2 100.0 % $ 1,757,058 0.2 % $ 14.17 14200-14220 Arminta Street Panorama 1 Warehouse / Light Manufacturing 2006 200,003 0.4 % 1 100.0 % $ 2,852,103 0.4 % $ 14.26 7815 Van Nuys Blvd Panorama City 1 Warehouse / Excess Land 1960 43,101 0.1 % 2 56.3 % $ 525,050 0.1 % $ 21.62 14350 Arminta Street Panorama City 1 Warehouse / Light Manufacturing 2006 18,147 — % 1 100.0 % $ 330,760 — % $ 18.23 121-125 N.
These redevelopment properties will have an estimated combined 2.0 million of rentable square feet at completion. 47 Uncommenced Leases Uncommenced leases as of December 31, 2023, reflect signed new and renewal leases that had not yet commenced as of December 31, 2023.
(8) Represents current redevelopment properties, as of December 31, 2024, that will have an estimated combined 1.5 million of rentable square feet at completion, or coverage of 46.9%. 49 Uncommenced Leases Uncommenced leases as of December 31, 2024, reflect signed new and renewal leases that had not yet commenced as of December 31, 2024.
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.
Burbank 1 Warehouse / Light Manufacturing 1977 31,037 0.1 % 4 100.0 % $ 632,938 0.1 % $ 20.39 2980 & 2990 N San Fernando Road Burbank 2 Warehouse / Light Manufacturing 1950 / 2004 130,800 0.3 % 1 100.0 % $ 2,087,568 0.3 % $ 15.96 901 W. Alameda Ave.
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.
Hacienda Blvd. City of Industry 1 Warehouse / Light Manufacturing 1997 51,823 0.1 % 1 100.0 % $ 506,556 0.1 % $ 9.77 14955-14971 E Salt Lake Ave (6) City of Industry 1 Warehouse / Distribution 1979 126,036 0.2 % 4 63.6 % $ 1,297,880 0.2 % $ 16.20 15241 - 15277, 15317 - 15339 Don Julian 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.
Santa Fe Springs 2 Warehouse / Distribution 2004 58,056 0.1 % 5 100.0 % $ 931,391 0.1 % $ 16.04 10950 Norwalk Blvd & 12241 Lakeland Rd. Santa Fe Springs 1 Warehouse / Excess Land 1982 18,995 — % 1 100.0 % $ 541,472 0.1 % $ 28.51 12247 Lakeland Rd.
Broadway 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.
Broadway Carson 3 Warehouse / Distribution 1957 / 1989, 2017 78,183 0.2 % 5 100.0 % $ 1,322,227 0.2 % $ 16.91 17000 Kingsview Ave/800 Sandhill Ave (6) Carson 1 Warehouse / Distribution 1984 100,121 0.2 % 1 76.6 % $ 673,001 0.1 % $ 8.77 263-321 Gardena Blvd Carson 2 Industrial Outdoor Storage 1977 - 1982 / 2024 55,238 0.1 % 2 100.0 % $ 1,978,738 0.3 % $ 35.82 18115 Main Street Carson 1 Warehouse / Excess Land 1988 42,270 0.1 % 1 100.0 % $ 418,689 — % $ 9.91 1055 Sandhill Avenue (6) Carson 1 Light Manufacturing / Flex 1973 / 2024 127,775 0.3 % — — % $ — — % $ — 701-751 Kingshill Place Carson 6 Warehouse / Light Manufacturing 1979 / 2020 171,056 0.3 % 7 100.0 % $ 2,579,073 0.3 % $ 15.08 256 Alondra Blvd Carson 1 Industrial Outdoor Storage 1954 2,456 — % 1 100.0 % $ 675,305 0.1 % $ 274.96 17011-17027 Central Avenue Carson 3 Warehouse / Distribution 1979 52,561 0.1 % 1 100.0 % $ 1,014,571 0.1 % $ 19.30 21022 & 21034 Figueroa Street Carson 1 Warehouse / Distribution 2002 51,185 0.1 % 1 100.0 % $ 1,085,941 0.1 % $ 21.22 2130-2140 Del Amo Blvd Carson 2 Warehouse / Distribution 1980 99,064 0.2 % 2 100.0 % $ 2,067,192 0.3 % $ 20.87 20455 Reeves Avenue Carson 1 Warehouse / Distribution 1982 110,075 0.2 % 1 100.0 % $ 2,785,937 0.4 % $ 25.31 1420 Mckinley Avenue Compton 1 Warehouse / Distribution 2017 136,685 0.3 % 1 100.0 % $ 3,923,406 0.5 % $ 28.70 2020 Central Avenue Compton 1 Light Industrial / Office 1972 30,233 0.1 % 1 100.0 % $ 420,732 — % $ 13.92 17909 & 17929 Susana Road (6) Compton — Warehouse / Light Manufacturing 1970 - 1973 — — % — — % $ — — % $ — 3131 Harcourt Street & 18031 Susana Road (6) Compton 2 Warehouse / Excess Land 1970 34,000 0.1 % — — % $ — — % $ — 2501 Rosecrans Avenue Compton 1 Warehouse / Light Manufacturing 1987 300,217 0.6 % 1 100.0 % $ 6,664,817 0.9 % $ 22.20 39 Property Address City Number of Buildings Asset Type Year Built / Renovated (1) Rentable Square Feet Percentage of Rentable Square Feet (2) Number of Leases Occupancy Annualized Base Rent (3) Percentage of Total Annualized Base Rent (4) Total Annualized Base Rent per Square Foot (5) 13225 Western Avenue Gardena 1 Warehouse / Light Manufacturing 1955 21,010 — % 1 100.0 % $ 367,087 — % $ 17.47 400 Rosecrans Avenue Gardena — Warehouse / Distribution 1967 — — % — — % $ — — % $ — 422 Rosecrans Avenue Gardena — Warehouse / Distribution 1968 — — % — — % $ — — % $ — 1715 West 132nd Street Gardena 1 Warehouse / Distribution 1971 20,168 — % — — % $ — — % $ — 11832-11954 La Cienega Blvd Hawthorne 4 Light Industrial / Office 1999 63,462 0.1 % 9 100.0 % $ 1,406,596 0.2 % $ 22.16 2205 126th Street Hawthorne 1 Warehouse / Distribution 1998 63,532 0.1 % 4 100.0 % $ 1,209,861 0.2 % $ 19.04 240 W Ivy Avenue Inglewood 1 Warehouse / Distribution 1981 46,974 0.1 % 3 100.0 % $ 1,018,903 0.1 % $ 21.69 687 Eucalyptus Avenue Inglewood 1 Warehouse / Distribution 2017 143,436 0.3 % 1 100.0 % $ 2,575,749 0.3 % $ 17.96 4175 Conant Street Long Beach 1 Warehouse / Light Manufacturing 2015 142,593 0.3 % 1 100.0 % $ 2,330,639 0.3 % $ 16.34 1580 Carson Street Long Beach 1 Warehouse / Distribution 1982 / 2018 43,787 0.1 % 1 100.0 % $ 670,047 0.1 % $ 15.30 Long Beach Business Park Long Beach 4 Warehouse / Light Manufacturing 1973 - 1976 123,532 0.2 % 32 88.0 % $ 1,829,512 0.2 % $ 16.84 3901 Via Oro Avenue Long Beach 1 Light Industrial / Office 1983 53,817 0.1 % 1 100.0 % $ 1,432,507 0.2 % $ 26.62 2500 Thompson Street Long Beach 1 Warehouse / Light Manufacturing 1970 174,691 0.3 % 1 100.0 % $ 1,242,600 0.2 % $ 7.11 1661 240th St.
(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.
(7) Calculated for “Industrial Outdoor Storage” as annualized base rent for such property type divided by land square feet.
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.
Chatsworth 1 Warehouse / Distribution 1967 / 1999 319,348 0.6 % 2 100.0 % $ 3,224,772 0.4 % $ 10.10 21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street Chatsworth 7 Warehouse / Distribution 1979 / 1980 153,368 0.3 % 8 68.3 % $ 1,605,947 0.2 % $ 15.33 9171 Oso Avenue Chatsworth 1 Warehouse / Light Manufacturing 1980 65,560 0.1 % 1 100.0 % $ 751,168 0.1 % $ 11.46 9200 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1968 80,410 0.2 % 1 100.0 % $ 868,428 0.1 % $ 10.80 9230 Mason Avenue Chatsworth 1 Warehouse / Distribution 1974 54,000 0.1 % 1 100.0 % $ 460,080 0.1 % $ 8.52 9250 Mason Avenue Chatsworth 1 Warehouse / Light Manufacturing 1977 56,292 0.1 % 1 100.0 % $ 457,646 0.1 % $ 8.13 21415-21605 Plummer Street Chatsworth 2 Light Industrial / Office 1986 196,535 0.4 % 2 83.7 % $ 4,876,178 0.6 % $ 29.64 19900 Plummer Street (6) Chatsworth — Redevelopment 1983 — — % — — % $ — — % $ — 9140 Lurline Avenue Chatsworth 1 Warehouse / Light Manufacturing 1974 146,516 0.3 % 1 100.0 % $ 1,670,280 0.2 % $ 11.40 900-920 Allen Avenue Glendale 2 Warehouse / Light Manufacturing 1942 - 1995 68,630 0.1 % 2 100.0 % $ 1,195,752 0.1 % $ 17.42 3550 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N.
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.
Paramount 1 Warehouse / Distribution 1972 / 2015, 2019 74,856 0.1 % 2 100.0 % $ 1,110,866 0.1 % $ 14.84 40 Property Address City Number of Buildings Asset Type Year Built / Renovated (1) Rentable Square Feet Percentage of Rentable Square Feet (2) Number of Leases Occupancy Annualized Base Rent (3) Percentage of Total Annualized Base Rent (4) Total Annualized Base Rent per Square Foot (5) 2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E Pacifica Place; 20001-20021 Rancho Way Rancho Dominguez 6 Warehouse / Distribution 1989 / 2021 1,099,374 2.2 % 11 76.7 % $ 11,319,880 1.5 % $ 13.43 19402 Susana Road Rancho Dominguez 1 Warehouse / Excess Land 1957 15,433 — % 1 100.0 % $ 318,537 — % $ 20.64 19100 Susana Road Rancho Dominguez 1 Warehouse / Excess Land 1956 52,714 0.1 % 1 100.0 % $ 1,326,276 0.2 % $ 25.16 2757 Del Amo Blvd Rancho Dominguez 1 Warehouse / Excess Land 1967 57,300 0.1 % 1 100.0 % $ 1,179,922 0.1 % $ 20.59 3150 Ana Street Rancho Dominguez 1 Warehouse / Light Manufacturing 1957 105,970 0.2 % 1 100.0 % $ 2,663,768 0.3 % $ 25.14 19007 Reyes Avenue Rancho Dominguez — Industrial Outdoor Storage 1969 / 2021 — — % 1 100.0 % $ 1,372,401 0.2 % $ — 19431 Santa Fe Avenue Rancho Dominguez 3 Industrial Outdoor Storage 1963 / 2023 1,855 — % 1 100.0 % $ 2,040,574 0.3 % $ 1,100.04 20304 Alameda Street Rancho Dominguez 2 Warehouse / Light Manufacturing 1974 77,758 0.2 % 2 100.0 % $ 735,144 0.1 % $ 9.45 2880 Ana Street Rancho Dominguez — Industrial Outdoor Storage 1970 / 2024 — — % 1 100.0 % $ 1,751,544 0.2 % $ — 19301 Santa Fe Avenue (6) Rancho Dominguez 3 Light Industrial / Office 1954/1989 7,065 — % — — % $ — — % $ — 2910 Pacific Commerce Drive East Rancho Dominguez 1 Warehouse / Distribution 1985 150,000 0.3 % 1 100.0 % $ 2,733,420 0.3 % $ 18.22 2410-2420 Santa Fe Avenue Redondo Beach 1 Light Industrial / Office 1977 112,000 0.2 % 1 100.0 % $ 1,723,157 0.2 % $ 15.39 2601-2641 Manhattan Beach Blvd Redondo Beach 6 Light Industrial / Office 1978 126,726 0.3 % 30 97.3 % $ 2,801,423 0.4 % $ 22.72 2400 Marine Avenue Redondo Beach 2 Light Industrial / Office 1964 50,000 0.1 % 2 40.0 % $ 560,902 0.1 % $ 28.05 20920-20950 Normandie Ave.
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.
Oxnard 1 Warehouse / Light Manufacturing 2000 125,514 0.2 % 16 84.4 % $ 1,519,357 0.2 % $ 14.35 2950 Madera Rd. Simi Valley 1 Warehouse / Distribution 1988 / 2005 136,065 0.3 % 1 100.0 % $ 1,942,580 0.3 % $ 14.28 21-29 West Easy St.
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.
Birch Street Santa Ana 1 Warehouse / Distribution 1965 / 2016 98,379 0.2 % 3 100.0 % $ 1,441,893 0.2 % $ 14.66 1801 St Andrew Place Santa Ana 1 Light Industrial / Office 1987 370,374 0.7 % 2 100.0 % $ 6,271,921 0.8 % $ 16.93 1217 Saint Gertrude Place Santa Ana 1 Warehouse / Light Manufacturing 1961 106,604 0.2 % 2 100.0 % $ 1,272,196 0.2 % $ 11.93 15777 Gateway Circle Tustin 1 Warehouse / Light Manufacturing 2005 37,592 0.1 % 1 100.0 % $ 795,747 0.1 % $ 21.17 15771 Red Hill Avenue Tustin 1 Light Industrial / Office 1979 / 2016 98,970 0.2 % 3 100.0 % $ 3,372,576 0.4 % $ 34.08 Orange County – Airport Total 15 1,206,589 2.4 % 71 99.1 % $ 22,824,371 2.9 % $ 19.09 Riverside / San Bernardino - Inland Empire West 13971 Norton Avenue Chino 1 Warehouse / Distribution 1990 103,297 0.2 % 1 100.0 % $ 1,611,433 0.2 % $ 15.60 5002-5018 Lindsay Court Chino 1 Warehouse / Distribution 1986 64,960 0.1 % 1 50.7 % $ 525,426 0.1 % $ 15.97 13925 Benson Avenue Chino 1 Light Industrial / Office 1989 38,143 0.1 % 1 100.0 % $ 1,497,600 0.2 % $ 39.26 4115 Schaefer Avenue Chino 1 Warehouse / Distribution 2001 33,500 0.1 % 1 100.0 % $ 753,449 0.1 % $ 22.49 340-344 Bonnie Circle Corona 1 Warehouse / Distribution 1994 98,000 0.2 % 1 100.0 % $ 1,822,800 0.2 % $ 18.60 1168 Sherborn Street Corona 1 Warehouse / Distribution 2004 79,515 0.2 % 1 100.0 % $ 883,293 0.1 % $ 11.11 755 Trademark Circle Corona 1 Warehouse / Distribution 2001 34,427 0.1 % 1 100.0 % $ 600,288 0.1 % $ 17.44 The Merge Eastvale 6 Warehouse / Distribution 2020 333,544 0.7 % 5 74.1 % $ 3,145,338 0.4 % $ 12.72 6245 Providence Way Eastvale 1 Warehouse / Distribution 2018 27,636 — % 1 100.0 % $ 378,060 — % $ 13.68 Merge-West Eastvale 6 Warehouse / Distribution 2022 1,057,419 2.1 % 6 100.0 % $ 17,864,516 2.3 % $ 16.89 13231 Slover Avenue Fontana 1 Warehouse / Distribution 1990 109,463 0.2 % 1 100.0 % $ 2,606,752 0.3 % $ 23.81 10509 Business Drive Fontana 1 Warehouse / Distribution 1989 130,788 0.3 % 2 100.0 % $ 2,613,748 0.3 % $ 19.98 15996 Jurupa Avenue Fontana 1 Warehouse / Distribution 2015 212,660 0.4 % 1 100.0 % $ 2,147,185 0.3 % $ 10.10 11127 Catawba Avenue Fontana 1 Warehouse / Distribution 2015 145,750 0.3 % 1 100.0 % $ 1,337,826 0.2 % $ 9.18 10156 Live Oak Avenue Fontana 1 Warehouse / Distribution 2020 236,912 0.5 % 1 100.0 % $ 2,174,593 0.3 % $ 9.18 10694 Tamarind Avenue Fontana 1 Warehouse / Distribution 2020 99,999 0.2 % 1 100.0 % $ 972,430 0.1 % $ 9.72 13369 Valley Blvd Fontana 1 Light Industrial / Office 2005 105,041 0.2 % 1 100.0 % $ 2,294,095 0.3 % $ 21.84 15850 Slover Avenue Fontana 1 Warehouse / Distribution 2020 60,127 0.1 % 1 100.0 % $ 662,280 0.1 % $ 11.01 13512 Marlay Avenue Fontana 1 Warehouse / Distribution 1960 199,363 0.4 % 1 100.0 % $ 1,723,275 0.2 % $ 8.64 13700-13738 Slover Avenue Fontana 1 Warehouse / Excess Land 1982 17,862 — % 1 100.0 % $ 180,000 — % $ 10.08 10131 Banana Avenue Fontana — Industrial Outdoor Storage n/a — — % 2 100.0 % $ 1,014,642 0.1 % $ — 14874 Jurupa Avenue Fontana 1 Warehouse / Distribution 2019 158,119 0.3 % 1 100.0 % $ 2,751,271 0.4 % $ 17.40 10660 Mulberry Avenue Fontana 1 Warehouse / Distribution 1990 49,530 0.1 % 1 100.0 % $ 401,826 0.1 % $ 8.11 10545 Production Avenue Fontana 1 Warehouse / Distribution 2006 1,101,840 2.2 % 1 100.0 % $ 19,251,348 2.5 % $ 17.47 13201 Dahlia Street Fontana 1 Warehouse / Light Manufacturing 1989 278,650 0.5 % 1 100.0 % $ 3,845,370 0.5 % $ 13.80 44 Property Address City Number of Buildings Asset Type Year Built / Renovated (1) Rentable Square Feet Percentage of Rentable Square Feet (2) Number of Leases Occupancy Annualized Base Rent (3) Percentage of Total Annualized Base Rent (4) Total Annualized Base Rent per Square Foot (5) 4225 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 134,500 0.3 % 3 100.0 % $ 1,217,400 0.2 % $ 9.05 4325 Etiwanda Avenue Jurupa Valley 1 Warehouse / Distribution 1998 124,258 0.2 % — — % $ — — % $ — 4039 State Street Montclair 1 Warehouse / Distribution 2020 139,000 0.3 % 1 100.0 % $ 1,276,520 0.2 % $ 9.18 5160 Richton Street Montclair 1 Light Industrial / Office 2004 94,976 0.2 % 5 100.0 % $ 1,403,357 0.2 % $ 14.78 1400 S.
Torrance 8 Warehouse / Distribution 1982 - 2008 267,503 0.6 % 13 100.0 % $ 3,671,207 0.6 % $ 13.72 19951 Mariner Avenue Torrance 1 Light Industrial / Office 1986 89,272 0.2 % 1 100.0 % $ 1,614,816 0.2 % $ 18.09 3100 Lomita Blvd Torrance 5 Light Industrial / Office 1967 - 1998 525,076 1.2 % 7 99.8 % $ 11,882,854 1.8 % $ 22.67 21515 Western Avenue (6) Torrance — Redevelopment 1991 — — % — — % $ — — % $ — 4240 190th Street Torrance 1 Warehouse / Distribution 1966 307,487 0.7 % 3 100.0 % $ 3,374,470 0.5 % $ 10.97 19475 Gramercy Place Torrance 1 Light Industrial 1982 / 2022 47,712 0.1 % 1 100.0 % $ 1,082,108 0.2 % $ 22.68 20900 Normandie Avenue Torrance 1 Warehouse / Distribution 0 74,038 0.2 % 3 75.2 % $ 833,799 0.1 % $ 14.98 3547-3555 Voyager Street Torrance 3 Light Industrial / Office 1986 60,248 0.1 % 17 83.6 % $ 869,893 0.1 % $ 17.27 19145 Gramercy Place Torrance 1 Warehouse / Distribution 1977 102,143 0.2 % 1 100.0 % $ 1,807,503 0.3 % $ 17.70 3520 Challenger Street Torrance 1 Light Industrial / Office 1990 49,336 0.1 % 1 100.0 % $ 926,542 0.1 % $ 18.78 301-445 Figueroa Street Wilmington 1 Warehouse / Distribution 1972 / 2018 133,650 0.3 % 11 79.9 % $ 2,134,029 0.3 % $ 19.98 508 East E Street Wilmington — Warehouse / Excess Land 1988 — — % — — % $ — — % $ — 1800 Lomita Blvd Wilmington — Industrial Outdoor Storage n/a — — % 4 — % $ 4,346,133 0.7 % $ — 920 Pacific Coast Highway Wilmington 1 Warehouse / Distribution 1954 148,186 0.3 % 1 100.0 % $ 4,311,840 0.6 % $ 29.10 Los Angeles – South Bay Total 138 7,331,359 16.0 % 290 93.3 % $ 144,018,591 21.9 % $ 21.05 40 Property Address City Number of Buildings Asset Type Year Built / Renovated (1) Rentable Square Feet Percentage of Rentable Square Feet (2) Number of Leases Occupancy Annualized Base Rent (3) Percentage of Total Annualized Base Rent (4) Total Annualized Base Rent per Square Foot (5) Orange County – North 1100-1170 Gilbert St. & 2353-2373 La Palma Ave.
Torrance 8 Warehouse / Distribution 1982 - 2008 / 2024 267,503 0.5 % 11 74.6 % $ 3,530,566 0.5 % $ 17.69 19951 Mariner Avenue Torrance 1 Light Industrial / Office 1986 89,272 0.2 % 1 100.0 % $ 1,663,260 0.2 % $ 18.63 3100 Lomita Blvd Torrance 5 Light Industrial / Office 1967 - 1998 525,076 1.0 % 7 99.8 % $ 12,230,339 1.6 % $ 23.34 21515 Western Avenue (6) Torrance — Redevelopment 1991 — — % — — % $ — — % $ — 4240 190th Street Torrance 1 Warehouse / Distribution 1966 307,487 0.6 % 3 100.0 % $ 3,491,736 0.4 % $ 11.36 19475 Gramercy Place Torrance 1 Light Industrial / Office 1982 / 2022 47,712 0.1 % 1 100.0 % $ 1,136,214 0.1 % $ 23.81 20900 Normandie Avenue Torrance 1 Warehouse / Distribution 2001 74,038 0.1 % 2 50.2 % $ 600,199 0.1 % $ 16.14 3547-3555 Voyager Street Torrance 3 Light Industrial / Office 1986 60,248 0.1 % 13 41.9 % $ 459,573 0.1 % $ 18.21 41 Property Address City Number of Buildings Asset Type Year Built / Renovated (1) Rentable Square Feet Percentage of Rentable Square Feet (2) Number of Leases Occupancy Annualized Base Rent (3) Percentage of Total Annualized Base Rent (4) Total Annualized Base Rent per Square Foot (5) 19145 Gramercy Place Torrance 1 Warehouse / Distribution 1977 102,143 0.2 % 1 100.0 % $ 1,861,728 0.2 % $ 18.23 3520 Challenger Street Torrance 1 Light Industrial / Office 1990 49,336 0.1 % 1 100.0 % $ 954,338 0.1 % $ 19.34 301-445 Figueroa Street Wilmington 1 Warehouse / Distribution 1972 / 2018 133,650 0.3 % 10 81.3 % $ 2,051,776 0.3 % $ 18.88 444 Quay Avenue & 508 East E Street Wilmington 1 Warehouse / Excess Land 1992 / 2024 29,760 0.1 % 1 100.0 % $ 3,250,848 0.4 % $ 109.24 1800 Lomita Blvd Wilmington — Industrial Outdoor Storage n/a — — % 4 100.0 % $ 4,442,542 0.6 % $ — 920 Pacific Coast Highway Wilmington 1 Warehouse / Distribution 1954 148,186 0.3 % 1 100.0 % $ 4,484,314 0.6 % $ 30.26 Los Angeles – South Bay Total 135 7,912,341 15.6 % 266 88.8 % $ 161,016,368 20.8 % $ 22.92 Orange County – North 1100-1170 Gilbert St. & 2353-2373 La Palma Ave.
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.
Poway 6 Warehouse / Light Manufacturing 1999 111,860 0.2 % 16 100.0 % $ 2,125,361 0.3 % $ 19.00 8902-8940 Activity Rd San Diego 5 Light Industrial / Office 1987 / 1997 / 2024 112,896 0.2 % 34 97.6 % $ 2,410,547 0.3 % $ 21.88 6970-7170 & 7310-7374 Convoy Ct.
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.
Santa Fe Springs 1 Warehouse / Excess Land 1971 / 2016 24,875 0.1 % 1 100.0 % $ 404,600 0.1 % $ 16.27 12907 Imperial Highway Santa Fe Springs 1 Warehouse / Distribution 1997 / 2024 101,080 0.2 % 1 100.0 % $ 2,231,846 0.3 % $ 22.08 14944, 14946, 14948 Shoemaker Ave.
Anaheim 6 Warehouse / Light Manufacturing 1972 / 1990 / 2013 121,606 0.3 % 21 96.0 % $ 2,059,535 0.3 % $ 17.64 5235 East Hunter Ave.
Anaheim 6 Warehouse / Light Manufacturing 1972 / 1990 / 2013 121,669 0.2 % 21 100.0 % $ 2,229,747 0.3 % $ 18.33 5235 East Hunter Ave.
San Diego 13 Warehouse / Distribution 1971 187,787 0.4 % 53 100.0 % $ 3,874,234 0.6 % $ 20.63 9340 Cabot Drive San Diego 1 Warehouse / Distribution 1975 / 1976 86,564 0.2 % 3 100.0 % $ 1,223,190 0.2 % $ 14.13 9404 Cabot Drive San Diego 1 Warehouse / Distribution 1975 / 1976 46,846 0.1 % 1 100.0 % $ 591,581 0.1 % $ 12.63 9455 Cabot Drive San Diego 1 Warehouse / Distribution 1975 / 1976 99,403 0.2 % 2 100.0 % $ 1,269,776 0.2 % $ 12.77 9755 Distribution Ave.
San Diego 13 Warehouse / Distribution 1971 187,893 0.4 % 53 100.0 % $ 4,221,996 0.5 % $ 22.47 9340 Cabot Drive San Diego 1 Warehouse / Distribution 1975 / 1976 86,564 0.2 % 3 100.0 % $ 1,549,265 0.2 % $ 17.90 9404 Cabot Drive San Diego 1 Warehouse / Distribution 1975 / 1976 46,846 0.1 % 1 100.0 % $ 591,581 0.1 % $ 12.63 9455 Cabot Drive San Diego 1 Warehouse / Distribution 1975 / 1976 99,403 0.2 % 2 100.0 % $ 1,307,869 0.2 % $ 13.16 9755 Distribution Ave.
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 1977-1988 / 2006 151,433 0.3 % 3 100.0 % $ 2,006,111 0.3 % $ 13.25 2431-2465 Impala Dr. Carlsbad 7 Light Manufacturing / Flex 1983 / 2006 90,091 0.2 % 11 100.0 % $ 1,827,871 0.2 % $ 20.29 6231 & 6241 Yarrow Dr.
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.
San Fernando Rd. Los Angeles 8 Warehouse / Distribution 1966, 1992, 1993, 1994 474,475 0.9 % 25 96.4 % $ 8,291,660 1.1 % $ 18.12 3116 W. Avenue 32 Los Angeles 1 Warehouse / Distribution 1974 100,500 0.2 % 1 100.0 % $ 1,186,582 0.1 % $ 11.81 7900 Nelson Rd.
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.
Commerce 1 Cold Storage / Distribution 2000 70,877 0.1 % 1 100.0 % $ 1,276,202 0.2 % $ 18.01 5300 Sheila Street Commerce 1 Warehouse / Distribution 1975 695,120 1.4 % 1 100.0 % $ 5,685,820 0.7 % $ 8.18 6100 Sheila Street Commerce 1 Cold Storage / Distribution 1960 80,091 0.2 % 7 100.0 % $ 2,163,780 0.3 % $ 27.02 6277-6289 Slauson Avenue Commerce 3 Warehouse / Distribution 1962 - 1977 315,719 0.6 % 3 100.0 % $ 2,619,652 0.3 % $ 8.30 6687 Flotilla Street Commerce 1 Warehouse / Light Manufacturing 1956 120,000 0.2 % 1 100.0 % $ 2,376,000 0.3 % $ 19.80 6655 East 26th Street Commerce 1 Warehouse / Light Manufacturing 1965 47,500 0.1 % 1 100.0 % $ 783,750 0.1 % $ 16.50 6027 Eastern Avenue (6) Commerce — Redevelopment 1946 47,088 0.1 % — — % $ — — % $ — 6996-7044 Bandini Blvd Commerce 2 Warehouse / Light Manufacturing 1968 112,944 0.2 % 2 100.0 % $ 2,405,888 0.3 % $ 21.30 6000-6052 & 6027-6029 Bandini Blvd Commerce 2 Warehouse / Distribution 2016 182,782 0.4 % 2 67.9 % $ 1,635,660 0.2 % $ 13.18 6700 S Alameda St.
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.
Santa Fe Springs 3 Warehouse / Light Manufacturing 1978 / 2012 85,975 0.2 % 19 72.0 % $ 1,179,880 0.2 % $ 19.07 10747 Norwalk Blvd Santa Fe Springs 1 Warehouse / Distribution 1999 52,691 0.1 % — — % $ — — % $ — 11600 Los Nietos Road Santa Fe Springs 1 Warehouse / Distribution 1976 / 2022 106,251 0.2 % 1 100.0 % $ 2,424,959 0.3 % $ 22.82 12133 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage 1967 / 2023 — — % 1 100.0 % $ 1,239,813 0.2 % $ — 12211 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage N/A — — % 1 100.0 % $ 909,773 0.1 % $ — 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) 9920-10020 Pioneer Blvd (6) Santa Fe Springs 3 Light Industrial / Office 1973 - 1978 / 2024 163,435 0.3 % — — % $ — — % $ — 12118 Bloomfield Avenue (6) Santa Fe Springs — Redevelopment 1955 — — % — — % $ — — % $ — 12017 Greenstone Avenue Santa Fe Springs — Industrial Outdoor Storage n/a — — % 1 100.0 % $ 1,399,669 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 % $ 725,070 0.1 % $ 8.83 13535 Larwin Circle Santa Fe Springs 1 Warehouse / Distribution 1987 56,011 0.1 % 1 100.0 % $ 493,611 0.1 % $ 8.81 9400-9500 Santa Fe Springs Road Santa Fe Springs 2 Warehouse / Distribution 1980/1990 595,304 1.2 % 2 100.0 % $ 11,007,939 1.4 % $ 18.49 10712-10748 Bloomfield Avenue Santa Fe Springs 1 Warehouse / Distribution 1990 75,960 0.2 % 2 59.6 % $ 796,529 0.1 % $ 17.61 9028 Dice Road Santa Fe Springs 1 Warehouse / Light Manufacturing 1978 96,000 0.2 % 1 100.0 % $ 1,864,361 0.2 % $ 19.42 Gateway Pointe Whittier 4 Warehouse / Distribution 2005 - 2006 989,195 2.0 % 4 100.0 % $ 11,596,343 1.5 % $ 11.72 Los Angeles – Mid-Counties Total 48 4,549,886 9.0 % 114 93.9 % $ 70,243,958 9.1 % $ 16.45 Los Angeles – South Bay 750 Manville Street Compton 1 Warehouse / Distribution 1977 59,996 0.1 % 1 100.0 % $ 667,697 0.1 % $ 11.13 1065 E.
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.
Torrance 2 Warehouse / Light Manufacturing 1989 49,519 0.1 % 28 97.6 % $ 1,037,413 0.1 % $ 21.47 24105 Frampton Avenue Torrance 1 Warehouse / Distribution 1974 / 2016 49,841 0.1 % 1 100.0 % $ 515,199 0.1 % $ 10.34 1500-1510 W. 228th St.
Anaheim 1 Warehouse / Light Manufacturing 1987 120,127 0.3 % 3 100.0 % $ 1,917,527 0.3 % $ 15.96 1210 N Red Gum St Anaheim 1 Warehouse / Distribution 1985 / 2020 64,570 0.1 % 1 100.0 % $ 711,218 0.1 % $ 11.01 1190 Stanford Court Anaheim 1 Warehouse / Distribution 1979 34,494 0.1 % 1 100.0 % $ 474,926 0.1 % $ 13.77 900 East Ball Road Anaheim 1 Warehouse / Excess Land 1956 / 2022 62,607 0.1 % 1 100.0 % $ 1,416,944 0.2 % $ 22.63 3071 Coronado Street (6) Anaheim — Redevelopment 1973 — — % — — % $ — — % $ — 600-708 Vermont Avenue Anaheim 4 Light Manufacturing / Flex 1960 133,836 0.3 % 1 100.0 % $ 3,565,200 0.5 % $ 26.64 404-430 Berry Way Brea 3 Warehouse / Excess Land 1964 - 1967 120,250 0.3 % 2 15.7 % $ 1,005,245 0.2 % $ 53.27 2300-2386 East Walnut Ave.
Anaheim 1 Warehouse / Light Manufacturing 1987 120,127 0.2 % 3 100.0 % $ 1,922,830 0.2 % $ 16.01 1210 N Red Gum St Anaheim 1 Warehouse / Distribution 1985 / 2020 64,570 0.1 % 1 100.0 % $ 732,555 0.1 % $ 11.35 1190 Stanford Court Anaheim 1 Warehouse / Distribution 1979 34,494 0.1 % 1 100.0 % $ 489,174 0.1 % $ 14.18 900 East Ball Road Anaheim 1 Warehouse / Excess Land 1956 / 2022 62,607 0.1 % 1 100.0 % $ 1,473,622 0.2 % $ 23.54 3071 Coronado Street (6) Anaheim 1 Warehouse / Distribution 1973 / 2024 105,173 0.2 % — — % $ — — % $ — 600-708 Vermont Avenue Anaheim 4 Light Manufacturing / Flex 1960 133,836 0.3 % 1 100.0 % $ 3,565,200 0.5 % $ 26.64 1212 Howell Avenue Anaheim 1 Warehouse / Distribution 1992 25,962 0.1 % 1 100.0 % $ 384,141 — % $ 14.80 1222 Howell Avenue Anaheim 1 Warehouse / Distribution 1968 81,325 0.2 % 2 100.0 % $ 1,320,784 0.2 % $ 16.24 404-430 Berry Way Brea 3 Warehouse / Excess Land 1964 - 1967 120,250 0.2 % 2 15.7 % $ 1,043,208 0.1 % $ 55.28 2300-2386 East Walnut Ave.
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.
San Diego 10 Warehouse / Light Manufacturing 1970 / 2007 97,834 0.2 % 45 98.0 % $ 2,294,157 0.3 % $ 23.94 8525 Camino Santa Fe San Diego 1 Warehouse / Distribution 1986 59,399 0.1 % 3 76.0 % $ 1,032,201 0.1 % $ 22.86 13550 Stowe Drive San Diego 1 Warehouse / Distribution 1991 112,000 0.2 % 1 100.0 % $ 1,425,850 0.2 % $ 12.73 9190 Activity Road San Diego 1 Warehouse / Distribution 1986 83,520 0.2 % 1 100.0 % $ 1,771,960 0.2 % $ 21.22 10015 Waples Court San Diego 1 Warehouse / Distribution 1988 / 2020 106,412 0.2 % 1 100.0 % $ 1,652,794 0.2 % $ 15.53 8985 Crestmar Point (6) San Diego 1 Warehouse / Light Manufacturing 1988 57,086 0.1 % — — % $ — — % $ — 5725 Eastgate Drive San Diego 1 Industrial Outdoor Storage 1995 27,267 0.1 % 1 100.0 % $ 626,008 0.1 % $ 22.96 8745-8775 Production Avenue San Diego 2 Light Industrial / Office 1974 / 2021 46,820 0.1 % 4 100.0 % $ 731,732 0.1 % $ 15.63 8888-8992 Balboa Avenue (6) San Diego 1 Warehouse / Distribution 1967 / 2024 123,492 0.2 % — — % $ — — % $ — 4181 Ruffin Road San Diego 1 Light Industrial / Office 1987 150,144 0.3 % 6 49.8 % $ 1,508,450 0.2 % $ 20.19 9223 Balboa Avenue San Diego 3 Light Industrial / Office 2020 248,579 0.5 % 2 100.0 % $ 9,217,309 1.2 % $ 37.08 47 Property Address City Number of Buildings Asset Type Year Built / Renovated (1) Rentable Square Feet Percentage of Rentable Square Feet (2) Number of Leases Occupancy Annualized Base Rent (3) Percentage of Total Annualized Base Rent (4) Total Annualized Base Rent per Square Foot (5) 9323 Balboa Avenue San Diego 1 Light Industrial / Office 1978-1980 200,155 0.4 % 1 100.0 % $ — — % $ — 4285 Ponderosa Avenue San Diego 1 Light Industrial / Office 1969 66,648 0.1 % 1 100.0 % $ 1,892,231 0.2 % $ 28.39 San Diego – Central Total 54 2,133,904 4.2 % 179 87.1 % $ 36,607,166 4.7 % $ 19.69 Consolidated Portfolio - Total / Weighted Average 425 Properties 708 50,788,225 100.0 % 1,650 91.3 % $ 775,324,995 100.0 % $ 16.71 (1) Year renovated reflects the most recent year in which a material upgrade, alteration or addition to building systems was completed, resulting in increased marketability of the property.
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.
Camarillo 1 Warehouse / Distribution 1960-1963 / 2006 215,128 0.4 % 11 100.0 % $ 2,619,826 0.3 % $ 12.18 3233 Mission Oaks Blvd Camarillo 2 Warehouse / Distribution 1980-1982 / 2014, 2018, 2019 409,217 0.8 % 14 86.5 % $ 4,787,010 0.6 % $ 13.52 2328 Teller Road Newbury Park 1 Light Manufacturing / Flex 1970 / 2018 126,317 0.2 % 12 100.0 % $ 2,126,042 0.3 % $ 16.83 201 Rice Ave. & 2400-2420 Celsius Oxnard 3 Warehouse / Light Manufacturing 2008 137,785 0.3 % 21 86.4 % $ 1,675,976 0.2 % $ 14.07 610-760 W Hueneme Rd & 5651-5721 Perkins Rd Oxnard 2 Warehouse / Light Manufacturing 1985 87,181 0.2 % 18 83.2 % $ 1,138,645 0.2 % $ 15.70 1800 Eastman Ave Oxnard 1 Warehouse / Light Manufacturing 2009 33,332 0.1 % 1 100.0 % $ 315,130 — % $ 9.45 2220-2260 Camino del Sol Oxnard 1 Warehouse / Distribution 2005 69,891 0.1 % 2 100.0 % $ 751,498 0.1 % $ 10.75 3000 Paseo Mercado, 3120-3150 Paseo Mercado Oxnard 5 Warehouse / Light Manufacturing 1988 132,187 0.2 % 22 88.9 % $ 1,501,352 0.2 % $ 12.77 701 Del Norte Blvd.
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.
Vista 1 Warehouse / Light Manufacturing 1988 / 2006 68,935 0.1 % 8 100.0 % $ 1,142,077 0.1 % $ 16.57 2455 Ash Street Vista 1 Warehouse / Light Manufacturing 1990 42,508 0.1 % 1 100.0 % $ 612,115 0.1 % $ 14.40 San Diego – North County Total 29 1,480,221 2.9 % 71 93.8 % $ 20,994,981 2.7 % $ 15.13 San Diego – Central 12720-12860 Danielson Ct.
Tarzana 2 Warehouse / Light Manufacturing 1973 75,938 0.2 % 23 98.5 % $ 1,520,348 0.2 % $ 20.33 28340 - 28400 Avenue Crocker Valencia 1 Warehouse / Distribution 1987 / 2006 / 2015 90,722 0.2 % 2 100.0 % $ 829,186 0.1 % $ 9.14 28901-28903 Avenue Paine Valencia 1 Warehouse / Distribution 1999 / 2018, 2022 223,195 0.5 % 2 100.0 % $ 2,315,370 0.4 % $ 10.37 29003 Avenue Sherman Valencia 1 Warehouse / Distribution 2000 / 2019 68,123 0.1 % 1 100.0 % $ 634,227 0.1 % $ 9.31 28454 Livingston Avenue Valencia 1 Warehouse / Light Manufacturing 2007 134,287 0.3 % 1 100.0 % $ 2,739,455 0.4 % $ 20.40 28510 Industry Drive Valencia 1 Warehouse / Distribution 2017 46,778 0.1 % 1 100.0 % $ 466,174 0.1 % $ 9.97 29010 Avenue Paine Valencia 1 Light Industrial / Office 2000 100,157 0.2 % 1 100.0 % $ 1,017,116 0.2 % $ 10.16 29010 Commerce Center Drive Valencia 1 Light Industrial / Office 2002 117,151 0.3 % 1 100.0 % $ 1,222,969 0.2 % $ 10.44 29120 Commerce Center Drive Valencia 1 Warehouse / Light Manufacturing 2002 135,258 0.3 % 1 100.0 % $ 1,404,615 0.2 % $ 10.38 29125 Avenue Paine Valencia 1 Warehouse / Distribution 2006 175,897 0.4 % 1 79.5 % $ 1,777,938 0.3 % $ 12.72 15041 Calvert St.
Tarzana 2 Warehouse / Light Manufacturing 1973 75,938 0.2 % 22 94.6 % $ 1,559,687 0.2 % $ 21.72 28340 - 28400 Avenue Crocker Valencia 1 Warehouse / Distribution 1987 / 2006 / 2015 90,722 0.2 % 2 100.0 % $ 984,833 0.1 % $ 10.86 28901-28903 Avenue Paine Valencia 1 Warehouse / Distribution 1999 / 2018, 2022 223,195 0.4 % 2 100.0 % $ 2,387,899 0.3 % $ 10.70 29003 Avenue Sherman Valencia 1 Warehouse / Distribution 2000 / 2019 68,123 0.1 % 1 100.0 % $ 653,254 0.1 % $ 9.59 28454 Livingston Avenue Valencia 1 Warehouse / Light Manufacturing 2007 134,287 0.3 % 1 100.0 % $ 2,862,730 0.4 % $ 21.32 28510 Industry Drive Valencia 1 Warehouse / Distribution 2017 46,778 0.1 % 1 100.0 % $ 480,159 0.1 % $ 10.26 29010 Avenue Paine Valencia 1 Light Industrial / Office 2000 100,157 0.2 % 1 100.0 % $ 1,052,715 0.1 % $ 10.51 29010 Commerce Center Drive Valencia 1 Light Industrial / Office 2002 117,151 0.2 % 1 100.0 % $ 1,259,658 0.2 % $ 10.75 29120 Commerce Center Drive Valencia 1 Warehouse / Light Manufacturing 2002 135,258 0.3 % 1 100.0 % $ 2,596,954 0.3 % $ 19.20 29125 Avenue Paine Valencia 1 Warehouse / Distribution 2006 175,897 0.3 % 1 100.0 % $ 2,475,512 0.3 % $ 14.07 15041 Calvert St.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+0 added−0 removed2 unchanged
Biggest changePeriod 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
Biggest changePeriod Ending Index 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Rexford Industrial Realty, Inc. $100.00 $109.69 $184.09 $126.70 $133.85 $95.73 S&P 500 Index $100.00 $118.40 $152.39 $124.79 $157.59 $197.02 Dow Jones Equity All REIT Index $100.00 $95.21 $134.44 $100.82 $112.21 $117.66 Dow Jones U.S. Real Estate Industrial Index $100.00 $114.56 $175.88 $119.20 $145.37 $123.07
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).
Equity Compensation Plan Information Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12 of this Annual Report on Form 10-K. 58 Performance Graph The following graph compares the cumulative total stockholder return on our common stock from December 31, 2019 through December 31, 2024, with the cumulative total return of the Standard & Poor’s 500 Index and a selection of appropriate “peer group” indexes (assuming the investment of $100 in our common stock and in each of the indexes on December 31, 2019, and that all dividends were reinvested into additional shares of common stock at the frequency with which dividends are paid on the common stock during the applicable fiscal year).
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.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock is traded on the NYSE under the symbol “REXR”. As of February 5, 2025, there we re 296 holders of record of our common stock.
Repurchases 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.
Repurchases of Equity Securities Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or approximate dollar value) of Shares that May Yet Be Purchased Under the Plans or Programs October 1, 2024 to October 31, 2024 421 $ 45.81 N/A N/A November 1, 2024 to November 30, 2024 59 $ 42.77 N/A N/A December 1, 2024 to December 31, 2024 51 $ 38.65 N/A N/A 531 $ 44.79 N/A N/A (1) Reflects shares of common stock that were tendered by certain of our employees to satisfy tax withholding obligations related to the vesting of restricted shares of common stock.

Item 7. Management's Discussion & Analysis

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

161 edited+43 added−52 removed99 unchanged
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.
Biggest change(Ventura) (9) VC 116,852 2Q-2022 1Q-2025 —% 6027 Eastern Avenue (Central LA) LA 94,140 3Q-2022 1Q-2025 —% 12118 Bloomfield Avenue (Mid-Counties) LA 107,045 4Q-2022 1Q-2025 —% 4416 Azusa Canyon Road (SG Valley) LA 129,830 4Q-2022 1Q-2025 —% 15010 Don Julian Road (SG Valley) LA 219,242 1Q-2023 4Q-2025 —% 21515 Western Avenue (South Bay) LA 83,740 2Q-2023 2Q-2025 —% 12772 San Fernando Road (SF Valley) LA 143,529 3Q-2023 1Q-2025 —% 19900 Plummer Street (SF Valley) LA 79,539 3Q-2023 1Q-2025 —% Rancho Pacifica - Bldg 5 (South Bay) (10) LA 76,553 4Q-2023 1Q-2025 —% 1500 Raymond Avenue (North OC) OC 136,218 (11) 4Q-2023 1Q-2025 —% 17907-18001 Figueroa Street (South Bay) LA 76,468 (12) 4Q-2023 1Q-2025 —% 14940 Proctor Road (SG Valley) LA 160,045 4Q-2024 2Q-2026 —% 11234 Rush Street (SG Valley) LA 103,108 4Q-2024 1Q-2027 —% Total Current Redevelopment 1,727,880 Lease-up (Redevelopment): 1055 Sandhill Avenue (South Bay) LA 127,775 3Q-2021 4Q-2024 —% 9920-10020 Pioneer Blvd (Mid-Counties) LA 163,435 4Q-2021 3Q-2024 —% 1901 Via Burton (North OC) OC 139,449 1Q-2022 2Q-2024 —% 8888 Balboa Avenue (Central SD) SD 123,492 3Q-2022 4Q-2024 —% 2390-2444 American Way (North OC) OC 100,483 4Q-2022 2Q-2024 —% 3071 Coronado Street (North OC) OC 105,173 1Q-2023 1Q-2024 —% Total Lease-up (Redevelopment) 759,807 – See footnotes starting on page 67 – 65 Property (Submarket) Market Projected Rentable Square Feet Project Type Near-Term Potential Future Repositioning and Redevelopment: 1175 Aviation Place (Greater SF Valley) LA 93,219 Reposition 24935 Avenue Kearny (Greater SF Valley) LA 69,761 Reposition 16010 Shoemaker Avenue (Mid-Counties) LA 115,662 Reposition 1601 Mission Boulevard (SG Valley) LA 699,890 Reposition 218 Turnbull Canyon (SG Valley) LA 191,095 Reposition 425 Hacienda Boulevard (SG Valley) LA 44,025 Reposition 9455 Cabot Drive (Central SD) SD 83,563 Reposition Figueroa & Rosecrans (South Bay) LA 56,700 Reposition 3935-3949 Heritage Oak Court (Ventura) VC 186,726 Reposition 5235 Hunter Avenue (North OC) OC 117,772 Redevelopment 7815 Van Nuys Blvd (SF Valley) LA 78,990 Redevelopment 3547-3555 Voyager Street (South Bay) LA 67,371 Redevelopment 600-708 Vermont Avenue (North OC) OC 263,800 Redevelopment 9323 Balboa Avenue (Central SD) SD 163,400 Redevelopment 3100 Fujita Street (South Bay) LA 82,080 Redevelopment 14005 Live Oak Avenue (SG Valley) LA 100,380 Redevelopment 18455 Figueroa Street (South Bay) LA 179,284 Redevelopment 15715 Arrow Highway (SG Valley) LA 106,278 Redevelopment 950 West 190th Street (South Bay) LA 197,000 Redevelopment 13925 Benson Avenue (IE - West) SB 143,745 Redevelopment 16425 Gale Avenue (SG Valley) LA 325,800 Redevelopment Total Future Repositioning and Redevelopment 3,366,541 – See footnotes starting on page 67 – 66 Property Stabilized: (13) Market Stabilized Rentable Square Feet Period Stabilized Total Property Leased % at 12/31/24 9755 Distribution Avenue (Central SD) SD 24,071 1Q-2024 100% 8902-8940 Activity Road (Central SD) SD 13,950 1Q-2024 92% 444 Quay Avenue (South Bay) LA 29,760 2Q-2024 100% 263-321 Gardena Blvd (South Bay) LA 55,238 2Q-2024 100% 20851 Currier Road (SG Valley) LA 59,412 3Q-2024 100% 12752-12822 Monarch St.
While the actual number of acquisitions that we complete will be dependent upon a number of factors, in the short term, we expect to fund our acquisitions through available cash on hand and proceeds from forward equity settlements, cash flows from operations, borrowings available under the Revolver, recycling capital through property dispositions and, in the long term, through the issuance of equity securities or proceeds from long-term secured and unsecured financings.
While the actual number of acquisitions that we complete will be dependent upon a number of factors, in the short term, we expect to fund our future acquisitions through available cash on hand and proceeds from forward equity settlements, cash flows from operations, borrowings available under the Revolver, recycling capital through property dispositions and, in the long term, through the issuance of equity securities or proceeds from long-term secured and unsecured financings.
We believe this performance has been driven by our highly entrepreneurial business model focused on acquiring and improving industrial property in superior locations so that our portfolio reflects a higher level of quality and functionality, on average, as compared to typical available product within the markets within which we operate.
We believe this relative performance has been driven by our highly entrepreneurial business model focused on acquiring and improving industrial property in superior locations so that our portfolio reflects a higher level of quality and functionality, on average, as compared to typical available product within the markets within which we operate.
Our estimation process and the valuation model we use to determine the fair value of the individual assets acquired and liabilities assumed are discussed in more detail in “Note 2 – Summary of Significant Accounting Policies” to our consolidated financial statements included in Item 15 of this Report on Form 10-K.
Our estimation process and the valuation model we use to determine the fair value of the individual assets acquired and liabilities assumed are discussed in more detail in “Note 2 – Summary of Significant Accounting Policies” to our consolidated financial statements included in Item 15 of this Annual 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.
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 Annual Report on Form 10-K.
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.
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, $400 Million Notes due 2031 and Exchangeable Notes 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.
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.
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.
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.
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.
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.
See “Note 6 – Notes Payable” to the consolidated financial statements included in Item 15 of this Annual 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.
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.
Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled “Risk Factors” and elsewhere in this Annual Report on Form 10-K. 59 Company Overview Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service REIT focused on owning and operating industrial properties in Southern California infill markets.
We generally do not focus on properties located within the non-infill Inland Empire East sub-market where available land and the development and construction pipeline for new supply is substantial. In San Diego, vacancy increased year-over-year and average asking lease rates increased year-over-year. In Ventura County, vacancy increased year-over-year and average asking lease rates decreased year-over-year.
We generally do not focus on properties located within the non-infill Inland Empire East sub-market where available land and the development and construction pipeline for new supply is substantial. 62 In San Diego, vacancy increased year-over-year and average asking lease rates increased year-over-year. In Ventura County, vacancy increased year-over-year and average asking lease rates increased year-over-year.
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.
We estimate that, on a weighted average basis, in-place rents of leases scheduled to expire in 2025 and 2026 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 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.
Our portfolio, which we believe represents prime locations with superior functionality within the largest last-mile logistics distribution market in the nation, is well-positioned to continue to serve our existing diverse tenant base and attract incremental ecommerce-oriented and traditional distribution demand over the long-term.
As such, as of December 31, 2023, if SOFR were to increase or decrease, there would be no impact to interest expense or future earnings and cash flows. Interest risk amounts are our management’s estimates and were determined by considering the effect of hypothetical interest rates on our financial instruments.
As such, as of December 31, 2024, if SOFR were to increase or decrease, there would be no impact to interest expense or future earnings and cash flows. Interest risk amounts are our management’s estimates and were determined by considering the effect of hypothetical interest rates on our financial instruments.
The 2023 ATM Program replaces our previous $1.0 billion ATM program, which was established on May 27, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $834.6 million through February 17, 2023.
The 2023 ATM Program replaced our previous $1.0 billion ATM program, which was established on May 27, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $834.6 million through February 17, 2023.
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.
Investment Grade Rating Our credit ratings at December 31, 2024 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), Exchangeable Notes, $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.
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.
The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2023 and 2024, as the timing of these stabilizations have a direct impact on our current and comparative results of operations.
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.
We believe that inflationary increases to real estate taxes, utility expenses and other operating expenses may be partially offset by the contractual rent increases and tenant payment of taxes and expenses described above. 86 Ite m 7A.
General Market Condition s The following general market conditions have been sourced from third-party market data and do not necessarily reflect the results of our portfolio. For our portfolio specific results see “—Rental Revenues” and “—Results of Operations” below.
The following general market conditions have been sourced from third-party market data and do not necessarily reflect the results of our portfolio. For our portfolio specific results see “—Rental Revenues” and “—Results of Operations” below.
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.
Our credit ratings at December 31, 2024 were BBB- from both S&P and Fitch with respect to our 5.875% Series B Cumulative Redeemable Preferred Stock and our 5.625% Series C Cumulative Redeemable Preferred Stock.
The increase in our Same Property Portfolio rental revenue is primarily due to an increase in average rental rates on new and renewal leases, partially offset by a decrease in occupancy rates, a decrease of $2.0 million in amortization of net below-market lease intangibles and an increase of $1.9 million in bad debt write-offs and reserves for tenant receivables not deemed probable of collection.
The increase in our Same Property Portfolio rental revenue is primarily due to an increase in average rental rates on new and renewal leases, partially offset by a decrease in occupancy rates, a decrease of $4.2 million in amortization of net below-market lease intangibles and an increase of $1.3 million in bad debt write-offs and reserves for tenant receivables not deemed probable of collection.
The 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.
The applicable margin for the Revolver ranges from 0.725% to 1.400% per annum for SOFR-based loans and letters of credit and 0.00% to 0.40% per annum for base rate loans, depending on our leverage ratio and investment grade ratings.
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.
Debt Covenants The Credit Agreement, $60 Million Term Loan, $100 Million Notes, $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and Series 2019A and 2019B Notes all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • For the Credit Agreement and $60 Million Term Loan, maintaining a ratio of secured debt to total asset value of not more than 45%; • For the $100 Million Notes, $125 Million Notes and Series 2019A and 2019B Notes (together the “Senior Notes”), maintaining a ratio of secured debt to total asset value of not more than 40%; • For the Senior Notes, maintaining a ratio of total secured recourse debt to total asset value of not more than 15%; • For the Senior Notes, maintaining a minimum tangible net worth of at least the sum of (i) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016; • Maintaining a ratio of adjusted EBITDA (as defined in each of the loan agreements) to fixed charges of at least 1.5 to 1.0; • For the Credit Agreement and Senior Notes, maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and • For the Credit Agreement and Senior Notes, maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.00.
We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering.
We did not receive any proceeds from the sale of common shares by the forward purchaser at the time of the offering.
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.
To eliminate the effect of changes in our Total Portfolio due to acquisitions, dispositions and repositioning/redevelopment and to highlight the operating results of our on-going business, we have separately presented the results of our “Same Property Portfolio.” Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023 For the comparison of the years ended December 31, 2024 and 2023, our Same Property Portfolio includes all properties in our industrial portfolio that were wholly-owned by us for the period from January 1, 2023 through December 31, 2024, and that were stabilized prior to January 1, 2023, which consisted of buildings aggregating approximately 37.0 million rentable square feet at 293 of our properties.
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.
See “Note 3 – Investments in Real Estate” to the consolidated financial statements for a summary of the investments we completed during the year ended December 31, 2024. Recurring and Nonrecurring Capital Expenditures Capital expenditures are considered part of both our short-term and long-term liquidity requirements.
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.
Results for our Same Property Portfolio exclude properties that were acquired or sold during the period from January 1, 2023 through December 31, 2024, properties or buildings classified as current or future repositioning (including select buildings in “other repositioning”), redevelopment or lease-up during 2023 or 2024, management and leasing services revenue, interest income, interest expense and corporate general and administrative expenses.
Effective April 3, 2023, Term SOFR for this loan has been swapped to a fixed rate of 3.710%, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. The loan is secured by six properties and has three one-year extensions available at the borrower’s option, subject to certain terms and conditions.
As of December 31, 2024, Term SOFR for this loan has been swapped to a fixed rate of 3.710%, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. The loan is secured by six properties and has three one-year extensions available at the borrower’s option, subject to certain terms and conditions.
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.
Additionally, as of December 31, 2024, we had 0.6 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 4.9% of our total consolidated portfolio square footage as of December 31, 2024.
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.
These high-barrier infill markets are characterized by a relative scarcity of highly functional product, coupled with the limited ability to introduce new supply over the long-term due to high land and redevelopment costs, regulatory hurdles with restrictive development constraints and a dearth of developable land in markets experiencing a net reduction in supply as, over time, more industrial property is converted to non-industrial uses than can be delivered.
(2) “Total Property Rentable Square Feet” is the total rentable square footage of the entire property or particular building(s) (footnoted if applicable) under repositioning/lease-up. “Repositioning/Lease-up Rentable Square Feet” is the actual rentable square footage that is subject to repositioning at the property/building, and may be less than Total Property Rentable Square Feet.
(2) “Repositioning/Lease-up Rentable Square Feet” is the actual rentable square footage that is subject to repositioning at the property/building, and may be less than the total rentable square footage of the entire property or particular building(s) under repositioning.
Comparison of the Year Ended December 31, 2022 to the Year Ended December 31, 2021 Refer to “Item 7.
Comparison of the Year Ended December 31, 2023 to the Year Ended December 31, 2022 Refer to “Item 7.
May 2023 Forward Equity Offering — On May 10, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 13,500,000 shares of common stock (the “May 2023 Forward Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 13,500,000 shares of common stock in the offering.
May 2023 Forward Equity Offering — On May 10, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 13,500,000 shares of common stock at an initial forward price of $55.24 per share (the “May 2023 Forward Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 13,500,000 shares of common stock in the offering.
The net forward sale price that we will receive upon physical settlement of the agreements, which was initially $55.24 per share, will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers’ stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreements.
The net forward sale price that we will receive upon physical settlement of the agreement, which was initially $48.61 per share, will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreement.
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 of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 million rentable square feet. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets.
As of December 31, 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.
As of December 31, 2024, 1.9 million rentable square feet of our portfolio was available for lease, 2.5 million rentable square feet of vacant space was under repositioning/redevelopment or in the lease-up stage and leases representing 0.4 million rentable square feet of our portfolio expired on December 31, 2024.
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.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cash Flows” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 12, 2024, for a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022.
As of December 31, 2023, we had total consolidated indebtedness, excluding unamortized debt issuance costs and premiums/discounts, of $2.24 billion. As of December 31, 2023, 100% of this consolidated indebtedness is fixed-rate debt under the terms of the loan or through the use of interest rate swaps.
As of December 31, 2024, we had total consolidated indebtedness, excluding unamortized debt issuance costs and premiums/discounts, of $3.38 billion. As of December 31, 2024, 100% of this consolidated indebtedness is fixed-rate debt under the terms of the loan or through the use of interest rate swaps.
The Company’s geographic focus remains infill Southern California. However, from time-to-time, portfolios could be acquired comprising a critical mass of infill Southern California industrial property that could include some assets located in markets outside of infill Southern California.
However, from time-to-time, portfolios could be acquired comprising a critical mass of infill Southern California industrial property that could include some assets located in markets outside of infill Southern California.
Subsequent to December 31, 2023, in January 2024, we settled the outstanding May 2023 Forward Sale Agreements by issuing 2,253,034 shares of common stock in exchange for net proceeds of $125.7 million, based on a weighted average forward price of $55.79 per share at settlement.
During the year ended December 31, 2024, we settled the outstanding May 2023 Forward Sale Agreements by issuing 2,253,034 shares of common stock for net proceeds of $125.7 million, based on a weighted average forward price of $55.79 per share at settlement.
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.
Dispositions • During 2024, we sold five properties with a combined 170,293 rentable square feet for an aggregate gross sales price of $44.3 million and recognized $18.0 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.
As of February 9, 2024, approximately $927.4 million of common stock remains available to be sold under the 2023 ATM Program.
As of December 31, 2024, approximately $927.4 million of common stock remains available to be sold under the 2023 ATM Program.
These loans are also subject to a 0% SOFR floor. (5) The Revolver is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of December 31, 2023, the applicable facility fee is 0.125%, less a sustainability-related interest rate adjustment of 0.01%.
These loans are also subject to a 0% SOFR floor. (5) The Revolver is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of December 31, 2024, the applicable facility fee is 0.125% per annum with a sustainability-related interest rate adjustment of zero.
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.
Our Total Portfolio rental revenue was also positively impacted by the incremental revenues from the 75 properties we acquired during 2023 and 2024, partially offset by the decrease in revenues from the seven properties that were sold during 2023 and 2024.
The leases scheduled to expire during the years ending December 31, 2024 and 2025, represent 12.8% and 16.5%, respectively, of the total annualized base rent for our portfolio as of December 31, 2023.
The leases scheduled to expire during the years ending December 31, 2025 and 2026, represent 14.8% and 16.4%, respectively, of the total annualized base rent for our portfolio as of December 31, 2024.
The increase in our Same Property Portfolio property expenses is primarily due to increases in property tax expense mainly related to California Proposition 13 annual increases, allocated overhead costs driven by a higher employee headcount and rising labor costs, repairs and maintenance expenses and insurance expense as a result of higher overall premiums.
The increase in our Same Property Portfolio property expenses is primarily due to increases in property tax expenses, insurance expenses as a result of higher overall premiums, utility expenses, allocated overhead costs driven by a higher employee headcount and rising labor costs, and repairs and maintenance expenses.
The effective rate assumes daily SOFR of 5.380% as of December 31, 2023. (6) Effective April 3, 2023, daily SOFR for the $400 Million Term Loan has been swapped to a fixed rate of 3.97231%, resulting in an all-in fixed rate of 4.83231% after adding the SOFR adjustment and applicable margin and subtracting the sustainability-related interest rate adjustment.
The effective rate assumes daily SOFR of 4.490% as of December 31, 2024. (6) As of December 31, 2024, daily SOFR for the $400 Million Term Loan has been swapped to a fixed rate of 3.97231%, resulting in an all-in fixed rate of 4.87231% after adding the SOFR adjustment, applicable margin and sustainability-related interest rate adjustment.
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.
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.
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 summarized in the tables under “ Acquisitions and Value-Add Repositioning and Redevelopment of Properties ” above, as of December 31, 2024, 22 of our properties with a combined 2.3 million of estimated rentable square feet at completion are under current repositioning or redevelopment, 12 properties with a combined 1.2 million rentable square feet are in lease-up, and we have a near-term potential pipeline of 21 repositioning and redevelopment projects with a combined 3.4 million of estimated rentable square feet at completion.
(3) Other Income Our Same Property Portfolio and Total Portfolio other income increased by $0.2 million, or 13.1%, and $0.3 million, or 17.9%, respectively, for the year ended December 31, 2023, compared to the year ended December 31, 2022, primarily due to an increase in fees charged for late rental payments and an increase in miscellaneous income.
(3) Other Income Our Same Property Portfolio and Total Portfolio other income increased by $0.4 million, or 20.1%, and $0.4 million, or 19.2%, respectively, for the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to an increase in fees charged for late rental payments.
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.
Our Total Portfolio property expenses were also impacted by incremental expenses from the 75 properties we acquired during 2023 and 2024, partially offset by the decrease in property expenses from the seven properties that were sold during 2023 and 2024.
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.
Occupancy Rates As of December 31, 2024, our consolidated portfolio, inclusive of space in repositioning as described in the subsequent paragraph, was approximately 91.3% occupied, while our stabilized consolidated portfolio exclusive of such space was approximately 96.0% occupied. We believe the opportunity to increase occupancy at our properties will be an important driver of future revenue growth.
(3) Fixed-rate debt includes our variable rate debts that have been effectively fixed through the use of interest rate swaps through maturity. At December 31, 2023, we had total indebtedness of $2.2 billion, reflecting a net debt to total combined market capitalization of approximately 15.0%.
(3) Fixed-rate debt includes our variable rate debts that have been effectively fixed through the use of interest rate swaps through maturity. 84 At December 31, 2024, we had total indebtedness of $3.4 billion, reflecting a net debt to total combined market capitalization of approximately 26.5%.
Management and Leasing Services Our Total Portfolio management and leasing services revenue increased by $0.1 million, or 10.7%, for the year ended December 31, 2023, compared to the year ended December 31, 2022.
Management and Leasing Services Our Total Portfolio management and leasing services revenue decreased by $0.1 million, or 10.4%, for the year ended December 31, 2024, compared to the year ended December 31, 2023.
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.
The following table summarizes the composition of our outstanding debt between fixed-rate and variable-rate and secured and unsecured debt as of December 31, 2024: Weighted Average Term Remaining (in years) Effective Interest Rate (1) Principal Balance (in thousands) (2) % of Total Fixed vs. Variable: Fixed (3) 3.6 3.835% $ 3,379,622 100% Variable — —% $ — —% Secured vs.
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.
Includes all new and renewal leases that were executed during each respective quarter. (2) Calculated as the change between net effective rents for new or renewal leases and the expiring net effective rents (excluding the impact of amortization of intangible assets or liabilities) on the expiring leases for the same space.
Gains on Sale of Real Estate During the year ended December 31, 2023, we recognized gains on sale of real estate of $19.0 million from the disposition of two properties that were sold for an aggregate gross sales price of $28.3 million.
Gains on Sale of Real Estate During the year ended December 31, 2024, we recognized gains on sale of real estate of $18.0 million from the disposition of five properties that were sold for an aggregate gross sales price of $44.3 million.
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.
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 a continued supply and demand imbalance across our submarkets, which continues to support favorable long-term market fundamentals. 70 Conditions in Our Markets The properties in our portfolio are located primarily in Southern California infill markets.
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.
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.
Additionally, leases representing 13.9% and 16.6% of the aggregate rentable square footage of our portfolio are scheduled to expire during the years ending December 31, 2024 and 2025, respectively. During the year ended December 31, 2023, we renewed 248 leases for 4.3 million rentable square feet, resulting in a 74.1% retention rate.
Additionally, leases representing 14.4% and 17.1% of the aggregate rentable square footage of our portfolio are scheduled to expire during the years ending December 31, 2025 and 2026, respectively. During the year ended December 31, 2024, we renewed 226 leases for 4.9 million rentable square feet, resulting in a 67.9% retention rate.
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.
We expect to fund these projects through a combination of available cash on hand, the issuance of common stock under the 2023 ATM Program and/or settlement of the March 2024 Forward Sale Agreement, cash flow from operations and borrowings available under the Revolver.
The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to EBITDA re (in thousands): Year Ended December 31, 2023 2022 2021 Net income $ 249,591 $ 177,157 $ 136,246 Interest expense 61,400 48,496 40,139 Depreciation and amortization 244,510 196,794 151,269 Gains on sale of real estate (19,001) (8,486) (33,929) EBITDAre $ 536,500 $ 413,961 $ 293,725 Supplemental Guarantor Information Subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the parent guarantee is “full and unconditional,” the subsidiary obligor is consolidated into the parent company’s consolidated financial statements and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.
Accordingly, EBITDA re should be considered only as a supplement to net income (loss) as a measure of our performance. 77 The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to EBITDA re (in thousands): Year Ended December 31, 2024 2023 2022 Net income $ 285,926 $ 249,591 $ 177,157 Interest expense 98,596 61,400 48,496 Depreciation and amortization 275,247 244,510 196,794 Gains on sale of real estate (18,013) (19,001) (8,486) EBITDAre $ 641,756 $ 536,500 $ 413,961 Supplemental Guarantor Information Subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the parent guarantee is “full and unconditional,” the subsidiary obligor is consolidated into the parent company’s consolidated financial statements and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.
Including vacant space at these properties, our weighted average occupancy rate as of December 31, 2023, in our Los Angeles, Orange County and San Bernardino markets was 95.4%, 92.4% and 90.8%, respectively. Excluding vacant space at these properties, our weighted average occupancy rate as of December 31, 2023, in these markets was 98.0%, 99.9% and 95.8%, respectively.
Including vacant space at these properties, our weighted average occupancy rate as of December 31, 2024, in our Los Angeles, Orange County and San Bernardino markets was 90.2%, 90.3% and 96.0%, respectively. Excluding vacant space at these properties, our weighted average occupancy rate as of December 31, 2024, in these markets was 95.4%, 98.7% and 98.0%, respectively.
The Revolver and the Term Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Term Facility and repaid or prepaid may not be reborrowed.
The Revolver and the Term Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty.
During the year ended December 31, 2023, we incurred $222.7 million of non-recurring capital expenditures, which was an increase of $111.6 million over the prior year. The increase was primarily due to the increase in non-recurring capital expenditures related to repositioning and redevelopment activity during 2023 compared to 2022.
During the year ended December 31, 2024, we incurred $313.2 million of non-recurring capital expenditures, which was an increase of $90.5 million over the prior year. The increase was primarily due to the increase in non-recurring capital expenditures related to repositioning and redevelopment activity during 2024 compared to 2023.
Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operation loss carryforward and therefore there is no income tax provision for the years ended December 31, 2023 and 2022.
Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward and therefore there is no income tax provision for the years ended December 31, 2024 and 2023. Additionally, the taxable REIT subsidiary had minimal activity during these periods.
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.
We capitalized $31.4 million of interest expense and $8.1 million of insurance and real estate tax expenses during the year ended December 31, 2024, related to our repositioning and redevelopment projects.
As of December 31, 2023, we had: • Outstanding fixed-rate and variable-rate debt with varying maturities for an aggregate principal amount of $2.2 billion, with $473.4 million due within 12 months (including the $400.0 unsecured term loan facility maturing on July, 19, 2024, which can be extended for two additional one-year terms at our option, and the $60.0 million secured term loan maturing on October 27, 2024, which can be extended for three one-year terms at our option); • Total scheduled interest payments on our fixed rate debt and projected net interest payments on our variable rate debt and interest rate swaps of $315.4 million, of which $69.9 million is due within 12 months. • Commitments of $245.9 million for tenant improvements under certain tenant leases and construction work related to obligations under contractual agreements with our construction vendors; and • Operating lease commitments with aggregate lease payments of $24.8 million, of which $2.3 million is due within 12 months.
As of December 31, 2024, we had: • Outstanding fixed-rate and variable-rate debt with varying maturities for an aggregate principal amount of $3.4 billion, with $561.0 million due within 12 months (including the $400.0 million unsecured term loan facility maturing on July 18, 2025, which can be extended for one remaining one-year term at our option, the $100.0 million unsecured senior notes maturing on August 6, 2025 and the $60.0 million term loan facility maturing on October 27, 2025, which can be extended for two remaining one-year terms at our option); 78 • Total scheduled interest payments on our fixed rate debt and projected net interest payments on our variable rate debt and interest rate swaps of $432.8 million, of which $121.4 million is due within 12 months. • Commitments of $129.2 million for tenant improvements under certain tenant leases and construction work related to obligations under contractual agreements with our construction vendors; and • Operating lease commitments with aggregate lease payments of $25.7 million, of which $1.7 million is due within 12 months.
We believe that an important portion of our long-term future growth will come from the completion of these projects currently under or scheduled for repositioning/redevelopment, as well as through the identification or acquisition of new opportunities for repositioning and redevelopment, whether in our existing portfolio or through new investments, which may vary from period to period subject to market conditions.
We believe that an important portion of our long-term future growth will come from the completion of these projects currently under or scheduled for repositioning/redevelopment, as well as through the identification or acquisition of new opportunities for repositioning and redevelopment, whether in our existing portfolio or through new investments, which may vary from period to period subject to market conditions. 68 The occupancy rate of properties not undergoing repositioning is affected by regional and local economic conditions in our Southern California infill markets.
We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP.
We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
The Credit Agreement contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Credit Agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults.
Amounts borrowed under the Term Facility and repaid or prepaid may not be reborrowed. 81 The Credit Agreement contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Credit Agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults.
The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to FFO and Core FFO (unaudited and in thousands): Year Ended December 31, 2023 2022 2021 Net income $ 249,591 $ 177,157 $ 136,246 Adjustments: Depreciation and amortization 244,510 196,794 151,269 Gains on sale of real estate (19,001) (8,486) (33,929) Funds from operations (FFO) $ 475,100 $ 365,465 $ 253,586 Adjustments: Acquisition expenses 369 613 94 Impairment of right-of-use asset 188 — 992 Loss on extinguishment of debt — 915 505 Amortization of loss on termination of interest rate swaps 236 253 2,169 Non-capitalizable demolition costs 881 663 — Write-offs of below-market lease intangibles related to terminations (1) (1,318) (5,792) — Core FFO $ 475,456 $ 362,117 $ 257,346 Less: preferred stock dividends (9,258) (9,258) (12,563) Less: Core FFO attributable to noncontrolling interests (2) (19,525) (16,838) (13,504) Less: Core FFO attributable to participating securities (3) (1,844) (1,282) (943) Company share of Core FFO $ 444,829 $ 334,739 $ 230,336 73 (1) Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.
“Company share of Core FFO” in the table below reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders. 75 The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to FFO and Core FFO (unaudited and in thousands): Year Ended December 31, 2024 2023 2022 Net income $ 285,926 $ 249,591 $ 177,157 Adjustments: Depreciation and amortization 275,247 244,510 196,794 Gains on sale of real estate (18,013) (19,001) (8,486) FFO $ 543,160 $ 475,100 $ 365,465 Adjustments: Acquisition expenses 123 369 613 Impairment of right-of-use asset — 188 — Loss on extinguishment of debt — — 915 Amortization of loss on termination of interest rate swaps 211 236 253 Non-capitalizable demolition costs 1,127 881 663 Write-offs of below-market lease intangibles related to terminations (1) — (1,318) (5,792) Core FFO $ 544,621 $ 475,456 $ 362,117 Less: preferred stock dividends (9,258) (9,258) (9,258) Less: Core FFO attributable to noncontrolling interests (2) (21,319) (19,525) (16,838) Less: Core FFO attributable to participating securities (3) (2,349) (1,844) (1,282) Company share of Core FFO $ 511,695 $ 444,829 $ 334,739 (1) Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.
During the year ended December 31, 2023, we incurred $26.8 million of recurring capital expenditures, which was an increase of $18.1 million from the prior year, primarily due to higher roofing expenditures as part of a multi-year capital plan.
During the year ended December 31, 2024, we incurred $19.7 million of recurring capital expenditures, which was a decrease of $7.1 million from the prior year, primarily due to higher roofing expenditures in the prior year as part of a multi-year capital plan.
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.
Net cash provided by operating activities increased by $51.4 million to $478.9 million for the year ended December 31, 2024, compared to $427.5 million for the year ended December 31, 2023.
The decrease was primarily attributable to a $1.0 billion decrease in cash paid for property acquisitions and an $11.7 million increase in net proceeds from the sale of real estate as compared to the prior year, partially offset by a $131.5 million increase in cash paid for construction and repositioning/redevelopment projects and a $122.7 million increase in cash used for the issuance of a $125.0 million loan receivable.
The increase was primarily attributable to a $193.9 million increase in cash paid for property acquisitions and a $106.8 million increase in cash paid for construction costs, including costs related to repositioning/redevelopment projects, partially offset by a $122.7 million decrease in cash used for the issuance of a $125.0 million loan receivable in October 2023 and a $14.3 million increase in net proceeds from the sale of real estate as compared to the prior year.
The increase in our Same Property Portfolio tenant reimbursements revenue is primarily due to higher reimbursable property tax expenses mainly relating to California Proposition 13 annual increases and higher reimbursable insurance expenses due to higher overall premiums. Our Total Portfolio tenant reimbursements revenue was also impacted by the incremental reimbursements from the 80 properties we acquired during 2022 and 2023.
The increase in our Same Property Portfolio tenant reimbursements revenue is primarily due to higher reimbursable property tax expenses, higher billings for other reimbursable expenses and higher reimbursable insurance expenses due to higher overall premiums. Our Total Portfolio tenant reimbursements revenue was also impacted by the incremental reimbursements from the 75 properties we acquired during 2023 and 2024.
For the years ended December 31, 2023 and 2022, our Same Property Portfolio weighted average occupancy was approximately 97.8% and 98.5%, respectively.
For the years ended December 31, 2024 and 2023, our Same Property Portfolio weighted average occupancy was approximately 96.6% and 97.1%, respectively.
Highlights Full Year Financial and Operational Highlights • Net income attributable to common stockholders increased by 44.4% to $227.4 million in 2023 compared to 2022. • Core funds from operations (Core FFO) (1) attributable to common stockholders increased by 32.9% to $444.8 million in 2023 compared to 2022. • Net operating income (NOI) (1) increased by 26.4% to $606.9 million in 2023 compared to 2022. • Total portfolio occupancy at year-end was 94.1%. • Same Property Portfolio (2) average occupancy for the year ended December 31, 2023 was 97.8% and ending occupancy at year-end was 97.5%. • Executed a total 459 new and renewal leases with a combined 7.4 million rentable square feet, with leasing spreads of 77.5% on a GAAP basis and 58.7% on a cash basis.
Highlights Full Year Financial and Operational Highlights • Net income attributable to common stockholders increased by 15.6% to $262.9 million in 2024 compared to 2023. • Core funds from operations (Core FFO) (1) attributable to common stockholders increased by 15.0% to $511.7 million in 2024 compared to 2023. • Net operating income (NOI) (1) increased by 17.3% to $711.8 million in 2024 compared to 2023. • Total portfolio occupancy at year-end was 91.3%. • Same Property Portfolio (2) average occupancy for the year ended December 31, 2024 was 96.6% and ending occupancy at year-end was 94.1%. • Executed a total 436 new and renewal leases with a combined 8.1 million rentable square feet, with leasing spreads of 38.9% on a GAAP basis and 28.6% on a cash basis.
In Los Angeles County, vacancy increased year-over-year to 2.1% and average asking lease rates were flat year-over-year after increasing by 76% over the prior three year period. Occupancy generally remains at high levels and new development is limited by a lack of land availability and an increase in land and development costs.
In Los Angeles County, vacancy increased year-over-year to 4.2% and average asking lease rates decreased 13% year-over-year after increasing by 78% over the prior three year period. New development is limited by a lack of land availability and an increase in land and development costs. In Orange County, average asking lease rates decreased year-over-year and vacancy increased year-over-year to 3.1%.
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.
(2) Excludes unamortized debt issuance costs and premiums/discounts totaling $33.7 million, which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of December 31, 2024.

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