Rexford Industrial Realty (REXR) 10-Q18 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 18, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
Entity File Number	001-36008
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2024407
Entity Address, Address Line One	11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	966-1680
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		222,391,725
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
5.875% Series B Cumulative Redeemable Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PB
Security Exchange Name	NYSE
5.625% Series C Cumulative Redeemable Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Land	$ 7,703,232	$ 6,815,622
Buildings and improvements	4,416,032	3,933,379
Tenant improvements	181,785	167,251
Furniture, fixtures and equipment	132	132
Construction in progress	370,431	240,010
Total real estate held for investment	12,671,612	11,156,394
Accumulated depreciation	(925,373)	(782,461)
Investments in real estate, net	11,746,239	10,373,933
Cash and cash equivalents	61,836	33,444
Loan receivable, net	123,129	122,784
Rents and other receivables, net	17,315	17,494
Deferred rent receivable, net	151,637	123,325
Deferred leasing costs, net	69,152	59,351
Deferred loan costs, net	2,356	3,426
Acquired lease intangible assets, net	205,510	153,670
Acquired indefinite-lived intangible asset	5,156	5,156
Interest rate swap assets	3,880	9,896
Other assets	34,092	25,225
Acquisition related deposits	0	2,125
Total Assets	12,420,302	10,929,829
Liabilities
Notes payable	3,350,190	2,225,914
Interest rate swap liability	295	0
Accounts payable, accrued expenses and other liabilities	169,084	128,842
Dividends and distributions payable	95,288	83,733
Acquired lease intangible liabilities, net	155,328	147,561
Tenant security deposits	91,983	84,872
Tenant prepaid rents	93,218	115,002
Total Liabilities	3,955,386	2,785,924
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 219,507,345 and 212,346,450 shares outstanding at September 30, 2024 and December 31, 2023, respectively	2,195	2,123
Additional paid-in capital	8,318,979	7,940,781
Cumulative distributions in excess of earnings	(407,695)	(338,835)
Accumulated other comprehensive income	1,474	7,172
Total stockholders’ equity	8,070,629	7,766,917
Noncontrolling interests	394,287	376,988
Total Equity	8,464,916	8,143,905
Total Liabilities and Equity	12,420,302	10,929,829
5.875% Series B Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	72,443	72,443
5.625% Series C Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	$ 83,233	$ 83,233

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,050,000	10,050,000
Preferred stock, shares outstanding (in shares)	6,450,000	6,450,000
Liquidation Preference	$ 161,250,000	$ 161,250,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	489,950,000	489,950,000
Common stock, shares outstanding (in shares)	219,507,345	212,346,450
5.875% Series B Cumulative Redeemable Preferred Stock
Dividend Rate	5.875%
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
5.625% Series C Cumulative Redeemable Preferred Stock
Dividend Rate	5.625%
Preferred stock, shares outstanding (in shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Rental income	$ 238,396	$ 204,212	$ 682,359	$ 583,474
Management and leasing services	156	158	444	519
Interest income	3,291	1,029	10,709	3,408
TOTAL REVENUES	241,843	205,399	693,512	587,401
OPERATING EXPENSES
Property expenses	54,867	48,085	154,254	135,220
General and administrative	20,926	18,575	60,213	55,039
Depreciation and amortization	69,241	60,449	203,415	178,671
TOTAL OPERATING EXPENSES	145,034	127,109	417,882	368,930
OTHER EXPENSES
Other expenses	492	551	2,204	1,504
Interest expense	27,340	15,949	70,423	46,830
TOTAL EXPENSES	172,866	143,609	490,509	417,264
Gains on sale of real estate	1,745	0	18,013	12,133
NET INCOME	70,722	61,790	221,016	182,270
Less: net income attributable to noncontrolling interests	(2,952)	(2,824)	(9,399)	(8,605)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	67,770	58,966	211,617	173,665
Less: preferred stock dividends	(2,314)	(2,314)	(6,943)	(6,943)
Less: earnings allocated to participating securities	(395)	(314)	(1,222)	(952)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 65,061	$ 56,338	$ 203,452	$ 165,770
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.30	$ 0.27	$ 0.94	$ 0.83
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.30	$ 0.27	$ 0.94	$ 0.83
Weighted average shares of common stock outstanding - basic (in shares)	218,759,979	205,279,681	216,857,153	200,455,490
Weighted average shares of common stock outstanding - diluted (in shares)	219,133,037	205,447,532	216,993,590	200,667,573

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 70,722	$ 61,790	$ 221,016	$ 182,270
Other comprehensive (loss) income: cash flow hedge adjustments	(12,789)	4,760	(5,901)	13,313
Comprehensive income	57,933	66,550	215,115	195,583
Comprehensive income attributable to noncontrolling interests	(2,523)	(2,967)	(9,196)	(9,023)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 55,410	$ 63,583	$ 205,919	$ 186,560

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 6,923,342	$ 6,556,938	$ 155,676	$ 1,891	$ 6,646,867	$ (255,743)	$ 8,247	$ 366,404
Beginning Balance (in shares) at Dec. 31, 2022				189,114,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				16,904,656
Issuance of common stock	956,899	956,899		$ 169	956,730
Offering costs	(6,165)	(6,165)			(6,165)
Share-based compensation (in shares)				183,739
Share-based compensation	25,040	5,422		$ 2	5,420			19,618
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(32,028)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,891)	(1,891)			(1,891)
Conversion of OP units to common stock (in shares)				313,791
Conversion of OP Units to common stock	0	12,396		$ 3	12,393			(12,396)
Net income	182,270	173,665	6,943			166,722		8,605
Other comprehensive income (loss)	13,313	12,895					12,895	418
Dividends, Preferred Stock	(6,943)	(6,943)	(6,943)
Preferred unit distributions	(2,406)							(2,406)
Dividends, Common Stock	(231,159)	(231,159)				(231,159)
Common unit distributions	(8,996)							(8,996)
Ending Balance at Sep. 30, 2023	7,843,304	7,472,057	155,676	$ 2,065	7,613,354	(320,180)	21,142	371,247
Ending Balance (in shares) at Sep. 30, 2023				206,484,287
Beginning Balance at Dec. 31, 2022	6,923,342	6,556,938	155,676	$ 1,891	6,646,867	(255,743)	8,247	366,404
Beginning Balance (in shares) at Dec. 31, 2022				189,114,129
Ending Balance at Dec. 31, 2023	$ 8,143,905	7,766,917	155,676	$ 2,123	7,940,781	(338,835)	7,172	376,988
Ending Balance (in shares) at Dec. 31, 2023	212,346,450			212,346,450
Beginning Balance at Jun. 30, 2023	$ 7,554,814	7,187,302	155,676	$ 2,010	7,311,458	(298,367)	16,525	367,512
Beginning Balance (in shares) at Jun. 30, 2023				201,041,741
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				5,400,000
Issuance of common stock	300,240	300,240		$ 54	300,186
Offering costs	(2,103)	(2,103)			(2,103)
Share-based compensation (in shares)				(5,946)
Share-based compensation	8,441	1,887		$ 0	1,887			6,554
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(2,016)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(103)	(103)			(103)
Conversion of OP units to common stock (in shares)				50,508
Conversion of OP Units to common stock	0	2,030		$ 1	2,029			(2,030)
Net income	61,790	58,966	2,314			56,652		2,824
Other comprehensive income (loss)	4,760	4,617					4,617	143
Dividends, Preferred Stock	(2,314)	(2,314)	(2,314)
Preferred unit distributions	(802)							(802)
Dividends, Common Stock	(78,465)	(78,465)				(78,465)
Common unit distributions	(2,954)							(2,954)
Ending Balance at Sep. 30, 2023	7,843,304	7,472,057	155,676	$ 2,065	7,613,354	(320,180)	21,142	371,247
Ending Balance (in shares) at Sep. 30, 2023				206,484,287
Beginning Balance at Dec. 31, 2023	$ 8,143,905	7,766,917	155,676	$ 2,123	7,940,781	(338,835)	7,172	376,988
Beginning Balance (in shares) at Dec. 31, 2023	212,346,450			212,346,450
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				6,914,518
Issuance of common stock	$ 371,901	371,901		$ 69	371,832
Offering costs	(1,980)	(1,980)			(1,980)
Share-based compensation (in shares)				187,222
Share-based compensation	31,099	6,397		$ 2	6,395			24,702
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(41,118)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(2,130)	(2,130)			(2,130)
Conversion of OP units to common stock (in shares)				100,273
Conversion of OP Units to common stock	0	4,082		$ 1	4,081			(4,082)
Net income	221,016	211,617	6,943			204,674		9,399
Other comprehensive income (loss)	(5,901)	(5,698)					(5,698)	(203)
Dividends, Preferred Stock	(6,943)	(6,943)	(6,943)
Preferred unit distributions	(1,833)							(1,833)
Dividends, Common Stock	(273,534)	(273,534)				(273,534)
Common unit distributions	(10,684)							(10,684)
Ending Balance at Sep. 30, 2024	$ 8,464,916	8,070,629	155,676	$ 2,195	8,318,979	(407,695)	1,474	394,287
Ending Balance (in shares) at Sep. 30, 2024	219,507,345			219,507,345
Beginning Balance at Jun. 30, 2024	$ 8,415,176	8,025,665	155,676	$ 2,178	8,235,484	(381,507)	13,834	389,511
Beginning Balance (in shares) at Jun. 30, 2024				217,840,073
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				1,650,916
Issuance of common stock	80,813	80,813		$ 17	80,796
Offering costs	(1,008)	(1,008)			(1,008)
Share-based compensation (in shares)				(25,183)
Share-based compensation	10,189	1,981		$ 0	1,981			8,208
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(1,764)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(88)	(88)			(88)
Conversion of OP units to common stock (in shares)				43,303
Conversion of OP Units to common stock	0	1,814		$ 0	1,814			(1,814)
Net income	70,722	67,770	2,314			65,456		2,952
Other comprehensive income (loss)	(12,789)	(12,360)					(12,360)	(429)
Dividends, Preferred Stock	(2,314)	(2,314)	(2,314)
Preferred unit distributions	(501)							(501)
Dividends, Common Stock	(91,644)	(91,644)				(91,644)
Common unit distributions	(3,640)							(3,640)
Ending Balance at Sep. 30, 2024	$ 8,464,916	$ 8,070,629	$ 155,676	$ 2,195	$ 8,318,979	$ (407,695)	$ 1,474	$ 394,287
Ending Balance (in shares) at Sep. 30, 2024	219,507,345			219,507,345

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock, Dividends, Per Share, Declared	$ 0.4175	$ 0.38	$ 1.2525	$ 1.14
5.875% Series B Cumulative Redeemable Preferred Stock
Dividend Rate			5.875%
Preferred Stock, Dividends Per Share, Declared	0.367188	0.367188	$ 1.101564	1.101564
5.625% Series C Cumulative Redeemable Preferred Stock
Dividend Rate			5.625%
Preferred Stock, Dividends Per Share, Declared	$ 0.351563	$ 0.351563	$ 1.054689	$ 1.054689

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 221,016	$ 182,270
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	203,415	178,671
Amortization of net (below) above market lease intangibles and other deferred rent on certain other below-market leases	(21,494)	(21,763)
Amortization of debt issuance costs	3,529	2,856
Amortization of discount (premium) on notes payable, net	3,295	474
Impairment of right-of-use asset	0	188
Accretion of net loan origination fees and costs	(345)	0
Gains on sale of real estate	(18,013)	(12,133)
Equity based compensation expense	30,063	24,300
Straight-line rent	(28,376)	(28,073)
Payments for termination/settlement of interest rate derivatives	0	(161)
Amortization related to termination/settlement of interest rate derivatives	410	402
Change in working capital components:
Rents and other receivables	714	(3,735)
Deferred leasing costs	(22,244)	(18,579)
Other assets	(6,082)	(7,308)
Accounts payable, accrued expenses and other liabilities	25,342	32,263
Tenant security deposits	(1,144)	2,122
Tenant prepaid rents	(27,425)	(20,233)
Net cash provided by operating activities	362,661	311,561
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(1,297,539)	(1,121,774)
Capital expenditures	(285,015)	(167,245)
Return of (payments for) deposits on real estate acquisitions, net	2,125	0
Proceeds from sale of real estate	41,286	16,239
Net cash used in investing activities	(1,539,143)	(1,272,780)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net	369,921	950,734
Proceeds from borrowings	1,129,875	646,925
Repayment of borrowings	(6,751)	(354,911)
Payment of debt issuance costs	(4,602)	(3,042)
Dividends paid to preferred stockholders	(6,943)	(6,943)
Dividends paid to common stockholders	(262,582)	(212,265)
Distributions paid to common unitholders	(10,085)	(8,504)
Distributions paid to preferred unitholders	(1,829)	(2,402)
Repurchase of common shares to satisfy employee tax withholding requirements	(2,130)	(1,891)
Net cash provided by financing activities	1,204,874	1,007,701
Increase in cash, cash equivalents and restricted cash	28,392	46,482
Cash and cash equivalents, beginning of period	33,444	36,786
Cash and cash equivalents, end of period	61,836	83,268
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $23,853 and $16,060 for the nine months ended September 30, 2024 and 2023, respectively)	59,321	39,826
Supplemental disclosure of noncash transactions:
Operating lease right-of-use assets obtained in exchange for lease liabilities	2,084	0
Accrual for capital expenditures	68,907	53,249
Accrual of dividends and distributions	$ 95,288	$ 81,423

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Interest costs capitalized	$ 8,600	$ 6,200	$ 23,853	$ 16,060

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (“REIT”) focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013, and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire, reposition and redevelop industrial real estate principally located in Southern California infill markets, and, from time to time, acquire or provide mortgage debt secured by industrial zoned property or property suitable for industrial development. As of September 30, 2024, our consolidated portfolio consisted of 423 properties with approximately 50.1 million rentable square feet. The terms “us,” “we,” “our,” and the “Company” as used in these financial statements refer to Rexford Industrial Realty, Inc. and, unless the context requires otherwise, its subsidiaries (including our Operating Partnership).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation As of September 30, 2024 and December 31, 2023, and for the three and nine months ended September 30, 2024 and 2023, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of September 30, 2024 and December 31, 2023, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 and the notes thereto. Any references to the number of properties, buildings and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments. Restricted Cash Restricted cash is generally comprised of cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”). We include restricted cash with cash and cash equivalents in the consolidated statements of cash flows and provide a reconciliation between the balance sheet and the statement of cash flows provided that we have outstanding restricted cash balances. At September 30, 2024 and December 31, 2023, we did not have restricted cash balances. Investments in Real Estate Acquisitions We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business , which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally do not meet the revised definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes cash and non-cash consideration paid to the seller and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs. We determine the fair value of the tangible assets of an acquired property by valuing the property as if it was vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions with respect to the assumptions a market participant would use. These Level 3 inputs include discount rates, exit capitalization rates, market rental rates, rental growth rates and comparable sales data, including land sales, for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the nine months ended September 30, 2024, we used discount rates ranging from 5.50% to 8.25% and exit capitalization rates ranging from 4.50% to 6.50%. In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases determined to be reasonably certain of exercise, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the nine months ended September 30, 2024, we used an estimated average lease-up period ranging from 6 months to 15 months. From time to time, we may engage in a sale-leaseback transaction whereby we execute a lease with the seller/tenant simultaneously with the acquisition of a property. Sale-leaseback transactions entered into at off-market terms are adjusted so that the transaction is recorded at fair value. If the purchase price is less than the fair value of the acquired property, or the present value of contractual leaseback payments is less than the present value of market rental payments, the difference is recognized as “Tenant prepaid rent” in the consolidated balance sheets and is recognized as rental income on a straight-line basis over the term of the lease. The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. Demolition costs incurred in conjunction with the acquisition of real estate are capitalized as part of the cost of the acquisition if the demolition (i) is contemplated as part of the acquisition and (ii) occurs within a reasonable period of time after the acquisition. If demolition was not contemplated as part of the acquisition or the demolition does not occur within a reasonable period of time after the acquisition, the costs of the demolition are expensed as incurred. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus and non-cash equity compensation of the personnel performing redevelopment, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the redevelopment and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $8.6 million and $6.2 million during the three months ended September 30, 2024 and 2023, respectively, and $23.9 million and $16.1 million during the nine months ended September 30, 2024 and 2023, respectively. We capitalized real estate taxes and insurance costs aggregating $2.1 million and $1.9 million during the three months ended September 30, 2024 and 2023, respectively, and $6.5 million and $5.0 million during the nine months ended September 30, 2024 and 2023, respectively. We capitalized compensation costs for employees who provide construction services of $3.5 million and $2.8 million during the three months ended September 30, 2024 and 2023, respectively, and $10.0 million and $8.0 million during the nine months ended September 30, 2024 and 2023, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated useful life that typically ranges from 10-30 years for buildings, 5-25 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements. As discussed above in— Investments in Real Estate—Acquisitions , in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets. Assets Held for Sale We classify a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (“ASC”) Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. As of September 30, 2024 and December 31, 2023, we did not have any properties classified as held for sale. Impairment of Long-Lived Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including operating lease right-of-use assets (“ROU assets”), whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. 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. To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. For office space ROU assets, the execution of a sublease where the remaining lease payments of the original office space lease exceed the sublease receipts reflects an indication of impairment which suggests the carrying value of the ROU asset may not be recoverable. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business. If our analysis indicates that the carrying value of the real estate asset and other long-lived assets is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties. During the three and nine months ended September 30, 2024 and 2023, there were no impairment charges recorded to the carrying value of our properties. In connection with the early termination of a sublease for one of our office space leases in February 2023, we recorded a $0.2 million impairment charge during the first quarter of 2023 to reduce the carrying value of the related ROU asset. No such impairment charge was recorded during the three and nine months ended September 30, 2024. The impairment charge is presented in “Other expenses” in the consolidated statements of operations. Accounting for Leases Leases as Lessor We evaluate new leases originated or leases assumed as part of an acquisition transaction under ASC Topic 842: Leases to determine lease classification. Generally, all of our leases have historically been classified as operating leases. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, there is a purchase option that the tenant is reasonably certain to exercise, the lease term, including extension options that the tenant is reasonably certain to exercise, is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor, if applicable. As of September 30, 2024 and December 31, 2023, we did not have any leases that were classified as sales-type or financing leases under sale-leaseback rules. Leases as a Lessee We determine if an arrangement is a lease at inception. Operating lease ROU assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is generally recognized on a straight-line basis over the term of the lease through the amortization of the ROU assets and lease liabilities. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See “Note 7 – Leases” for additional lessee disclosures required under lease accounting standards. Income Taxes We have elected to be taxed as a REIT under the Code commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our activities. If we fail to qualify as a REIT in any taxable year and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax, including any applicable alternative minimum tax on our taxable income. We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to regular federal corporate income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions. We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Other than our Subsidiary REIT (a private REIT acquired on July 18, 2022), our non-taxable subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. 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. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and nine months ended September 30, 2024 and 2023. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of September 30, 2024, and December 31, 2023, we have not established a liability for uncertain tax positions. Derivative Instruments and Hedging Activities We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings. In accordance with ASC Topic 815: Derivatives and Hedging , we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. From time to time, we also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances (“treasury rate lock agreements”). The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in accumulated other comprehensive income/(loss) (“AOCI”). Upon the termination of a derivative for which cash flow hedging was being applied, the balance, which was recorded in AOCI, is amortized to interest expense over the remaining contractual term of the derivative as long as the hedged forecasted transactions continue to be probable of occurring. Upon the settlement of treasury rate lock agreements, amounts remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. Cash payments made to terminate or settle interest rate derivatives are presented in cash flows provided by operating activities in the accompanying consolidated statements of cash flows, given the nature of the underlying cash flows that the derivative was hedging. See “Note 8 – Interest Rate Derivatives” for details. Revenue Recognition Our primary sources of income are rental income, management and leasing services, interest income and gains on sale of real estate. Rental Income We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. As the timing and pattern of revenue recognition is the same and as the lease component would be classified as an operating lease if it were accounted for separately, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations. We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. Management and leasing services We provide property management services and leasing services to related party and third-party property owners, the customer, in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers. Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component. Gain or Loss on Sale of Real Estate We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC Topic 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value, and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset. When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement and at the time the tenant communicates its intent to exercise the purchase option. If we determine the exercise of the purchase option is reasonably certain, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale of real estate. Interest Income Interest income on our loan receivable is recognized on an accrual basis over the life of the loan using the interest method. Loan origination fees, net of origination costs, are accreted or amortized over the term of the loan as an adjustment to interest income using the effective interest method. Generally, a loan is placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Valuation of Operating Lease Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables, including deferred rent receivables arising from the straight-line recognition of rental income, related to our operating leases. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet

Investments in Real Estate

Investments in Real Estate	9 Months Ended
Investments in Real Estate	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Investments in Real Estate	Investments in Real Estate Acquisitions The following table summarizes the wholly-owned properties we acquired during the nine months ended September 30, 2024: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 5000 & 5010 Azusa Canyon Road Los Angeles - San Gabriel Valley 1/31/2024 233,984 2 $ 84,000 Blackstone Industrial Assets (2) Various 3/28/2024 3,008,578 48 996,800 4422 Airport Drive San Bernardino - Inland Empire West 4/5/2024 88,283 1 26,725 1901 Rosslynn Avenue Orange County - North 5/10/2024 278,572 1 94,250 16203-16233 Arrow Highway Los Angeles - San Gabriel Valley 5/23/2024 134,542 4 48,500 950 West 190th Street Los Angeles - South Bay 7/22/2024 188,545 1 41,290 12900 Alondra Boulevard Los Angeles - Mid-Counties 9/20/2024 82,660 1 19,200 Total 2024 Property Acquisitions 4,015,164 58 $ 1,310,765 (1) Represents the gross contractual purchase price before certain credits, prorations, closing costs and other acquisition-related costs. Total capitalized closing costs and acquisition related costs, net of certain credits, not included in the gross contractual purchase price in the above table is approximately $1.7 million. Each acquisition was funded with available cash on hand unless otherwise noted. (2) Represents the acquisition of 48 properties pursuant to three separate transactions with three Blackstone Real Estate entities. The following table summarizes amounts allocated to each major class of asset and liability on a relative fair value basis for the acquisitions noted in the table above, as of the date of each acquisition (in thousands): 2024 Acquisitions Assets: Land $ 901,632 Buildings and improvements 346,415 Tenant improvements 4,215 Acquired lease intangible assets (1) 92,349 Other acquired assets (2) 1,884 Total assets acquired $ 1,346,495 Liabilities: Acquired lease intangible liabilities (3) $ 32,119 Other assumed liabilities (2) 16,837 Total liabilities assumed $ 48,956 Net assets acquired $ 1,297,539 (1) Acquired lease intangible assets is comprised of (i) $67.2 million of in-place lease intangibles with a weighted average amortization period of 4.3 years and (ii) $25.1 million of above-market lease intangibles with a weighted average amortization period of 4.1 years. (2) Includes other working capital assets acquired and liabilities assumed at the time of acquisition, including prorations. (3) Represents below-market lease intangibles with a weighted average amortization period of 11.7 years. Dispositions The following table summarizes information related to the properties that were sold during the nine months ended September 30, 2024: Property Submarket Date of Disposition Rentable Square Feet Contractual Sales Price (1) (in thousands) Gain Recorded 2360-2364 East Sturgis Road Ventura 4/16/2024 49,641 $ 10,000 $ 6,261 6423-6431 & 6407-6119 Alondra Boulevard Los Angeles - South Bay 5/03/2024 30,224 7,600 5,077 15401 Figueroa Street Los Angeles - South Bay 5/07/2024 38,584 10,225 4,203 8210 Haskell Avenue Los Angeles - San Fernando Valley 5/17/2024 26,229 9,200 727 2553 Garfield Avenue Los Angeles - Central 8/20/2024 25,615 7,275 1,745 Total 170,293 $ 44,300 $ 18,013 (1) Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.

Acquired Lease Intangibles

Acquired Lease Intangibles	9 Months Ended
Acquired Lease Intangibles	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Lease Intangibles	Acquired Lease Intangibles The following table summarizes our acquisition related intangible assets, including the value of in-place tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition related intangible liabilities, including below-market tenant leases (in thousands): September 30, 2024 December 31, 2023 Acquired Lease Intangible Assets: In-place lease intangibles $ 403,191 $ 338,001 Accumulated amortization (240,675) (207,804) In-place lease intangibles, net $ 162,516 $ 130,197 Above-market tenant leases $ 50,224 $ 25,598 Accumulated amortization (19,789) (14,808) Above-market tenant leases, net $ 30,435 $ 10,790 Below-market ground lease $ 12,977 $ 12,978 Accumulated amortization (418) (295) Below-market ground lease, net $ 12,559 $ 12,683 Acquired lease intangible assets, net $ 205,510 $ 153,670 Acquired Lease Intangible Liabilities: Below-market tenant leases $ (280,894) $ (249,853) Accumulated amortization 125,566 102,292 Below-market tenant leases, net $ (155,328) $ (147,561) Acquired lease intangible liabilities, net $ (155,328) $ (147,561) The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 In-place lease intangibles (1) $ 12,900 $ 10,024 $ 34,929 $ 32,757 Net below-market tenant leases (2) $ (5,770) $ (7,282) $ (18,896) $ (21,886) Below-market ground leases (3) $ 41 $ 41 $ 123 $ 123 (1) The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented. (2) The amortization of net below-market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented. (3) The amortization of net below-market ground lease is recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.

Loan Receivable

Loan Receivable	9 Months Ended
Loan Receivable	Sep. 30, 2024
Receivables [Abstract]
Loan Receivable	Loan Receivable On October 26, 2023, in conjunction with the acquisition of the property located at 15801 West 1st Street, we issued a $125.0 million loan to the seller that is securitized by an adjacent 150-acre industrial development site as well as two escrow reserve accounts that were funded with loan proceeds at closing (the “loan collateral”). At issuance, the loan receivable had a loan to value ratio of less than 60% based on the estimated fair value of the loan collateral. The loan bears interest at 7.50% per annum, requires monthly interest-only payments with a balloon payment at maturity, and has an effective interest rate of 8.00% including loan origination costs and fees. The loan has a maturity date of October 26, 2028, with one 1-year extension available at the borrower’s option, subject to certain conditions plus the payment of a 0.25% extension fee. The loan allows for prepayment, in part or whole, with penalties ranging from 1.00% to 2.00% of the amount prepaid, depending on the timing of the prepayment. The loan also includes a right of first offer for us to acquire the underlying industrial development site in the future. As of September 30, 2024, the carrying value of the loan receivable was $123.1 million, which reflects $1.9 million of unamortized origination fees/costs. As of December 31, 2023, the carrying value of the loan receivable was $122.8 million, which reflects $2.2 million of unamortized origination fees/costs. Based on our current assessment of the credit loss evaluation criteria, we determined that the allowance for potential credit losses on our loan receivable is immaterial as of September 30, 2024 and December 31, 2023.

Notes Payable

Notes Payable	9 Months Ended
Notes Payable	Sep. 30, 2024
Debt Disclosure [Abstract]
Notes Payable	Notes Payable The following table summarizes the components and significant terms of our indebtedness as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Margin Above SOFR Interest Rate (1) Contractual Unsecured and Secured Debt Unsecured Debt: Revolving Credit Facility $ — $ — S+0.725 % (2) 5.785 % (3) 5/26/2026 (4) $400M Term Loan 400,000 400,000 S+0.800 % (2) 4.872 % (5) 7/18/2025 (4) $100M Senior Notes 100,000 100,000 n/a 4.290 % 8/6/2025 $575M Exchangeable Senior Notes due 2027 575,000 — n/a 4.375 % 3/15/2027 $300M Term Loan 300,000 300,000 S+0.800 % (2) 3.717 % (6) 5/26/2027 $125M Senior Notes 125,000 125,000 n/a 3.930 % 7/13/2027 $300M Senior Notes due 2028 300,000 300,000 n/a 5.000 % 6/15/2028 $575M Exchangeable Senior Notes due 2029 575,000 — n/a 4.125 % 3/15/2029 $25M Series 2019A Senior Notes 25,000 25,000 n/a 3.880 % 7/16/2029 $400M Senior Notes due 2030 400,000 400,000 n/a 2.125 % 12/1/2030 $400M Senior Notes due 2031 400,000 400,000 n/a 2.150 % 9/1/2031 $75M Series 2019B Senior Notes 75,000 75,000 n/a 4.030 % 7/16/2034 Total Unsecured Debt $ 3,275,000 $ 2,125,000 Secured Debt: 7612-7642 Woodwind Drive $ — $ 3,613 n/a 5.240 % 1/5/2024 11600 Los Nietos Road — 2,290 n/a 4.190 % 5/1/2024 $60M Term Loan (7) 60,000 60,000 S+1.250 % 5.060 % (7) 10/27/2025 (7) 5160 Richton Street (8) 3,933 4,029 n/a 3.790 % 11/15/2024 22895 Eastpark Drive (8) 2,482 2,539 n/a 4.330 % 11/15/2024 701-751 Kingshill Place (8) 6,885 6,984 n/a 3.900 % 1/5/2026 13943-13955 Balboa Boulevard (8) 14,310 14,596 n/a 3.930 % 7/1/2027 2205 126th Street (9) 5,200 5,200 n/a 3.910 % 12/1/2027 2410-2420 Santa Fe Avenue (9) 10,300 10,300 n/a 3.700 % 1/1/2028 11832-11954 La Cienega Boulevard (8) 3,792 3,852 n/a 4.260 % 7/1/2028 Gilbert/La Palma (8) 1,590 1,741 n/a 5.125 % 3/1/2031 7817 Woodley Avenue (8) 2,781 2,881 n/a 4.140 % 8/1/2039 Total Secured Debt $ 111,273 $ 118,025 Total Unsecured and Secured Debt $ 3,386,273 $ 2,243,025 Less: Unamortized premium/discount and debt issuance costs (10) (36,083) (17,111) Total $ 3,350,190 $ 2,225,914 (1) Reflects the contractual interest rate under the terms of each loan as of September 30, 2024, and includes the effect of interest rate swaps that were effective as of September 30, 2024. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums and discounts. (2) As of September 30, 2024, the interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for both the unsecured revolving credit facility and $400.0 million unsecured term loan, and 1-month term SOFR (“Term SOFR”) for the $300.0 million unsecured term loan (in each case increased by a 0.10% SOFR adjustment), plus an applicable margin of 0.725% per annum for the unsecured revolving credit facility and 0.80% per annum for the $300.0 million and $400.0 million unsecured term loans, and a sustainability-related rate adjustment of zero. These loans are also subject to a 0% SOFR floor. (3) The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of September 30, 2024, the applicable facility fee is 0.125% per annum with a sustainability-related rate adjustment of zero. (4) The unsecured revolving credit facility has two six-month extensions and the $400.0 million unsecured term loan has two one-year extensions available at the borrower’s option, subject to certain terms and conditions. On July 12, 2024, we exercised the first of the two one-year extension options to extend the maturity date of the $400.0 million unsecured term loan by one year to July 18, 2025. (5) Daily SOFR for our $400.0 million unsecured 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 rate adjustment. (6) Term SOFR for our $300.0 million unsecured term loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.71725% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment. (7) 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. Loan has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. 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. On September 26, 2024, we exercised the first of the three one-year extension options to extend the maturity date of this loan by one year to October 27, 2025. (8) Fixed monthly payments of interest and principal until maturity as follows: 5160 Richton Street ($23,270), 22895 Eastpark Drive ($15,396), 701-751 Kingshill Place ($33,488), 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855). (9) Fixed monthly payments of interest only. (10) Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets. Contractual Debt Maturities The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of September 30, 2024, and does not consider unexercised extension options available to us as noted in the table above (in thousands): October 1, 2024 - December 31, 2024 $ 6,651 2025 560,973 2026 7,587 2027 1,019,078 2028 314,218 Thereafter 1,477,766 Total $ 3,386,273 Issuance of Exchangeable Senior Notes In March 2024, we issued $575.0 million in aggregate principal amount of 4.375% exchangeable senior unsecured notes due 2027 (the “2027 Exchangeable Notes”) and $575.0 million in aggregate principal amount of 4.125% exchangeable senior unsecured notes due 2029 (the “2029 Exchangeable Notes” and together with the 2027 Exchangeable Notes, the “Exchangeable Notes”). The net proceeds from the issuance, after deducting the initial purchasers’ discounts, underwriting commissions and other offering expenses, were approximately $563.1 million for the 2027 Exchangeable Notes and $563.1 million for the 2029 Exchangeable Notes. As of September 30, 2024, the net carrying amount of the 2027 Exchangeable Notes was $564.9 million, with unamortized debt discount and issuance costs of $10.1 million, and the net carrying amount of the 2029 Exchangeable Notes was $564.0 million, with unamortized debt discount and issuance costs of $11.0 million. Interest on the Exchangeable Notes is payable semiannually on March 15 and September 15 of each year beginning on September 15, 2024. The 2027 Exchangeable Notes will mature on March 15, 2027 and the 2029 Exchangeable Notes will mature on March 15, 2029, in each case unless earlier repurchased, exchanged or (in the case of 2029 Exchangeable Notes) redeemed. We recognized total interest expense on the Exchangeable Notes of approximately $13.8 million and $28.1 million for the three and nine months ended September 30, 2024, respectively, with coupon interest of $12.2 million and $25.0 million, and amortization of debt discount and issuance costs of $1.5 million and $3.1 million, respectively. Before December 15, 2026 (in the case of the 2027 Exchangeable Notes) or December 15, 2028 (in the case of the 2029 Exchangeable Notes), noteholders will have the right to exchange their notes only upon the occurrence of certain events. From and after December 15, 2026 (in the case of the 2027 Exchangeable Notes) or December 15, 2028 (in the case of the 2029 Exchangeable Notes), noteholders may exchange their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date of the applicable series of Exchangeable Notes. Exchanges will be settled by delivering cash up to the principal amount of the Exchangeable Notes exchanged, and in respect of the remainder of the exchanged value, if any, in excess thereof, in cash or in a combination of cash and shares of our common stock, at our option. The initial exchange rate is 15.7146 shares of our common stock per $1,000 principal amount of the Exchangeable Notes, which represents an initial exchange price of approximately $63.64 per share of our common stock. The initial exchange price represents a premium of approximately 30.0% over the last reported sale price of $48.95 per share of our common stock on March 26, 2024. We may not redeem the 2027 Exchangeable Notes at our option prior to their maturity. The 2029 Exchangeable Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at our option at any time, and from time to time, on or after May 20, 2027 and on or before the 41st scheduled trading day immediately before the maturity date of the 2029 Exchangeable Notes, but only if the last reported sale price per share of our common stock exceeds 130% of the exchange price of the 2029 Exchangeable Notes for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the 2029 Exchangeable Notes to be redeemed, plus accrued and unpaid interest, if any. If a fundamental change (e.g. change in control, delisting of our common stock or shareholders’ approval of liquidation or dissolution plan) occurs, then, subject to limited exception, noteholders may require us to repurchase their notes for cash at a repurchase price equal to the principal amount plus any accrued and unpaid interest. In addition, if a specific make-whole fundamental change occurs prior to the maturity date or if we issue a notice of redemption with respect to the 2029 Exchangeable Notes, the exchange rate will be increased, in certain circumstances by pre-defined amounts. In connection with the offering for each series of Exchangeable Notes, we entered into a registration rights agreement pursuant to which we agreed to register the resale of the shares of our common stock, if any, deliverable upon exchange of the Exchangeable Notes. If certain conditions relating to our obligations under the registration rights agreement are not satisfied, then we will pay additional interest on the applicable series of Exchangeable Notes, in certain circumstances, at a rate per annum not exceeding 0.5%. In addition, if those conditions are not satisfied after the regular record date immediately preceding the maturity date of Exchangeable Notes, then we will pay an additional interest payment at maturity for an amount equal to 3% of principal for the applicable series of Exchangeable Notes. We account for such additional interest amounts as contingent obligations in accordance with ASC Subtopic 825-20: Financial Instrument - Registration Payment Arrangements, which are measured separately in accordance with ASC Subtopic 450-20: Loss Contingencies . Because payment of such additional interest amounts was not probable as of September 30, 2024, we have not recognized a liability as of September 30, 2024. Credit Agreement As of September 30, 2024, under the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), we have a $1.0 billion unsecured revolving credit facility (the “Revolver”), which also allows us to issue letters of credit up to an aggregate amount not to exceed $100.0 million, a $300.0 million unsecured term loan facility (the “$300 Million Term Loan”) and a $400.0 million unsecured term loan facility (the “$400 Million Term Loan” and together with the $300 Million Term Loan, the “Term Facility”). Subject to certain terms and conditions set forth in the Credit Agreement, we may request additional lender commitments and increase the size of the Credit Agreement by an additional $800.0 million, which may be comprised of additional revolving commitments under the Revolver, an increase to the Term Facility, additional term loan tranches or any combination of the foregoing. The Revolver is scheduled to mature on May 26, 2026 and has two six-month extension options available. The $400 Million Term Loan was scheduled to mature on July 19, 2024 and has two one-year extension options available. On July 12, 2024, we exercised the first extension option of the $400 Million Term Loan, extending its maturity date by one year to July 18, 2025. The $300 Million Term Loan matures on May 26, 2027. Interest on the Credit Agreement is generally to be paid based upon, at our option, either (i) Term SOFR plus the applicable margin; (ii) daily SOFR plus the applicable margin or (iii) the applicable base rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) one percent (1.00%) plus the applicable margin. Additionally, Term SOFR and daily SOFR will be increased by a 0.10% SOFR adjustment. The applicable margin for the Term Facility ranges from 0.80% to 1.60% per annum for SOFR-based loans and 0.00% to 0.60% per annum for base rate loans, depending on our leverage ratio and investment grade ratings. 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. In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable credit facility fee, on each lender's commitment amount under the Revolver, regardless of usage. The applicable credit facility fee ranges from 0.125% to 0.300% per annum, depending on our leverage ratio and investment grade rating. In addition, the Credit Agreement also features a sustainability-linked pricing component that can periodically adjust the applicable margin by -0.04%, zero or 0.04% and adjust the applicable credit facility fee by -0.01%, zero or 0.01%, depending on our achievement of the annual sustainability performance metric. In June 2024, after certifying that our sustainability performance was achieved at the target level for 2023, the sustainability-linked pricing adjustment changed from -0.04% to zero for the applicable margin and changed from -0.01% to zero for the applicable credit facility fee. 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 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. If an event of default occurs and is continuing under the Credit Agreement, the unpaid principal amount of all outstanding loans, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. As of September 30, 2024, we did not have any borrowings outstanding under the Revolver and had $5.0 million outstanding in letters of credit that reduced our borrowing capacity, leaving $995.0 million available for future borrowings. 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. The $300.0 million of 5.000% Senior Notes due 2028, $400.0 million of 2.125% Senior Notes due 2030 and $400.0 million of 2.150% Senior Notes due 2031 (together the “Registered Notes”) contain the following covenants (as defined in the indentures) that we must comply with: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • Maintaining a ratio of secured debt to total asset value of not more than 40%; • Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and • Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0. Subject to the terms of the Credit Agreement, $60 Million Term Loan, Senior Notes and Registered Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest, (ii) a default in the payment of certain of our other indebtedness and (iii) a default in compliance with the covenants set forth in the debt agreement, the principal and accrued and unpaid interest on the outstanding debt may be declared immediately due and payable at the option of the administrative agent, lenders, trustee and/or noteholders, as applicable, and in the event of bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest on the outstanding debt will become immediately due and payable. In addition, we are required to maintain at all times a credit rating on the Senior Notes from either Standard and Poor’s Ratings Services (“S&P), Moody’s Investors Services (“Moody’s”) or Fitch Ratings. Our credit ratings as of September 30, 2024, were BBB+ from S&P, BBB+ from Fitch Ratings and Baa2 from Moody’s. We were in compliance with all of our required quarterly debt covenants as of September 30, 2024.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases Lessor We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. For the three and nine months ended September 30, 2024, we recognized $232.7 million and $663.5 million of rental income related to operating lease payments, of which $191.0 million and $545.1 million are for fixed lease payments and $41.6 million and $118.4 million are for variable lease payments, respectively. For the comparable three and nine month-period ended September 30, 2023, we recognized $196.9 million and $561.6 million of rental income related to operating lease payments, of which $161.5 million and $461.3 million were for fixed lease payments and $35.4 million and $100.3 million were for variable lease payments, respectively. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of September 30, 2024 (in thousands): Twelve Months Ended September 30, 2025 $ 719,092 2026 631,826 2027 514,948 2028 409,905 2029 297,209 Thereafter 871,439 Total $ 3,444,419 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessee We lease office space as part of conducting our day-to-day business. As of September 30, 2024, our office space leases have current remaining lease terms ranging from approximately one year to four years with options to renew for an additional term of three As of September 30, 2024, total ROU assets and lease liabilities were approximately $8.2 million and $10.2 million, respectively. As of December 31, 2023, total ROU assets and lease liabilities were approximately $7.0 million and $8.9 million, respectively. The tables below present financial and supplemental information associated with our leases. Three Months Ended September 30, Nine Months Ended September 30, Lease Cost (1) (in thousands) 2024 2023 2024 2023 Operating lease cost $ 403 $ 425 $ 1,226 $ 1,351 Variable lease cost 49 44 144 112 Sublease income (31) — (55) — Total lease cost $ 421 $ 469 $ 1,315 $ 1,463 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. Three Months Ended September 30, Nine Months Ended September 30, Other Information (in thousands) 2024 2023 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 574 $ 573 $ 1,720 $ 1,741 Right-of-use assets obtained in connection with the remeasurement of the lease liability $ — $ — $ 2,084 $ — Lease Term and Discount Rate September 30, 2024 December 31, 2023 Weighted-average remaining lease term (1) 38.6 years 43.4 years Weighted-average discount rate (2) 4.09 % 3.84 % (1) Includes the impact of extension options that we are reasonably certain to exercise. (2) Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements. The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of September 30, 2024 (in thousands): September 30, 2024 October 1, 2024 - December 31, 2024 $ 577 2025 1,690 2026 1,748 2027 1,798 2028 542 Thereafter 19,887 Total undiscounted lease payments $ 26,242 Less imputed interest (16,058) Total lease liabilities $ 10,184
Leases	Leases Lessor We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. For the three and nine months ended September 30, 2024, we recognized $232.7 million and $663.5 million of rental income related to operating lease payments, of which $191.0 million and $545.1 million are for fixed lease payments and $41.6 million and $118.4 million are for variable lease payments, respectively. For the comparable three and nine month-period ended September 30, 2023, we recognized $196.9 million and $561.6 million of rental income related to operating lease payments, of which $161.5 million and $461.3 million were for fixed lease payments and $35.4 million and $100.3 million were for variable lease payments, respectively. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of September 30, 2024 (in thousands): Twelve Months Ended September 30, 2025 $ 719,092 2026 631,826 2027 514,948 2028 409,905 2029 297,209 Thereafter 871,439 Total $ 3,444,419 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessee We lease office space as part of conducting our day-to-day business. As of September 30, 2024, our office space leases have current remaining lease terms ranging from approximately one year to four years with options to renew for an additional term of three As of September 30, 2024, total ROU assets and lease liabilities were approximately $8.2 million and $10.2 million, respectively. As of December 31, 2023, total ROU assets and lease liabilities were approximately $7.0 million and $8.9 million, respectively. The tables below present financial and supplemental information associated with our leases. Three Months Ended September 30, Nine Months Ended September 30, Lease Cost (1) (in thousands) 2024 2023 2024 2023 Operating lease cost $ 403 $ 425 $ 1,226 $ 1,351 Variable lease cost 49 44 144 112 Sublease income (31) — (55) — Total lease cost $ 421 $ 469 $ 1,315 $ 1,463 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. Three Months Ended September 30, Nine Months Ended September 30, Other Information (in thousands) 2024 2023 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 574 $ 573 $ 1,720 $ 1,741 Right-of-use assets obtained in connection with the remeasurement of the lease liability $ — $ — $ 2,084 $ — Lease Term and Discount Rate September 30, 2024 December 31, 2023 Weighted-average remaining lease term (1) 38.6 years 43.4 years Weighted-average discount rate (2) 4.09 % 3.84 % (1) Includes the impact of extension options that we are reasonably certain to exercise. (2) Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements. The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of September 30, 2024 (in thousands): September 30, 2024 October 1, 2024 - December 31, 2024 $ 577 2025 1,690 2026 1,748 2027 1,798 2028 542 Thereafter 19,887 Total undiscounted lease payments $ 26,242 Less imputed interest (16,058) Total lease liabilities $ 10,184

Interest Rate Derivatives

Interest Rate Derivatives	9 Months Ended
Interest Rate Derivatives	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives	Interest Rate Derivatives The following table sets forth a summary of the terms and fair value of our interest rate swaps at September 30, 2024 and December 31, 2023 (dollars in thousands): Notional Value Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) (1) Derivative Instrument Effective Date Maturity Date Interest Strike Rate September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Interest Rate Swaps 7/27/2022 5/26/2027 2.81700 % $ 150,000 $ 150,000 $ 1,861 $ 3,894 Interest Rate Swaps 7/27/2022 5/26/2027 2.81750 % $ 150,000 $ 150,000 $ 1,857 $ 3,886 Interest Rate Swaps 4/3/2023 6/30/2025 3.98500 % $ 200,000 $ 200,000 $ 62 $ 951 Interest Rate Swap 4/3/2023 6/30/2025 3.96625 % $ 100,000 $ 100,000 $ 45 $ 503 Interest Rate Swap 4/3/2023 6/30/2025 3.95300 % $ 100,000 $ 100,000 $ 55 $ 522 Interest Rate Swap 4/3/2023 7/30/2026 3.71000 % $ 60,000 $ 60,000 $ (295) $ 140 (1) The fair value of derivative assets is included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets and the fair value of (derivative liabilities) is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets. Our interest rate swaps and treasury rate lock agreements are designated and qualify as cash flow hedges. We do not use derivatives for trading or speculative purposes. The change in fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in AOCI and is subsequently reclassified from AOCI into earnings in the period that the hedged forecasted transactions affect earnings. The following table sets forth the impact of our interest rate derivatives on our financial statements for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest Rate Swaps in Cash Flow Hedging Relationships: Amount of (loss) gain recognized in AOCI on derivatives $ (9,407) $ 7,997 $ 4,233 $ 20,354 Amount of gain reclassified from AOCI into earnings under “Interest expense” (1) $ 3,382 $ 3,237 $ 10,134 $ 7,041 Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) $ 27,340 $ 15,949 $ 70,423 $ 46,830 (1) Includes losses that have been reclassified from AOCI into interest expense related to (i) the treasury rate lock agreements that were settled in August 2021 and March 2023 and for which amounts will continue to be reclassified over the ten-year and five-year terms of the hedged transactions, and (ii) the interest rate swap that was terminated in May 2022 and for which amounts will continue to be reclassified into interest expense through its original maturity date (November 2024). As of September 30, 2024, we estimate that approximately $2.7 million of net unrealized gains will be reclassified from AOCI into earnings as a net decrease to interest expense over the next 12 months. Credit-risk-related Contingent Features Certain of our agreements with our derivative counterparties contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender within a specified time period, then we could also be declared in default on its derivative obligations. Certain of our agreements with our derivative counterparties contain provisions where if a merger or acquisition occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC Topic 820: Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Recurring Measurements – Interest Rate Swaps We use interest rate swap agreements to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, we have determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The table below sets forth the estimated fair value of our interest rate swaps as of September 30, 2024 and December 31, 2023, which we measured on a recurring basis by level within the fair value hierarchy (in thousands). Fair Value Measurement Using Total Fair Value Quoted Price in Active Markets for Identical Assets and Liabilities Significant Other Significant September 30, 2024 Interest rate swap asset $ 3,880 $ — $ 3,880 $ — Interest rate swap liability $ (295) $ — $ (295) $ — December 31, 2023 Interest rate swap asset $ 9,896 $ — $ 9,896 $ — Interest rate swap liability $ — $ — $ — $ — Financial Instruments Disclosed at Fair Value The carrying amounts of cash and cash equivalents, rents and other receivables, other assets, accounts payable, accrued expenses and other liabilities, and tenant security deposits approximate fair value because of their short-term nature. The fair value of our loan receivable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and based on certain assumptions regarding the collection of principal and interest. The fair value of our notes payable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its respective contractual maturity date. The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of September 30, 2024 and December 31, 2023 (in thousands): Fair Value Measurement Using Total Fair Value Quoted Price in Active Markets for Identical Assets and Liabilities Significant Other Significant Carrying Value Loan Receivable at: September 30, 2024 $ 130,434 $ — $ — $ 130,434 $ 123,129 December 31, 2023 $ 129,908 $ — $ — $ 129,908 $ 122,784 Notes Payable at: September 30, 2024 $ 3,303,249 $ — $ — $ 3,303,249 $ 3,350,190 December 31, 2023 $ 2,077,169 $ — $ — $ 2,077,169 $ 2,225,914

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Howard Schwimmer We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in “Management and leasing services” in the consolidated statements of operations. We recorded $0.2 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively, in management and leasing services revenue.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations. Environmental We will generally perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability. As of September 30, 2024, we are not aware of any environmental liabilities that would have a material impact on our consolidated financial condition, results of operations or cash flows. However, we cannot be sure that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation. Tenant and Construction Related Commitments As of September 30, 2024, we had commitments of approximately $148.6 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors. Letters of Credit Related to Captive Insurance Subsidiary We have the right to issue letters of credit under the Revolver up to an aggregate amount not to exceed $100.0 million, which reduces the credit availability under the Revolver. As of September 30, 2024, we had a $5.0 million letter of credit outstanding, which was originally issued on May 31, 2024, to capitalize a new wholly-owned captive insurance subsidiary through which we indirectly manage a portion of our earthquake insurance. Concentrations of Credit Risk We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although from time to time we have deposits at institutions in excess of federally insured limits, we do not believe we are exposed to significant credit risk due to the financial position and high credit quality of the institutions in which those deposits are held. Concentration of Properties in Southern California As of September 30, 2024, all of our properties are located in the Southern California infill markets. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate and other conditions. Tenant Concentration During the nine months ended September 30, 2024, no single tenant accounted for more than 5% of our total consolidated rental income.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Preferred Stock At September 30, 2024 and December 31, 2023, we had the following series of Cumulative Preferred Shares outstanding (dollars in thousands): September 30, 2024 December 31, 2023 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference Series B November 13, 2022 5.875 % 3,000,000 $ 75,000 3,000,000 $ 75,000 Series C September 20, 2024 5.625 % 3,450,000 86,250 3,450,000 86,250 Total Preferred Shares 6,450,000 $ 161,250 6,450,000 $ 161,250 Common Stock ATM Program On February 17, 2023, we established an at-the-market equity offering program (“ATM program”) pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.25 billion (the “2023 ATM Program”). The 2023 ATM Program replaced our previous $1.0 billion ATM program, which was established on May 27, 2022. In connection with our ATM programs, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under our ATM programs. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock at the time the agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon physical settlement of an agreement 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 agreement. During the nine months ended September 30, 2024, we did not sell any shares of common stock directly through sales agents or enter into forward equity sale agreements under the 2023 ATM Program. During the nine months ended September 30, 2024, we physically settled the forward equity sale agreements that were outstanding as of December 31, 2023 under the 2023 ATM Program by issuing 3,010,568 shares of our common stock for net proceeds of $164.5 million, based on a weighted average forward price of $54.65 per share at settlement. As of September 30, 2024, approximately $927.4 million of common stock remains available to be sold under the 2023 ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us. Settlement of May 2023 Forward Equity Offering In May 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. In 2023, we partially settled the May 2023 Forward Sale Agreements by issuing 11,246,966 shares of common stock, leaving a remaining 2,253,034 shares of common stock for settlement as of December 31, 2023. In January 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. March 2024 Forward Equity Offering In March 2024, we entered into a forward equity sale agreement with a financial institution acting as forward purchaser in connection with an underwritten public offering of 17,179,318 shares of common stock (the “March 2024 Forward Sale Agreement”), pursuant to which, the forward purchaser borrowed and sold an aggregate of 17,179,318 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchaser at the time of the offering. The net forward sale price that we will receive upon physical settlement of the agreements, 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. In July 2024, we partially settled the March 2024 Forward Sale Agreement by issuing 1,650,916 shares of common stock for net proceeds of $80.0 million, based on a weighted average forward price of $48.46 per share at settlement. As of September 30, 2024, we had 15,528,402 shares of common stock, or approximately $752.8 million of forward net proceeds remaining for settlement to occur prior to the scheduled maturity date of March 27, 2025, based on a forward price of $48.48. See “Note 15 – Subsequent Events” for details related to the partial settlement of the March 2024 Forward Sale Agreement subsequent to September 30, 2024. Changes in Accumulated Other Comprehensive Income The following table summarizes the changes in our AOCI balance for the three and nine months ended September 30, 2024 and 2023, which consists solely of adjustments related to our cash flow hedges (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Accumulated other comprehensive income - beginning balance $ 13,834 $ 16,525 $ 7,172 $ 8,247 Other comprehensive (loss) income before reclassifications (9,407) 7,997 4,233 20,354 Amounts reclassified from accumulated other comprehensive income to interest expense (3,382) (3,237) (10,134) (7,041) Net current period other comprehensive (loss) income (12,789) 4,760 (5,901) 13,313 Less: other comprehensive loss (income) attributable to noncontrolling interests 429 (143) 203 (418) Other comprehensive (loss) income attributable to common stockholders (12,360) 4,617 (5,698) 12,895 Accumulated other comprehensive income - ending balance $ 1,474 $ 21,142 $ 1,474 $ 21,142 Noncontrolling Interests Noncontrolling interests relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units, our three series of preferred units of partnership interest in the Operating Partnership (comprised of 4.43937%, 4.00% and 3.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (the “CPOP Units”)), and the preferred units of the private REIT that we acquired on July 18, 2022, that are not owned by us. Series 1 CPOP Units On April 10, 2024, we exercised our right to convert all 593,960 4.43937% Cumulative Redeemable Convertible Preferred Units (the “Series 1 CPOP Units”) of partnership interest in the Operating Partnership into 593,960 OP Units. In connection with the conversion of the Series 1 CPOP Units, we paid the holder a prorated cash distribution of $30 thousand for the period from April 1, 2024 through April 9, 2024. Operating Partnership Units As of September 30, 2024, noncontrolling interests included 6,077,689 OP Units, 956,339 fully-vested LTIP units and 1,141,840 fully-vested performance units, and represented approximately 3.6% of our Operating Partnership (excluding CPOP Units). OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss and distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See “Note 13 – Incentive Award Plan” for a description of LTIP units and Performance Units.

Incentive Award Plan

Incentive Award Plan	9 Months Ended
Incentive Award Plan	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Award Plan	Incentive Award Plan Third Amended and Restated 2013 Incentive Award Plan On June 11, 2024, our stockholders approved the Third Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), superseding and replacing our prior incentive award plan. Pursuant to the Plan, we may make grants of restricted stock, LTIP units of partnership interest in our Operating Partnership (“LTIP Units”), performance units in our Operating Partnership (“Performance Units”), dividend equivalents and other stock based and cash awards to our non-employee directors, employees and consultants. As of September 30, 2024, a total of 3,311,788 shares of common stock, LTIP Units, Performance Units and other stock based awards remain available for issuance under the Plan. Shares and units granted under the Plan may be authorized but unissued shares or units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires, or is settled for cash, any shares or units subject to such award will generally be available for future awards. LTIP Units and Performance Units LTIP Units and Performance Units are each a class of limited partnership units in the Operating Partnership. Initially, LTIP Units and Performance Units do not have full parity with OP Units with respect to liquidating distributions. However, upon the occurrence of certain events described in the Operating Partnership’s partnership agreement, the LTIP Units and Performance Units can over time achieve full parity with the OP Units for all purposes. If such parity is reached, vested LTIP Units and vested Performance Units may be converted into an equal number of OP Units, and upon conversion, enjoy all rights of OP Units. Vested Performance Units and LTIP Units, whether vested or not, receive the same quarterly per-unit distributions as OP Units, which equal the per-share distributions on shares of our common stock. Performance Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distributions paid on OP Units. Share-Based Award Activity The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the nine months ended September 30, 2024: Unvested Awards Restricted Common Stock LTIP Units Number of Shares Weighted-Average Grant Date Fair Value per Share Number of Units Weighted-Average Grant Date Fair Value per Unit Balance at January 1, 2024 348,440 $ 59.07 368,905 $ 54.19 Granted 236,047 $ 54.15 48,842 $ 52.85 Forfeited (48,825) $ 58.57 — $ — Vested (1) (130,659) $ 56.52 (48,952) $ 53.80 Balance at September 30, 2024 405,003 $ 57.07 368,795 $ 54.06 (1) During the nine months ended September 30, 2024, 41,118 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock. The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of September 30, 2024: Unvested Awards Restricted LTIP Units Performance Units (1) October 1, 2024 - December 31, 2024 1,566 143,865 366,004 2025 154,527 135,665 673,188 2026 111,670 73,693 701,025 2027 87,974 11,032 — 2028 49,266 4,540 — Total 405,003 368,795 1,740,217 (1) Represents the maximum number of Performance Units that would become earned and vested in December of 2024, November/December of 2025, and December of 2026, in the event that the specified maximum total shareholder return (“TSR”) and FFO per share growth hurdles are achieved at the end of the three-year performance period for awards that were initially granted in December of 2021, November of 2022, and December of 2023, respectively. Compensation Expense The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Expensed share-based compensation (1) $ 9,918 $ 8,166 $ 30,063 $ 24,300 Capitalized share-based compensation (2) 271 275 1,036 740 Total share-based compensation $ 10,189 $ 8,441 $ 31,099 $ 25,040 (1) Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. (2) For the three and nine months ended September 30, 2024 and 2023, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets. As of September 30, 2024, total unrecognized compensation cost related to all unvested share-based awards was $46.6 million and is expected to be recognized over a weighted average remaining period of 24 months.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income $ 70,722 $ 61,790 $ 221,016 $ 182,270 Less: Preferred stock dividends (2,314) (2,314) (6,943) (6,943) Less: Net income attributable to noncontrolling interests (2,952) (2,824) (9,399) (8,605) Less: Net income attributable to participating securities (395) (314) (1,222) (952) Net income attributable to common stockholders – basic and diluted $ 65,061 $ 56,338 $ 203,452 $ 165,770 Denominator: Weighted average shares of common stock outstanding – basic 218,759,979 205,279,681 216,857,153 200,455,490 Effect of dilutive securities 373,058 167,851 136,437 212,083 Weighted average shares of common stock outstanding – diluted 219,133,037 205,447,532 216,993,590 200,667,573 Earnings per share — Basic Net income attributable to common stockholders $ 0.30 $ 0.27 $ 0.94 $ 0.83 Earnings per share — Diluted Net income attributable to common stockholders $ 0.30 $ 0.27 $ 0.94 $ 0.83 Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and each participating security according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Participating securities are also included in the computation of diluted EPS using the more dilutive of the two-class method or treasury stock method for unvested shares of restricted stock and LTIP Units, and by determining if certain market conditions have been met at the reporting date for unvested Performance Units. The effect of including unvested shares of restricted stock and unvested LTIP Units using the treasury stock method was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive. Performance Units, which are subject to vesting based on the Company achieving certain TSR levels and FFO per share growth over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR and/or FFO per share growth has been achieved at or above the threshold levels specified in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive. Shares issuable under forward equity sale agreements during the period prior to settlement are reflected in our calculation of weighted average shares of common stock outstanding – diluted using the treasury stock method as the impact was dilutive for the periods presented above. We also consider the effect of other potentially dilutive securities, including the CPOP Units and OP Units, which may be redeemed for shares of our common stock under certain circumstances, and include them in our computation of diluted EPS under the if-converted method when their inclusion is dilutive. These units were not dilutive for the periods presented above. Additionally, as of September 30, 2024, the Exchangeable Notes were not included in the computation of diluted earnings per share as they were anti-dilutive for the three and nine months ended September 30, 2024.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Partial Settlement of March 2024 Forward Sale Agreement On October 11, 2024, we partially settled the March 2024 Forward Sale Agreement by issuing 2,884,380 shares of common stock in exchange for net proceeds of $140.0 million, based on a weighted average forward price of $48.54 per share at settlement. After this settlement, there are 12,644,022 shares of common stock, or $614.2 million of forward net proceeds remaining for settlement prior to the scheduled maturity date of March 27, 2025. Dividends and Distributions Declared On October 14, 2024, our board of directors declared the following quarterly cash dividends/distributions, record dates and payment dates. Security Amount per Share/Unit Record Date Payment Date Common stock $ 0.4175 December 31, 2024 January 15, 2025 OP Units $ 0.4175 December 31, 2024 January 15, 2025 5.875% Series B Cumulative Redeemable Preferred Stock $ 0.367188 December 16, 2024 December 31, 2024 5.625% Series C Cumulative Redeemable Preferred Stock $ 0.351563 December 16, 2024 December 31, 2024 4.00% Cumulative Redeemable Convertible Preferred Units $ 0.45 December 16, 2024 December 31, 2024 3.00% Cumulative Redeemable Convertible Preferred Units $ 0.545462 December 16, 2024 December 31, 2024 Acquisitions On October 15, 2024, we acquired the property located at 13201 Dahlia Street in Fontana, California for a contract price of $70.1 million. The property consists of one single-tenant building with 278,650 rentable square feet.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 67,770	$ 58,966	$ 211,617	$ 173,665

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation As of September 30, 2024 and December 31, 2023, and for the three and nine months ended September 30, 2024 and 2023, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of September 30, 2024 and December 31, 2023, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 and the notes thereto. Any references to the number of properties, buildings and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments.
Restricted Cash	Restricted Cash
Investments in Real Estate	Investments in Real Estate Acquisitions We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business , which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally do not meet the revised definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes cash and non-cash consideration paid to the seller and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs. We determine the fair value of the tangible assets of an acquired property by valuing the property as if it was vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions with respect to the assumptions a market participant would use. These Level 3 inputs include discount rates, exit capitalization rates, market rental rates, rental growth rates and comparable sales data, including land sales, for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the nine months ended September 30, 2024, we used discount rates ranging from 5.50% to 8.25% and exit capitalization rates ranging from 4.50% to 6.50%. In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases determined to be reasonably certain of exercise, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the nine months ended September 30, 2024, we used an estimated average lease-up period ranging from 6 months to 15 months. From time to time, we may engage in a sale-leaseback transaction whereby we execute a lease with the seller/tenant simultaneously with the acquisition of a property. Sale-leaseback transactions entered into at off-market terms are adjusted so that the transaction is recorded at fair value. If the purchase price is less than the fair value of the acquired property, or the present value of contractual leaseback payments is less than the present value of market rental payments, the difference is recognized as “Tenant prepaid rent” in the consolidated balance sheets and is recognized as rental income on a straight-line basis over the term of the lease. The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. Demolition costs incurred in conjunction with the acquisition of real estate are capitalized as part of the cost of the acquisition if the demolition (i) is contemplated as part of the acquisition and (ii) occurs within a reasonable period of time after the acquisition. If demolition was not contemplated as part of the acquisition or the demolition does not occur within a reasonable period of time after the acquisition, the costs of the demolition are expensed as incurred. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus and non-cash equity compensation of the personnel performing redevelopment, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the redevelopment and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $8.6 million and $6.2 million during the three months ended September 30, 2024 and 2023, respectively, and $23.9 million and $16.1 million during the nine months ended September 30, 2024 and 2023, respectively. We capitalized real estate taxes and insurance costs aggregating $2.1 million and $1.9 million during the three months ended September 30, 2024 and 2023, respectively, and $6.5 million and $5.0 million during the nine months ended September 30, 2024 and 2023, respectively. We capitalized compensation costs for employees who provide construction services of $3.5 million and $2.8 million during the three months ended September 30, 2024 and 2023, respectively, and $10.0 million and $8.0 million during the nine months ended September 30, 2024 and 2023, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated useful life that typically ranges from 10-30 years for buildings, 5-25 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements. As discussed above in— Investments in Real Estate—Acquisitions , in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.
Assets Held for Sale	Assets Held for Sale We classify a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (“ASC”) Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. As of September 30, 2024 and December 31, 2023, we did not have any properties classified as held for sale.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including operating lease right-of-use assets (“ROU assets”), whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. 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. To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. For office space ROU assets, the execution of a sublease where the remaining lease payments of the original office space lease exceed the sublease receipts reflects an indication of impairment which suggests the carrying value of the ROU asset may not be recoverable. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business. If our analysis indicates that the carrying value of the real estate asset and other long-lived assets is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.
Leases as Lessor	Leases as Lessor We evaluate new leases originated or leases assumed as part of an acquisition transaction under ASC Topic 842: Leases to determine lease classification. Generally, all of our leases have historically been classified as operating leases. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, there is a purchase option that the tenant is reasonably certain to exercise, the lease term, including extension options that the tenant is reasonably certain to exercise, is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor, if applicable. As of September 30, 2024 and December 31, 2023, we did not have any leases that were classified as sales-type or financing leases under sale-leaseback rules.
Leases as a Lessee	Leases as a Lessee We determine if an arrangement is a lease at inception. Operating lease ROU assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is generally recognized on a straight-line basis over the term of the lease through the amortization of the ROU assets and lease liabilities. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See “Note 7 – Leases” for additional lessee disclosures required under lease accounting standards.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Code commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our activities. If we fail to qualify as a REIT in any taxable year and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax, including any applicable alternative minimum tax on our taxable income. We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to regular federal corporate income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions. We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Other than our Subsidiary REIT (a private REIT acquired on July 18, 2022), our non-taxable subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. 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. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and nine months ended September 30, 2024 and 2023. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of September 30, 2024, and December 31, 2023, we have not established a liability for uncertain tax positions.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings. In accordance with ASC Topic 815: Derivatives and Hedging , we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. From time to time, we also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances (“treasury rate lock agreements”). The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in accumulated other comprehensive income/(loss) (“AOCI”). Upon the termination of a derivative for which cash flow hedging was being applied, the balance, which was recorded in AOCI, is amortized to interest expense over the remaining contractual term of the derivative as long as the hedged forecasted transactions continue to be probable of occurring. Upon the settlement of treasury rate lock agreements, amounts remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. Cash payments made to terminate or settle interest rate derivatives are presented in cash flows provided by operating activities in the accompanying consolidated statements of cash flows, given the nature of the underlying cash flows that the derivative was hedging. See “Note 8 – Interest Rate Derivatives” for details.
Revenue Recognition	Revenue Recognition Our primary sources of income are rental income, management and leasing services, interest income and gains on sale of real estate. Rental Income We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. As the timing and pattern of revenue recognition is the same and as the lease component would be classified as an operating lease if it were accounted for separately, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations. We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. Management and leasing services We provide property management services and leasing services to related party and third-party property owners, the customer, in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers. Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component. Gain or Loss on Sale of Real Estate We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC Topic 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value, and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset. When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement and at the time the tenant communicates its intent to exercise the purchase option. If we determine the exercise of the purchase option is reasonably certain, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale of real estate. Interest Income Interest income on our loan receivable is recognized on an accrual basis over the life of the loan using the interest method. Loan origination fees, net of origination costs, are accreted or amortized over the term of the loan as an adjustment to interest income using the effective interest method. Generally, a loan is placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.
Valuation of Operating Lease Receivables	Valuation of Operating Lease Receivables Loan Receivable Our loan receivable is reflected at amortized cost in the consolidated balance sheets. The amortized cost of our loan receivable is the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. Accrued interest receivable related to our loan receivable is recorded at the net amount expected to be collected within “Rents and other receivables, net” in the consolidated balance sheets. The current expected credit losses approach under ASC Topic 326: Financial Instruments-Credit Losses requires an estimate of the credit losses expected over the life of a loan. We assess the need for an allowance for credit losses related to our loan receivable and the related interest receivable by evaluating the following: (i) asset-specific risks, which include the nature of the collateral, current loan-to-value ratio and the potential future changes in the collateral’s fair value, (ii) other relevant available information, from internal and external sources, relating to current conditions that may affect the borrower’s ability to repay the loan upon maturity, such as the borrower’s current financial condition and credit rating, and (iii) historical losses (adjusted for current conditions and reasonable and supportable forecasts) for financial assets secured with similar collateral (all taken together, the “credit loss evaluation criteria”). See “Note 5 – Loan Receivable” for details.
Deferred Leasing Costs	Deferred Leasing Costs We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For revolving credit facility arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See “Note 6 – Notes Payable” for details.
Equity Based Compensation	Equity Based Compensation We account for equity-based compensation in accordance with ASC Topic 718: Compensation - Stock Compensation . Total compensation cost for all share-based awards is based on the estimated fair market value of the equity instrument issued on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See “Note 13 – Incentive Award Plan” for details.
Equity Offerings	Equity Offerings Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering programs have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuances have been reflected as a direct reduction of the preferred stock balance.
Earnings Per Share	Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC Topic 260: Earnings Per Share (“ASC 260”). Under ASC 260, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. In addition, we include the exchangeable notes in the computation of diluted earnings per share if the effect is dilutive. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 14 – Earnings Per Share” for details.
Segment Reporting	Segment Reporting Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.
Adoption of Accounting Pronouncements	Adoption of New Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, and requires specific disclosures for all entities with equity securities subject to a contractual sale restriction including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale as a separate unit of account. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2022-03 did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements (Issued and Not Yet Adopted) In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) . The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses provided to the chief operating decision makers (“CODMs”), the titles and positions of the CODMs, and how the CODMs use the segment’s profit/loss measure to assess segment performance and allocate resources. In addition, entities with a single reportable segment must now provide all disclosures required by the amendments in ASU 2023-07, as well as existing segment disclosures required in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We do not expect the adoption of ASU 2023-07 to have a material impact on our consolidated financial statements, as we anticipate the primary change will be the inclusion of additional disclosures related to our single reportable segment.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
Investments in Real Estate (Tables)	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Summary of Acquired Wholly Owned Property Acquisitions	The following table summarizes the wholly-owned properties we acquired during the nine months ended September 30, 2024: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 5000 & 5010 Azusa Canyon Road Los Angeles - San Gabriel Valley 1/31/2024 233,984 2 $ 84,000 Blackstone Industrial Assets (2) Various 3/28/2024 3,008,578 48 996,800 4422 Airport Drive San Bernardino - Inland Empire West 4/5/2024 88,283 1 26,725 1901 Rosslynn Avenue Orange County - North 5/10/2024 278,572 1 94,250 16203-16233 Arrow Highway Los Angeles - San Gabriel Valley 5/23/2024 134,542 4 48,500 950 West 190th Street Los Angeles - South Bay 7/22/2024 188,545 1 41,290 12900 Alondra Boulevard Los Angeles - Mid-Counties 9/20/2024 82,660 1 19,200 Total 2024 Property Acquisitions 4,015,164 58 $ 1,310,765 (1) Represents the gross contractual purchase price before certain credits, prorations, closing costs and other acquisition-related costs. Total capitalized closing costs and acquisition related costs, net of certain credits, not included in the gross contractual purchase price in the above table is approximately $1.7 million. Each acquisition was funded with available cash on hand unless otherwise noted. (2) Represents the acquisition of 48 properties pursuant to three separate transactions with three Blackstone Real Estate entities.
Summary of Fair Value of Amounts Recognized	The following table summarizes amounts allocated to each major class of asset and liability on a relative fair value basis for the acquisitions noted in the table above, as of the date of each acquisition (in thousands): 2024 Acquisitions Assets: Land $ 901,632 Buildings and improvements 346,415 Tenant improvements 4,215 Acquired lease intangible assets (1) 92,349 Other acquired assets (2) 1,884 Total assets acquired $ 1,346,495 Liabilities: Acquired lease intangible liabilities (3) $ 32,119 Other assumed liabilities (2) 16,837 Total liabilities assumed $ 48,956 Net assets acquired $ 1,297,539 (1) Acquired lease intangible assets is comprised of (i) $67.2 million of in-place lease intangibles with a weighted average amortization period of 4.3 years and (ii) $25.1 million of above-market lease intangibles with a weighted average amortization period of 4.1 years. (2) Includes other working capital assets acquired and liabilities assumed at the time of acquisition, including prorations. (3) Represents below-market lease intangibles with a weighted average amortization period of 11.7 years.
Disposal Groups, Including Discontinued Operations	The following table summarizes information related to the properties that were sold during the nine months ended September 30, 2024: Property Submarket Date of Disposition Rentable Square Feet Contractual Sales Price (1) (in thousands) Gain Recorded 2360-2364 East Sturgis Road Ventura 4/16/2024 49,641 $ 10,000 $ 6,261 6423-6431 & 6407-6119 Alondra Boulevard Los Angeles - South Bay 5/03/2024 30,224 7,600 5,077 15401 Figueroa Street Los Angeles - South Bay 5/07/2024 38,584 10,225 4,203 8210 Haskell Avenue Los Angeles - San Fernando Valley 5/17/2024 26,229 9,200 727 2553 Garfield Avenue Los Angeles - Central 8/20/2024 25,615 7,275 1,745 Total 170,293 $ 44,300 $ 18,013 (1) Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.

Acquired Lease Intangibles (Tab

Acquired Lease Intangibles (Tables)	9 Months Ended
Acquired Lease Intangibles (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Acquired Lease Intangible Assets and Liabilities	The following table summarizes our acquisition related intangible assets, including the value of in-place tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition related intangible liabilities, including below-market tenant leases (in thousands): September 30, 2024 December 31, 2023 Acquired Lease Intangible Assets: In-place lease intangibles $ 403,191 $ 338,001 Accumulated amortization (240,675) (207,804) In-place lease intangibles, net $ 162,516 $ 130,197 Above-market tenant leases $ 50,224 $ 25,598 Accumulated amortization (19,789) (14,808) Above-market tenant leases, net $ 30,435 $ 10,790 Below-market ground lease $ 12,977 $ 12,978 Accumulated amortization (418) (295) Below-market ground lease, net $ 12,559 $ 12,683 Acquired lease intangible assets, net $ 205,510 $ 153,670 Acquired Lease Intangible Liabilities: Below-market tenant leases $ (280,894) $ (249,853) Accumulated amortization 125,566 102,292 Below-market tenant leases, net $ (155,328) $ (147,561) Acquired lease intangible liabilities, net $ (155,328) $ (147,561)
Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles	The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 In-place lease intangibles (1) $ 12,900 $ 10,024 $ 34,929 $ 32,757 Net below-market tenant leases (2) $ (5,770) $ (7,282) $ (18,896) $ (21,886) Below-market ground leases (3) $ 41 $ 41 $ 123 $ 123 (1) The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented. (2) The amortization of net below-market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented. (3) The amortization of net below-market ground lease is recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
Notes Payable (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Notes Payable	The following table summarizes the components and significant terms of our indebtedness as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Margin Above SOFR Interest Rate (1) Contractual Unsecured and Secured Debt Unsecured Debt: Revolving Credit Facility $ — $ — S+0.725 % (2) 5.785 % (3) 5/26/2026 (4) $400M Term Loan 400,000 400,000 S+0.800 % (2) 4.872 % (5) 7/18/2025 (4) $100M Senior Notes 100,000 100,000 n/a 4.290 % 8/6/2025 $575M Exchangeable Senior Notes due 2027 575,000 — n/a 4.375 % 3/15/2027 $300M Term Loan 300,000 300,000 S+0.800 % (2) 3.717 % (6) 5/26/2027 $125M Senior Notes 125,000 125,000 n/a 3.930 % 7/13/2027 $300M Senior Notes due 2028 300,000 300,000 n/a 5.000 % 6/15/2028 $575M Exchangeable Senior Notes due 2029 575,000 — n/a 4.125 % 3/15/2029 $25M Series 2019A Senior Notes 25,000 25,000 n/a 3.880 % 7/16/2029 $400M Senior Notes due 2030 400,000 400,000 n/a 2.125 % 12/1/2030 $400M Senior Notes due 2031 400,000 400,000 n/a 2.150 % 9/1/2031 $75M Series 2019B Senior Notes 75,000 75,000 n/a 4.030 % 7/16/2034 Total Unsecured Debt $ 3,275,000 $ 2,125,000 Secured Debt: 7612-7642 Woodwind Drive $ — $ 3,613 n/a 5.240 % 1/5/2024 11600 Los Nietos Road — 2,290 n/a 4.190 % 5/1/2024 $60M Term Loan (7) 60,000 60,000 S+1.250 % 5.060 % (7) 10/27/2025 (7) 5160 Richton Street (8) 3,933 4,029 n/a 3.790 % 11/15/2024 22895 Eastpark Drive (8) 2,482 2,539 n/a 4.330 % 11/15/2024 701-751 Kingshill Place (8) 6,885 6,984 n/a 3.900 % 1/5/2026 13943-13955 Balboa Boulevard (8) 14,310 14,596 n/a 3.930 % 7/1/2027 2205 126th Street (9) 5,200 5,200 n/a 3.910 % 12/1/2027 2410-2420 Santa Fe Avenue (9) 10,300 10,300 n/a 3.700 % 1/1/2028 11832-11954 La Cienega Boulevard (8) 3,792 3,852 n/a 4.260 % 7/1/2028 Gilbert/La Palma (8) 1,590 1,741 n/a 5.125 % 3/1/2031 7817 Woodley Avenue (8) 2,781 2,881 n/a 4.140 % 8/1/2039 Total Secured Debt $ 111,273 $ 118,025 Total Unsecured and Secured Debt $ 3,386,273 $ 2,243,025 Less: Unamortized premium/discount and debt issuance costs (10) (36,083) (17,111) Total $ 3,350,190 $ 2,225,914 (1) Reflects the contractual interest rate under the terms of each loan as of September 30, 2024, and includes the effect of interest rate swaps that were effective as of September 30, 2024. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums and discounts. (2) As of September 30, 2024, the interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for both the unsecured revolving credit facility and $400.0 million unsecured term loan, and 1-month term SOFR (“Term SOFR”) for the $300.0 million unsecured term loan (in each case increased by a 0.10% SOFR adjustment), plus an applicable margin of 0.725% per annum for the unsecured revolving credit facility and 0.80% per annum for the $300.0 million and $400.0 million unsecured term loans, and a sustainability-related rate adjustment of zero. These loans are also subject to a 0% SOFR floor. (3) The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of September 30, 2024, the applicable facility fee is 0.125% per annum with a sustainability-related rate adjustment of zero. (4) The unsecured revolving credit facility has two six-month extensions and the $400.0 million unsecured term loan has two one-year extensions available at the borrower’s option, subject to certain terms and conditions. On July 12, 2024, we exercised the first of the two one-year extension options to extend the maturity date of the $400.0 million unsecured term loan by one year to July 18, 2025. (5) Daily SOFR for our $400.0 million unsecured 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 rate adjustment. (6) Term SOFR for our $300.0 million unsecured term loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.71725% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment. (7) 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. Loan has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. 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. On September 26, 2024, we exercised the first of the three one-year extension options to extend the maturity date of this loan by one year to October 27, 2025. (8) Fixed monthly payments of interest and principal until maturity as follows: 5160 Richton Street ($23,270), 22895 Eastpark Drive ($15,396), 701-751 Kingshill Place ($33,488), 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855). (9) Fixed monthly payments of interest only. (10) Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets.
Summary of Future Minimum Debt Payments	The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of September 30, 2024, and does not consider unexercised extension options available to us as noted in the table above (in thousands): October 1, 2024 - December 31, 2024 $ 6,651 2025 560,973 2026 7,587 2027 1,019,078 2028 314,218 Thereafter 1,477,766 Total $ 3,386,273

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Future Minimum Base Rent Under Non-cancelable Operating Leases	The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of September 30, 2024 (in thousands): Twelve Months Ended September 30, 2025 $ 719,092 2026 631,826 2027 514,948 2028 409,905 2029 297,209 Thereafter 871,439 Total $ 3,444,419
Lease Cost	The tables below present financial and supplemental information associated with our leases. Three Months Ended September 30, Nine Months Ended September 30, Lease Cost (1) (in thousands) 2024 2023 2024 2023 Operating lease cost $ 403 $ 425 $ 1,226 $ 1,351 Variable lease cost 49 44 144 112 Sublease income (31) — (55) — Total lease cost $ 421 $ 469 $ 1,315 $ 1,463 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. Three Months Ended September 30, Nine Months Ended September 30, Other Information (in thousands) 2024 2023 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 574 $ 573 $ 1,720 $ 1,741 Right-of-use assets obtained in connection with the remeasurement of the lease liability $ — $ — $ 2,084 $ — Lease Term and Discount Rate September 30, 2024 December 31, 2023 Weighted-average remaining lease term (1) 38.6 years 43.4 years Weighted-average discount rate (2) 4.09 % 3.84 % (1) Includes the impact of extension options that we are reasonably certain to exercise. (2) Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.
Maturities of Lease Liabilities	The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of September 30, 2024 (in thousands): September 30, 2024 October 1, 2024 - December 31, 2024 $ 577 2025 1,690 2026 1,748 2027 1,798 2028 542 Thereafter 19,887 Total undiscounted lease payments $ 26,242 Less imputed interest (16,058) Total lease liabilities $ 10,184

Interest Rate Derivatives (Tabl

Interest Rate Derivatives (Tables)	9 Months Ended
Interest Rate Derivatives (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swap Agreement	The following table sets forth a summary of the terms and fair value of our interest rate swaps at September 30, 2024 and December 31, 2023 (dollars in thousands): Notional Value Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) (1) Derivative Instrument Effective Date Maturity Date Interest Strike Rate September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Interest Rate Swaps 7/27/2022 5/26/2027 2.81700 % $ 150,000 $ 150,000 $ 1,861 $ 3,894 Interest Rate Swaps 7/27/2022 5/26/2027 2.81750 % $ 150,000 $ 150,000 $ 1,857 $ 3,886 Interest Rate Swaps 4/3/2023 6/30/2025 3.98500 % $ 200,000 $ 200,000 $ 62 $ 951 Interest Rate Swap 4/3/2023 6/30/2025 3.96625 % $ 100,000 $ 100,000 $ 45 $ 503 Interest Rate Swap 4/3/2023 6/30/2025 3.95300 % $ 100,000 $ 100,000 $ 55 $ 522 Interest Rate Swap 4/3/2023 7/30/2026 3.71000 % $ 60,000 $ 60,000 $ (295) $ 140 (1) The fair value of derivative assets is included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets and the fair value of (derivative liabilities) is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.
Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements	The following table sets forth the impact of our interest rate derivatives on our financial statements for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest Rate Swaps in Cash Flow Hedging Relationships: Amount of (loss) gain recognized in AOCI on derivatives $ (9,407) $ 7,997 $ 4,233 $ 20,354 Amount of gain reclassified from AOCI into earnings under “Interest expense” (1) $ 3,382 $ 3,237 $ 10,134 $ 7,041 Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) $ 27,340 $ 15,949 $ 70,423 $ 46,830 (1) Includes losses that have been reclassified from AOCI into interest expense related to (i) the treasury rate lock agreements that were settled in August 2021 and March 2023 and for which amounts will continue to be reclassified over the ten-year and five-year terms of the hedged transactions, and (ii) the interest rate swap that was terminated in May 2022 and for which amounts will continue to be reclassified into interest expense through its original maturity date (November 2024).

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy	The table below sets forth the estimated fair value of our interest rate swaps as of September 30, 2024 and December 31, 2023, which we measured on a recurring basis by level within the fair value hierarchy (in thousands). Fair Value Measurement Using Total Fair Value Quoted Price in Active Markets for Identical Assets and Liabilities Significant Other Significant September 30, 2024 Interest rate swap asset $ 3,880 $ — $ 3,880 $ — Interest rate swap liability $ (295) $ — $ (295) $ — December 31, 2023 Interest rate swap asset $ 9,896 $ — $ 9,896 $ — Interest rate swap liability $ — $ — $ — $ —
Carrying Value and Estimated Fair Value of Notes Payable	The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of September 30, 2024 and December 31, 2023 (in thousands): Fair Value Measurement Using Total Fair Value Quoted Price in Active Markets for Identical Assets and Liabilities Significant Other Significant Carrying Value Loan Receivable at: September 30, 2024 $ 130,434 $ — $ — $ 130,434 $ 123,129 December 31, 2023 $ 129,908 $ — $ — $ 129,908 $ 122,784 Notes Payable at: September 30, 2024 $ 3,303,249 $ — $ — $ 3,303,249 $ 3,350,190 December 31, 2023 $ 2,077,169 $ — $ — $ 2,077,169 $ 2,225,914

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Preferred Stock	At September 30, 2024 and December 31, 2023, we had the following series of Cumulative Preferred Shares outstanding (dollars in thousands): September 30, 2024 December 31, 2023 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference Series B November 13, 2022 5.875 % 3,000,000 $ 75,000 3,000,000 $ 75,000 Series C September 20, 2024 5.625 % 3,450,000 86,250 3,450,000 86,250 Total Preferred Shares 6,450,000 $ 161,250 6,450,000 $ 161,250
Summary of the Components of Changes in Accumulated Other Comprehensive Loss	The following table summarizes the changes in our AOCI balance for the three and nine months ended September 30, 2024 and 2023, which consists solely of adjustments related to our cash flow hedges (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Accumulated other comprehensive income - beginning balance $ 13,834 $ 16,525 $ 7,172 $ 8,247 Other comprehensive (loss) income before reclassifications (9,407) 7,997 4,233 20,354 Amounts reclassified from accumulated other comprehensive income to interest expense (3,382) (3,237) (10,134) (7,041) Net current period other comprehensive (loss) income (12,789) 4,760 (5,901) 13,313 Less: other comprehensive loss (income) attributable to noncontrolling interests 429 (143) 203 (418) Other comprehensive (loss) income attributable to common stockholders (12,360) 4,617 (5,698) 12,895 Accumulated other comprehensive income - ending balance $ 1,474 $ 21,142 $ 1,474 $ 21,142

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	9 Months Ended
Incentive Award Plan (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of unvested restricted stock and LTIP unit activity	The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the nine months ended September 30, 2024: Unvested Awards Restricted Common Stock LTIP Units Number of Shares Weighted-Average Grant Date Fair Value per Share Number of Units Weighted-Average Grant Date Fair Value per Unit Balance at January 1, 2024 348,440 $ 59.07 368,905 $ 54.19 Granted 236,047 $ 54.15 48,842 $ 52.85 Forfeited (48,825) $ 58.57 — $ — Vested (1) (130,659) $ 56.52 (48,952) $ 53.80 Balance at September 30, 2024 405,003 $ 57.07 368,795 $ 54.06 (1) During the nine months ended September 30, 2024, 41,118 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.
Summary of vesting schedule	The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of September 30, 2024: Unvested Awards Restricted LTIP Units Performance Units (1) October 1, 2024 - December 31, 2024 1,566 143,865 366,004 2025 154,527 135,665 673,188 2026 111,670 73,693 701,025 2027 87,974 11,032 — 2028 49,266 4,540 — Total 405,003 368,795 1,740,217 (1)
Summary of compensation expense	The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Expensed share-based compensation (1) $ 9,918 $ 8,166 $ 30,063 $ 24,300 Capitalized share-based compensation (2) 271 275 1,036 740 Total share-based compensation $ 10,189 $ 8,441 $ 31,099 $ 25,040 (1) Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. (2) For the three and nine months ended September 30, 2024 and 2023, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income $ 70,722 $ 61,790 $ 221,016 $ 182,270 Less: Preferred stock dividends (2,314) (2,314) (6,943) (6,943) Less: Net income attributable to noncontrolling interests (2,952) (2,824) (9,399) (8,605) Less: Net income attributable to participating securities (395) (314) (1,222) (952) Net income attributable to common stockholders – basic and diluted $ 65,061 $ 56,338 $ 203,452 $ 165,770 Denominator: Weighted average shares of common stock outstanding – basic 218,759,979 205,279,681 216,857,153 200,455,490 Effect of dilutive securities 373,058 167,851 136,437 212,083 Weighted average shares of common stock outstanding – diluted 219,133,037 205,447,532 216,993,590 200,667,573 Earnings per share — Basic Net income attributable to common stockholders $ 0.30 $ 0.27 $ 0.94 $ 0.83 Earnings per share — Diluted Net income attributable to common stockholders $ 0.30 $ 0.27 $ 0.94 $ 0.83

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
Subsequent Events (Tables)	Sep. 30, 2024
Subsequent Events [Abstract]
Summary of Acquired Wholly Owned Property Acquisitions	The following table summarizes the wholly-owned properties we acquired during the nine months ended September 30, 2024: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 5000 & 5010 Azusa Canyon Road Los Angeles - San Gabriel Valley 1/31/2024 233,984 2 $ 84,000 Blackstone Industrial Assets (2) Various 3/28/2024 3,008,578 48 996,800 4422 Airport Drive San Bernardino - Inland Empire West 4/5/2024 88,283 1 26,725 1901 Rosslynn Avenue Orange County - North 5/10/2024 278,572 1 94,250 16203-16233 Arrow Highway Los Angeles - San Gabriel Valley 5/23/2024 134,542 4 48,500 950 West 190th Street Los Angeles - South Bay 7/22/2024 188,545 1 41,290 12900 Alondra Boulevard Los Angeles - Mid-Counties 9/20/2024 82,660 1 19,200 Total 2024 Property Acquisitions 4,015,164 58 $ 1,310,765 (1) Represents the gross contractual purchase price before certain credits, prorations, closing costs and other acquisition-related costs. Total capitalized closing costs and acquisition related costs, net of certain credits, not included in the gross contractual purchase price in the above table is approximately $1.7 million. Each acquisition was funded with available cash on hand unless otherwise noted. (2) Represents the acquisition of 48 properties pursuant to three separate transactions with three Blackstone Real Estate entities.
Dividends Declared	On October 14, 2024, our board of directors declared the following quarterly cash dividends/distributions, record dates and payment dates. Security Amount per Share/Unit Record Date Payment Date Common stock $ 0.4175 December 31, 2024 January 15, 2025 OP Units $ 0.4175 December 31, 2024 January 15, 2025 5.875% Series B Cumulative Redeemable Preferred Stock $ 0.367188 December 16, 2024 December 31, 2024 5.625% Series C Cumulative Redeemable Preferred Stock $ 0.351563 December 16, 2024 December 31, 2024 4.00% Cumulative Redeemable Convertible Preferred Units $ 0.45 December 16, 2024 December 31, 2024 3.00% Cumulative Redeemable Convertible Preferred Units $ 0.545462 December 16, 2024 December 31, 2024

Organization (Detail)

Organization (Detail) ft² in Millions	Sep. 30, 2024 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	423
Area of real estate property (square feet) \| ft²	50.1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Interest costs capitalized	$ 8,600,000	$ 6,200,000	$ 23,853,000	$ 16,060,000
Real estate taxes and insurance costs capitalized	2,100,000	1,900,000	6,500,000	5,000,000
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss			$ 0	0
REIT annual taxable income distribution requirement percentage			90%
Income tax provision	0	0	$ 0	0
Adjustment to rental income resulting from lease collectability assessment	(800,000)	(1,000,000)	(3,300,000)	(2,600,000)
Impairment of right-of-use asset			0	188,000
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized	$ 3,500,000	$ 2,800,000	$ 10,000,000	$ 8,000,000
Minimum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	10 years		10 years
Minimum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	5 years		5 years
Maximum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	30 years		30 years
Maximum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	25 years		25 years
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	5.50%		5.50%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	8.25%		8.25%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	4.50%		4.50%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	6.50%		6.50%
Property Average Lease Up Period \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period			6 months
Property Average Lease Up Period \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period			15 months

Investments in Real Estate - Su

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) ft² building property	Oct. 26, 2023 a
Real Estate [Line Items]
Rentable Square Feet	4,015,164	150
Number of Buildings \| building	58
Contractual purchase price	$ 1,310,765
Capitalized closing costs and acquisition related costs	$ (1,700)
5000 & 5010 Azusa Canyon Road
Real Estate [Line Items]
Date of Acquisition	Jan. 31, 2024
Rentable Square Feet \| ft²	233,984
Number of Buildings \| building	2
Contractual purchase price	$ 84,000
Blackstone Industrial Assets
Real Estate [Line Items]
Date of Acquisition	Mar. 28, 2024
Rentable Square Feet \| ft²	3,008,578
Number of Buildings \| building	48
Contractual purchase price	$ 996,800
Number of Properties Acquired \| property	48
4422 Airport Drive
Real Estate [Line Items]
Date of Acquisition	Apr. 05, 2024
Rentable Square Feet \| ft²	88,283
Number of Buildings \| building	1
Contractual purchase price	$ 26,725
1901 Rosslynn Avenue
Real Estate [Line Items]
Date of Acquisition	May 10, 2024
Rentable Square Feet \| ft²	278,572
Number of Buildings \| building	1
Contractual purchase price	$ 94,250
16203-16233 Arrow Highway
Real Estate [Line Items]
Date of Acquisition	May 23, 2024
Rentable Square Feet \| ft²	134,542
Number of Buildings \| building	4
Contractual purchase price	$ 48,500
950 West 190th Street
Real Estate [Line Items]
Date of Acquisition	Jul. 22, 2024
Rentable Square Feet \| ft²	188,545
Number of Buildings \| building	1
Contractual purchase price	$ 41,290
12900 Alondra Boulevard
Real Estate [Line Items]
Date of Acquisition	Sep. 20, 2024
Rentable Square Feet \| ft²	82,660
Number of Buildings \| building	1
Contractual purchase price	$ 19,200

Investments in Real Estate - _2

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
ASSETS
Land	$ 901,632
Buildings and improvements	346,415
Tenant improvements	4,215
Acquired lease intangible assets	92,349
Other acquired assets	1,884
Total assets acquired	1,346,495
Liabilities
Acquired lease intangible liabilities	32,119
Other assumed liabilities	16,837
Total liabilities assumed	48,956
Net assets acquired	$ 1,297,539
Intangible Assets [Abstract]
Weighted-average amortization period	11 years 8 months 12 days
In-place lease intangibles
Intangible Assets [Abstract]
In-place lease intangibles	$ 67,200
Weighted average amortization period	4 years 3 months 18 days
Above-market tenant leases
Intangible Assets [Abstract]
Weighted average amortization period	4 years 1 month 6 days
Lease intangibles	$ 25,100

Investments in Real Estate - Di

Investments in Real Estate - Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)	Oct. 26, 2023 a
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Rentable Area	4,015,164		4,015,164		150
Gains on sale of real estate	$ 1,745	$ 0	$ 18,013	$ 12,133
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Rentable Area \| ft²	170,293		170,293
Contractual Sales Price	$ 44,300		$ 44,300
Gains on sale of real estate			$ 18,013
2360-2364 East Sturgis Road \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition			Apr. 16, 2024
Net Rentable Area \| ft²	49,641		49,641
Contractual Sales Price	$ 10,000		$ 10,000
Gains on sale of real estate			$ 6,261
6423-6431 & 6407-6119 Alondra Boulevard \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition			May 03, 2024
Net Rentable Area \| ft²	30,224		30,224
Contractual Sales Price	$ 7,600		$ 7,600
Gains on sale of real estate			$ 5,077
15401 Figueroa Street \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition			May 07, 2024
Net Rentable Area \| ft²	38,584		38,584
Contractual Sales Price	$ 10,225		$ 10,225
Gains on sale of real estate			$ 4,203
8210 Haskell Avenue \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition			May 17, 2024
Net Rentable Area \| ft²	26,229		26,229
Contractual Sales Price	$ 9,200		$ 9,200
Gains on sale of real estate			$ 727
2553 Garfield Avenue \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition			Aug. 20, 2024
Net Rentable Area \| ft²	25,615		25,615
Contractual Sales Price	$ 7,275		$ 7,275
Gains on sale of real estate			$ 1,745

Acquired Lease Intangibles - Su

Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 205,510	$ 153,670
Acquired lease intangible liabilities, net	(155,328)	(147,561)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	403,191	338,001
Accumulated amortization	(240,675)	(207,804)
Acquired lease intangible assets, net	162,516	130,197
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	50,224	25,598
Accumulated amortization	(19,789)	(14,808)
Acquired lease intangible assets, net	30,435	10,790
Below-market ground leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	12,977	12,978
Accumulated amortization	(418)	(295)
Acquired lease intangible assets, net	12,559	12,683
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(280,894)	(249,853)
Accumulated accretion	125,566	102,292
Acquired lease intangible liabilities, net	$ (155,328)	$ (147,561)

Acquired Lease Intangibles - _2

Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of net (below) above market lease intangibles and other deferred rent on certain other below-market leases			$ (21,494)	$ (21,763)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 12,900	$ 10,024	34,929	32,757
Net below market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of net (below) above market lease intangibles and other deferred rent on certain other below-market leases	(5,770)	(7,282)	(18,896)	(21,886)
Below-market ground leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 41	$ 41	$ 123	$ 123

Loan Receivable (Details)

Loan Receivable (Details) $ in Millions	Sep. 30, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)	Oct. 26, 2023 USD ($) a extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			$ 125
Rentable Square Feet	4,015,164		150
Loan to value ratio			60%
Loans receivable, stated interest rate			7.50%
Loans receivable, effective interest rate			8%
Number of loan extensions available \| extension			1
Loan receivable, term extension			1 year
Loan receivable, term extension fee, percentage			0.25%
Loans receivable	$ 123.1	$ 122.8
Loans receivable, unamortized origination fees and costs	$ (1.9)	$ (2.2)
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivable, prepayment penalty, percentage			1%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivable, prepayment penalty, percentage			2%

Notes Payable - Summary of Debt

Notes Payable - Summary of Debt (Detail)		9 Months Ended
Notes Payable - Summary of Debt (Detail)	Jul. 12, 2024 USD ($) extension	Sep. 30, 2024 USD ($) extension property	Sep. 26, 2024 extension	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount		$ 3,386,273,000		$ 2,243,025,000
Unsecured Debt		3,275,000,000		2,125,000,000
Secured Debt		111,273,000		118,025,000
Less: unamortized discount and deferred loan costs		(36,083,000)		(17,111,000)
Carrying value		$ 3,350,190,000		2,225,914,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate		3.97231%
Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension		2
Extension period		6 months
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount		$ 0		0
Debt instrument, maturity date		May 26, 2026
$575M Exchangeable Senior Notes
Debt Instrument [Line Items]
Carrying value		$ 564,900,000
$300M Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Principal amount		$ 300,000,000		300,000,000
Debt instrument, maturity date		May 26, 2027
Debt Instrument, Interest Rate, Effective Percentage		3.71725%
Principal amount		$ 300,000,000
$300M Term Loan \| Senior Unsecured Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate		2.81725%
$60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 60,000,000		60,000,000
Debt instrument, maturity date		Oct. 27, 2025
Line Of Credit Facility, Number Of Extensions Exercised \| extension			1,000
Number Of Properties Securing Loan \| property		6
Number Of Additional Extension Periods \| extension		3
Additional extension Periods, Term		1 year
$60 Million Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		5.06%
$60 Million Term Loan \| Senior Unsecured Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate		3.71%
$400 Million Unsecured Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		4.87231%
$575M Exchangeable Senior Notes due 2029
Debt Instrument [Line Items]
Carrying value		$ 564,000,000
Senior Notes \| $100M Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 100,000,000		100,000,000
Fixed interest rate		4.29%
Debt instrument, maturity date		Aug. 06, 2025
Senior Notes \| $125M Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 125,000,000		125,000,000
Fixed interest rate		3.93%
Debt instrument, maturity date		Jul. 13, 2027
Senior Notes \| $300M Senior Notes due 2028
Debt Instrument [Line Items]
Principal amount		$ 300,000,000		300,000,000
Fixed interest rate		5%
Debt instrument, maturity date		Jun. 15, 2028
Principal amount		$ 300,000,000
Senior Notes \| $25M Series 2019A Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 25,000,000		25,000,000
Fixed interest rate		3.88%
Debt instrument, maturity date		Jul. 16, 2029
Principal amount		$ 25,000,000
Senior Notes \| $400M Senior Notes due 2030
Debt Instrument [Line Items]
Principal amount		$ 400,000,000		400,000,000
Fixed interest rate		2.125%
Debt instrument, maturity date		Dec. 01, 2030
Principal amount		$ 400,000,000
Senior Notes \| $400M Senior Notes due 2031
Debt Instrument [Line Items]
Principal amount		$ 400,000,000		400,000,000
Fixed interest rate		2.15%
Debt instrument, maturity date		Sep. 01, 2031
Principal amount		$ 400,000,000
Senior Notes \| $75M Series 2019B Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 75,000,000		75,000,000
Fixed interest rate		4.03%
Debt instrument, maturity date		Jul. 16, 2034
Principal amount		$ 75,000,000
Exchangeable Senior Notes \| $575M Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 575,000,000		0
Fixed interest rate		4.375%
Debt instrument, maturity date		Mar. 15, 2027
Exchangeable Senior Notes \| $575M Exchangeable Senior Notes due 2029
Debt Instrument [Line Items]
Principal amount		$ 575,000,000		0
Fixed interest rate		4.125%
Debt instrument, maturity date		Mar. 15, 2029
Line of Credit \| $60 Million Term Loan
Debt Instrument [Line Items]
Principal amount		$ 60,000,000
Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension		2
Extension period		6 months
Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.125%
Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.30%
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Principal amount	$ 400,000,000	$ 400,000,000		400,000,000
Debt instrument, maturity date		Jul. 18, 2025
Line Of Credit Facility, Number Of Extensions \| extension		2
Line Of Credit Facility, Number Of Extensions Exercised \| extension	1,000
Extension period	1 year	1 year
Principal amount		$ 400,000,000
7612-7642 Woodwind Drive \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 0		3,613,000
Fixed interest rate		5.24%
Debt instrument, maturity date		Jan. 05, 2024
11600 Los Nietos Road \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 0		2,290,000
Fixed interest rate		4.19%
Debt instrument, maturity date		May 01, 2024
5160 Richton Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 3,933,000		4,029,000
Fixed interest rate		3.79%
Debt instrument, maturity date		Nov. 15, 2024
Debt Instrument, Periodic Payment		$ 23,270
22895 Eastpark Drive \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,482,000		2,539,000
Fixed interest rate		4.33%
Debt instrument, maturity date		Nov. 15, 2024
Debt Instrument, Periodic Payment		$ 15,396
13943-13955 Balboa Boulevard \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 14,310,000		14,596,000
Fixed interest rate		3.93%
Debt instrument, maturity date		Jul. 01, 2027
Debt Instrument, Periodic Payment		$ 79,198
701-751 Kingshill Place \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 6,885,000		6,984,000
Fixed interest rate		3.90%
Debt instrument, maturity date		Jan. 05, 2026
Debt Instrument, Periodic Payment		$ 33,488
2205 126th Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 5,200,000		5,200,000
Fixed interest rate		3.91%
Debt instrument, maturity date		Dec. 01, 2027
2410-2420 Santa Fe Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 10,300,000		10,300,000
Fixed interest rate		3.70%
Debt instrument, maturity date		Jan. 01, 2028
11832-11954 La Cienega Blvd \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 3,792,000		3,852,000
Fixed interest rate		4.26%
Debt instrument, maturity date		Jul. 01, 2028
Debt Instrument, Periodic Payment		$ 20,194
Gilbert/La Palma \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 1,590,000		1,741,000
Fixed interest rate		5.125%
Debt instrument, maturity date		Mar. 01, 2031
Debt Instrument, Periodic Payment		$ 24,008
7817 Woodley Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,781,000		$ 2,881,000
Fixed interest rate		4.14%
Debt instrument, maturity date		Aug. 01, 2039
Debt Instrument, Periodic Payment		$ 20,855
SOFR \| $300M Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		0.80%
Fixed interest rate		3.717%
SOFR \| $300M Term Loan \| Senior Unsecured Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.80%
SOFR \| $300M Term Loan \| Senior Unsecured Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
SOFR \| $60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Fixed interest rate		5.06%
SOFR \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
SOFR \| Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.725%
SOFR \| Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
SOFR \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1%
Debt Instrument, Interest Rate, Increase (Decrease)		0.10%
SOFR \| Line of Credit \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0%
SOFR \| Line of Credit \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)		0.10%
SOFR \| Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		0.80%
Fixed interest rate		4.872%
London Interbank Offered Rate (LIBOR)1 \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.725%
Fixed interest rate		5.785%

Notes Payable - Summary of Futu

Notes Payable - Summary of Future Minimum Debt Payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
October 1, 2024 - December 31, 2024	$ 6,651
2025	560,973
2026	7,587
2027	1,019,078
2028	314,218
Thereafter	1,477,766
Total	$ 3,386,273	$ 2,243,025

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail)		1 Months Ended	3 Months Ended	9 Months Ended
Notes Payable - Additional Information (Detail)	Jul. 12, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) extension $ / shares	Sep. 30, 2024 USD ($) extension $ / shares	May 31, 2024	Mar. 26, 2024 $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount			$ 3,386,273,000	$ 3,386,273,000			$ 2,243,025,000
Price per share (in dollars per share) \| $ / shares						$ 48.95
Notes payable			$ 3,350,190,000	$ 3,350,190,000			2,225,914,000
Senior Notes Due 2030 and 2031
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value			60%	60%
Maximum ratio of secured debt to total asset value			40%	40%
Debt service coverage ratio				150%
Debt Instrument Covenant Ratio, Unencumbered Assets To Unsecured Debt, Minimum				150%
$575M Exchangeable Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 563,100,000
Notes payable			$ 564,900,000	$ 564,900,000
Unamortized discount			10,100,000	10,100,000
$575M Exchangeable Senior Notes due 2029
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 563,100,000
Notes payable			564,000,000	564,000,000
Unamortized discount			$ 11,000,000	$ 11,000,000
Exchangeable Notes
Debt Instrument [Line Items]
Debt instrument, exchangeable exchange rate per one thousand dollars (in usd per share)		15.7146
Debt instrument, convertible, threshold percentage of stock price trigger		130%
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares			$ 63.64	$ 63.64
Debt instrument, convertible, principal amount			$ 1,000	$ 1,000
Debt instrument, convertible, premium, percentage			0.300	0.300
Debt instrument, convertible, additional interest, maximum threshold			0.005	0.005
Debt instrument, convertible, additional interest, percentage of principal			0.03	0.03
Interest expense			$ 13,800,000	$ 28,100,000
Coupon interest expense			12,200,000	25,000,000
Amortization of debt discount and issuance costs			1,500,000	3,100,000
Senior Unsecured Term Loan \| $300M Term Loan
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			300,000,000	300,000,000
Principal amount			300,000,000	300,000,000			300,000,000
Principal amount			$ 300,000,000	$ 300,000,000
Debt instrument, maturity date				May 26, 2027
Senior Unsecured Term Loan \| $300M Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				0.80%
Fixed interest rate			3.717%	3.717%
Senior Unsecured Term Loan \| $300M Term Loan \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.80%
Senior Unsecured Term Loan \| $300M Term Loan \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.60%
Senior Unsecured Term Loan \| $300M Term Loan \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0%
Senior Unsecured Term Loan \| $300M Term Loan \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				0.60%
Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0%
Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				0.40%
Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension			2	2
Extension period				6 months
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount			$ 0	$ 0			0
Debt instrument, maturity date				May 26, 2026
Letters of Credit Outstanding, Amount			5,000,000	$ 5,000,000
Term Loan \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount			$ 60,000,000	$ 60,000,000			60,000,000
Debt instrument, maturity date				Oct. 27, 2025
Term Loan \| $60M Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Fixed interest rate			5.06%	5.06%
Line of Credit \| Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Line of Credit \| Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				1%
Line of Credit \| Credit Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0%
Line of Credit \| Credit Facility \| Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate				1%
Line of Credit \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount			$ 60,000,000	$ 60,000,000
Line of Credit \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Additional availability			995,000,000	995,000,000
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			$ 1,000,000,000	$ 1,000,000,000
Line Of Credit Facility, Number Of Extensions \| extension			2	2
Extension period				6 months
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating				0.125%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating				0.30%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.725%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.40%
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Debt instrument - additional borrowings			$ 800,000,000	$ 800,000,000
Maximum ratio of secured debt to total asset value			45%	45%
Credit Agreement, Sustainability Linked Pricing Component, Applicable Margin			0	0	(0.0004)
Credit Agreement, Sustainability Linked Pricing Component, Credit Facility Fee			0	0	(0.0001)
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility \| Credit Agreement, Applicable Margin Adjustment, Tranche One
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Increase (Decrease) In Applicable Margin			0.04%	0.04%
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility \| Credit Agreement, Applicable Margin Adjustment, Tranche Two
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Increase (Decrease) In Applicable Margin			0%	0%
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility \| Credit Agreement, Applicable Margin Adjustment, Tranche Three
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Increase (Decrease) In Applicable Margin			0.04%	0.04%
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility \| Credit Agreement, Applicable Credit Facility Fee Adjustment, Tranche One
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Increase (Decrease) In Credit Facility Fee			(0.01%)	(0.01%)
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility \| Credit Agreement, Applicable Credit Facility Fee Adjustment, Tranche Two
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Increase (Decrease) In Credit Facility Fee			0%	0%
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility \| Credit Agreement, Applicable Credit Facility Fee Adjustment, Tranche Three
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Increase (Decrease) In Credit Facility Fee			0.01%	0.01%
$100M Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 100,000,000	$ 100,000,000
$125M senior notes
Debt Instrument [Line Items]
Principal amount			$ 125,000,000	$ 125,000,000
The Credit Facility, $225 Million Term Loan Facility, $150 Million Term Loan Facility, $100 Million Notes, $125 Million Notes, Series 2019A and Series 2019B Notes
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value			60%	60%
Minimum ratio of EBITDA to fixed charges			1.5	1.5
Maximum ratio of unsecured debt to the value of the unencumbered asset pool			60%	60%
Minimum ratio of NOI unsecured interest expense			1.75	1.75
Senior Notes, 100 Million, 125 Million, Series 2019A and Series 2019B
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value			40%	40%
Maximum ratio of recourse debt to total asset			15%	15%
Minimum tangible net worth required			$ 760,740,750	$ 760,740,750
Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation			75%	75%
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension			2	2
Extension period	1 year			1 year
Principal amount	$ 400,000,000		$ 400,000,000	$ 400,000,000			400,000,000
Principal amount			$ 400,000,000	$ 400,000,000
Debt instrument, maturity date				Jul. 18, 2025
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				0.80%
Fixed interest rate			4.872%	4.872%
Senior Notes \| $25M Series 2019A Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 25,000,000	$ 25,000,000			25,000,000
Fixed interest rate			3.88%	3.88%
Principal amount			$ 25,000,000	$ 25,000,000
Debt instrument, maturity date				Jul. 16, 2029
Senior Notes \| $75M Series 2019B Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 75,000,000	$ 75,000,000			75,000,000
Fixed interest rate			4.03%	4.03%
Principal amount			$ 75,000,000	$ 75,000,000
Debt instrument, maturity date				Jul. 16, 2034
Senior Notes \| $400M Senior Notes due 2030
Debt Instrument [Line Items]
Principal amount			$ 400,000,000	$ 400,000,000			400,000,000
Fixed interest rate			2.125%	2.125%
Principal amount			$ 400,000,000	$ 400,000,000
Debt instrument, maturity date				Dec. 01, 2030
Senior Notes \| $400M Senior Notes due 2031
Debt Instrument [Line Items]
Principal amount			$ 400,000,000	$ 400,000,000			400,000,000
Fixed interest rate			2.15%	2.15%
Principal amount			$ 400,000,000	$ 400,000,000
Debt instrument, maturity date				Sep. 01, 2031
Exchangeable Senior Notes \| $575M Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 575,000,000	$ 575,000,000			0
Fixed interest rate			4.375%	4.375%
Debt instrument, maturity date				Mar. 15, 2027
Exchangeable Senior Notes \| $575M Exchangeable Senior Notes due 2029
Debt Instrument [Line Items]
Principal amount			$ 575,000,000	$ 575,000,000			$ 0
Fixed interest rate			4.125%	4.125%
Debt instrument, maturity date				Mar. 15, 2029

Leases - Narrative (Detail)

Leases - Narrative (Detail) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Narrative (Detail) $ in Thousands	Sep. 30, 2024 USD ($) renewal_option	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) renewal_option	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Operating Lease Fixed And Variable Lease Payments	$ 232,700	$ 196,900	$ 663,500	$ 561,600
Operating Lease, Lease Income, Lease Payments	191,000	161,500	545,100	461,300
Operating Lease, Variable Lease Income	41,600	$ 35,400	118,400	100,300
Right-of-use assets	8,200		8,200		$ 7,000
Lease liabilities	$ 10,184		10,184		$ 8,900
Impairment of right-of-use asset			$ 0	$ 188
Ground Lease \| 2970 East 50th Street [Member]
Lessor, Lease, Description [Line Items]
Remaining lease term			36 years 3 months 18 days
Renewal term	10 years		10 years
Renewal options \| renewal_option	4		4
Minimum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term			1 year
Renewal term	3 years		3 years
Maximum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term			4 years
Renewal term	5 years		5 years

Leases - Future Minimum Base Re

Leases - Future Minimum Base Rents Under Operating Leases - Rolling Twelve Months (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2025	$ 719,092
2026	631,826
2027	514,948
2028	409,905
2029	297,209
Thereafter	871,439
Total	$ 3,444,419

Leases - Lease Cost (Detail)

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Cost (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 403	$ 425	$ 1,226	$ 1,351
Variable lease cost	49	44	144	112
Sublease income	(31)	0	(55)	0
Total lease cost	$ 421	$ 469	$ 1,315	$ 1,463

Leases - Other Information (Det

Leases - Other Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 574	$ 573	$ 1,720	$ 1,741
Operating lease right-of-use assets obtained in exchange for lease liabilities	$ 0	$ 0	$ 2,084	$ 0

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Detail) - renewal_option	Sep. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	38 years 7 months 6 days	43 years 4 months 24 days
Weighted-average discount rate	4.09%	3.84%
2970 East 50th Street [Member] \| Ground Lease
Lessee, Lease, Description [Line Items]
Renewal term	10 years
Renewal options	4

Leases - Lease Liability Maturi

Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
October 1, 2024 - December 31, 2024	$ 577
2025	1,690
2026	1,748
2027	1,798
2028	542
Thereafter	19,887
Total undiscounted lease payments	26,242
Less imputed interest	(16,058)
Total lease liabilities	$ 10,184	$ 8,900

Interest Rate Derivatives - Sum

Interest Rate Derivatives - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Interest Rate Swap $150M Notional, Strike Rate 2.87100%
Derivative [Line Items]
Effective Date	Jul. 27, 2022
Maturity Date	May 26, 2027
interest Strike Rate	2.817%
Current Notional Value	$ 150,000	$ 150,000
Fair Value	$ 1,861	3,894
Interest Rate Swap $150M Notional, Strike Rate 2.87150%
Derivative [Line Items]
Effective Date	Jul. 27, 2022
Maturity Date	May 26, 2027
interest Strike Rate	2.8175%
Current Notional Value	$ 150,000	150,000
Fair Value	$ 1,857	3,886
Interest Rate Swap $200M Notional, Strike Rate 3.98500%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
interest Strike Rate	3.985%
Current Notional Value	$ 200,000	200,000
Fair Value	$ 62	951
Interest Rate Swap $100M Notional, Strike Rate 3.96625%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
interest Strike Rate	3.96625%
Current Notional Value	$ 100,000	100,000
Fair Value	$ 45	503
Interest Rate Swap $100M Notional, Strike Rate 3.95300%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
interest Strike Rate	3.953%
Current Notional Value	$ 100,000	100,000
Fair Value	$ 55	522
Interest Rate Swap $60M Notional, Strike Rate 3.71000%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jul. 30, 2026
interest Strike Rate	3.71%
Current Notional Value	$ 60,000	60,000
Fair Value	$ (295)	$ 140

Interest Rate Derivatives - Add

Interest Rate Derivatives - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instrument Detail [Abstract]
Increase in interest expense	$ (2,700)
Principal amount	$ 3,386,273	$ 2,243,025

Interest Rate Derivatives - Imp

Interest Rate Derivatives - Impact of Interest Rate Swaps on Consolidated Statements of Operations - (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2023	Aug. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)			$ 27,340	$ 15,949	$ 70,423	$ 46,830
Derivative, Reclassification Period	5 years	10 years
Interest Rate Swap
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)			27,340	15,949	70,423	46,830
Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of (loss) gain recognized in AOCI on derivatives			(9,407)	7,997	4,233	20,354
Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of loss reclassified from AOCI into earnings under “Interest expense”			$ 3,382	$ 3,237	$ 10,134	$ 7,041

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap assets	$ 3,880	$ 9,896
Interest rate swap liability	(295)	0
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap assets	3,880	9,896
Interest rate swap liability	(295)	0
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap assets	0	0
Interest rate swap liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap assets	3,880	9,896
Interest rate swap liability	(295)	0
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap assets	0	0
Interest rate swap liability	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 123,100	$ 122,800
Carrying Value	3,350,190	2,225,914
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans Receivable	130,434	129,908
Notes Payable	3,303,249	2,077,169
Fair Value \| Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans Receivable	0	0
Notes Payable	0	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans Receivable	0	0
Notes Payable	0	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans Receivable	130,434	129,908
Notes Payable	3,303,249	2,077,169
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	123,129	122,784
Carrying Value	$ 3,350,190	$ 2,225,914

Related Party Transactions (Det

Related Party Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 241,843	$ 205,399	$ 693,512	$ 587,401
Chief Executive Officer
Related Party Transaction [Line Items]
Revenues	$ 200	$ 200	$ 400	$ 500

Commitments and Contingencies (

Commitments and Contingencies (Detail)	9 Months Ended
Commitments and Contingencies (Detail)	Sep. 30, 2024 USD ($) tenant
Commitments And Contingencies [Line Items]
Commitments for tenant improvements and construction work	$ 148,600,000
Cash, FDIC Insured Amount	250,000
Letter of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Line of Credit
Commitments And Contingencies [Line Items]
Maximum issuance under revolving credit facility	100,000,000
Revolving Credit Facility \| Revolving Credit Facility
Commitments And Contingencies [Line Items]
Letters of Credit Outstanding, Amount	$ 5,000,000
Customer Concentration Risk \| Base Rent
Commitments And Contingencies [Line Items]
Number of major tenants \| tenant	0
Customer Concentration Risk \| Total Rental Revenues
Commitments And Contingencies [Line Items]
Concentration risk percentage	5%

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($)	9 Months Ended
Equity - Preferred Stock (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	6,450,000	6,450,000
Liquidation Preference	$ 161,250,000	$ 161,250,000
5.875% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.875%
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
5.625% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.625%
Preferred stock, shares outstanding (in shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

Equity - Common Stock (Detail)

Equity - Common Stock (Detail) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended			9 Months Ended	12 Months Ended
	May 10, 2023	Feb. 17, 2023	May 27, 2022	Jul. 31, 2024	Mar. 31, 2024	Jan. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
At The Market Equity Offering Program, $1 Billion
Class of Stock [Line Items]
Maximum aggregate offering amount			$ 1,000
At The Market Equity Offering Program, $1.25 Billion
Class of Stock [Line Items]
Maximum aggregate offering amount		$ 1,250
Value of shares available under ATM							$ 927.4
ATM Programs
Class of Stock [Line Items]
Issuance of common stock (in shares)							3,010,568
Sale of stock, consideration received on transaction							$ 164.5
Price per share (in dollars per share)							$ 54.65
2023 Forward Equity Offering
Class of Stock [Line Items]
Sale Of Stock, Forward Sale Agreement, Net Forward Price	$ 55.24
Issuance of common stock (in shares)						2,253,034		11,246,966
Sale of stock, consideration received on transaction						$ 125.7
Price per share (in dollars per share)						$ 55.79
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers	13,500,000						2,253,034
2024 Forward Equity Offering
Class of Stock [Line Items]
Issuance of common stock (in shares)				1,650,916
Sale of stock, consideration received on transaction				$ 80
Price per share (in dollars per share)				$ 48.46
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers							17,179,318
Sale Of Stock Forward Sale Agreement Initial Forward Price (in usd per share)					$ 48.61
Remaining for settlement (in shares)							15,528,402
Stock remaining for settlement							$ 752.8
Remaining for settlement (in dollars per share)							$ 48.48

Equity - Summary of the Compone

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 8,415,176	$ 7,554,814	$ 8,143,905	$ 6,923,342
Other comprehensive (loss) income before reclassifications	(9,407)	7,997	4,233	20,354
Amounts reclassified from accumulated other comprehensive income to interest expense	(3,382)	(3,237)	(10,134)	(7,041)
Net current period other comprehensive (loss) income	(12,789)	4,760	(5,901)	13,313
Less: other comprehensive loss (income) attributable to noncontrolling interests	429	(143)	203	(418)
Other comprehensive (loss) income attributable to common stockholders	(12,360)	4,617	(5,698)	12,895
Ending Balance	8,464,916	7,843,304	8,464,916	7,843,304
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	13,834	16,525	7,172	8,247
Net current period other comprehensive (loss) income	(12,360)	4,617	(5,698)	12,895
Ending Balance	$ 1,474	$ 21,142	$ 1,474	$ 21,142

Equity - Noncontrolling Interes

Equity - Noncontrolling Interests (Detail) - USD ($)			3 Months Ended		9 Months Ended
Equity - Noncontrolling Interests (Detail) - USD ($)	Apr. 10, 2024	Apr. 09, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Distributions paid to preferred unitholders					$ 1,829,000	$ 2,402,000
Conversion of OP Units to common stock			$ 0	$ 0	0	0
Contractual purchase price					1,310,765,000
Liquidation Preference			161,250,000		$ 161,250,000		$ 161,250,000
Series 1 CPOP Units
Class of Stock [Line Items]
Dividend Rate					4.43937%
Partners' Capital Account, Units, Converted	593,960
Distributions paid to preferred unitholders		$ 30,000
4.00% Cumulative Redeemable Convertible Preferred Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Class of Stock [Line Items]
Dividend Rate					4%
Series 3 CPOP Units \| Long Beach Business Park [Member]
Class of Stock [Line Items]
Dividend Rate					3%
Noncontrolling Interests
Class of Stock [Line Items]
Conversion of OP Units to common stock			$ (1,814,000)	$ (2,030,000)	$ (4,082,000)	$ (12,396,000)
Noncontrolling Interests \| LTIP Units \| Operating Partnership
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)			956,339		956,339
Noncontrolling Interests \| Performance Units \| Operating Partnership
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)			1,141,840		1,141,840
Common Stock
Class of Stock [Line Items]
Conversion of OP units to common stock (in shares)			43,303	50,508	100,273	313,791
Conversion of OP Units to common stock			$ 0	$ 1,000	$ 1,000	$ 3,000
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of OP Units to common stock			$ 1,814,000	$ 2,030,000	$ 4,082,000	$ 12,396,000
Partnership Interest \| Noncontrolling Interests \| OP Units
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)	593,960		6,077,689		6,077,689
Operating Partnership \| Partnership Interest \| Noncontrolling Interests
Class of Stock [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership			3.60%		3.60%

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) $ in Millions	9 Months Ended
Incentive Award Plan - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) shares
Second Amended and Restated 2013 Incentive Award Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock, shares reserved for future issuance \| shares	3,311,788
Unrecognized compensation expense related to non-vested shares \| $	$ 46.6
Weighted average remaining vesting period	24 months
Performance Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Unvested Units, Quarterly Distribution Per Unit, Percentage Of OP Units distribution Paid	10%

Incentive Award Plan - Schedule

Incentive Award Plan - Schedule of Nonvested Restricted Stock Activity (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares tendered in accordance with terms of plan to satisfy tax withholding (in shares)	1,764	2,016	41,118	32,028
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)			348,440
Granted (in shares)			236,047
Forfeited (in shares)			(48,825)
Vested (in shares)			(130,659)
Ending balance (in shares)	405,003		405,003
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)			$ 59.07
Granted (in dollars per share)			54.15
Forfeited (in dollars per share)			58.57
Vested (in dollars per share)			56.52
Ending balance (in dollars per share)	$ 57.07		$ 57.07
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)			368,905
Granted (in shares)			48,842
Forfeited (in shares)			0
Vested (in shares)			(48,952)
Ending balance (in shares)	368,795		368,795
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)			$ 54.19
Granted (in dollars per share)			52.85
Forfeited (in dollars per share)			0
Vested (in dollars per share)			53.80
Ending balance (in dollars per share)	$ 54.06		$ 54.06

Incentive Award Plan - Vesting

Incentive Award Plan - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	405,003	348,440
Restricted Common Stock \| October 1, 2024 - December 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,566
Restricted Common Stock \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	154,527
Restricted Common Stock \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	111,670
Restricted Common Stock \| 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	87,974
Restricted Common Stock \| 2028
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	49,266
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	368,795	368,905
LTIP Units \| October 1, 2024 - December 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	143,865
LTIP Units \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	135,665
LTIP Units \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	73,693
LTIP Units \| 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	11,032
LTIP Units \| 2028
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	4,540
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,740,217
Performance period	3 years
Performance Units \| October 1, 2024 - December 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	366,004
Performance Units \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	673,188
Performance Units \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	701,025
Performance Units \| 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0
Performance Units \| 2028
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0

Incentive Award Plan - Compensa

Incentive Award Plan - Compensation Expense (Details) - Second Amended and Restated 2013 Incentive Award Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expensed share-based compensation	$ 9,918	$ 8,166	$ 30,063	$ 24,300
Capitalized share-based compensation	271	275	1,036	740
Total share-based compensation	$ 10,189	$ 8,441	$ 31,099	$ 25,040

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 70,722	$ 61,790	$ 221,016	$ 182,270
Less: Preferred stock dividends	(2,314)	(2,314)	(6,943)	(6,943)
Less: net income attributable to noncontrolling interests	(2,952)	(2,824)	(9,399)	(8,605)
Less: Net income attributable to participating securities	(395)	(314)	(1,222)	(952)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	65,061	56,338	203,452	165,770
Net income attributable to common stockholders - diluted	$ 65,061	$ 56,338	$ 203,452	$ 165,770
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	218,759,979	205,279,681	216,857,153	200,455,490
Effect of dilutive securities (in shares)	373,058	167,851	136,437	212,083
Weighted average shares of common stock outstanding - diluted (in shares)	219,133,037	205,447,532	216,993,590	200,667,573
Earnings per share — Basic
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.30	$ 0.27	$ 0.94	$ 0.83
Earnings per share — Diluted
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.30	$ 0.27	$ 0.94	$ 0.83

Earnings Per Share - TSR Perfor

Earnings Per Share - TSR Performance Percentile (Details)	9 Months Ended
Earnings Per Share - TSR Performance Percentile (Details)	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years

Subsequent Events - Narrative (

Subsequent Events - Narrative (Detail) $ / shares in Units, $ in Thousands			1 Months Ended	9 Months Ended
	Oct. 15, 2024 USD ($) ft² building	Oct. 11, 2024 USD ($) $ / shares shares	Jul. 31, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) ft² building shares	Oct. 26, 2023 a
Subsequent Event [Line Items]
Contractual purchase price				$ 1,310,765
Number of Buildings \| building				58
Rentable Square Feet				4,015,164	150
2024 Forward Equity Offering
Subsequent Event [Line Items]
Issuance of common stock (in shares) \| shares			1,650,916
Sale of stock, consideration received on transaction			$ 80,000
Price per share (in dollars per share) \| $ / shares			$ 48.46
Remaining for settlement (in shares) \| shares				15,528,402
Stock remaining for settlement				$ 752,800
Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock (in shares) \| shares		2,884,380
Sale of stock, consideration received on transaction		$ 140,000
Price per share (in dollars per share) \| $ / shares		$ 48.54
Subsequent Event \| 13201 Dahlia Street
Subsequent Event [Line Items]
Contractual purchase price	$ 70,100
Number of Buildings \| building	1
Rentable Square Feet \| ft²	278,650
Subsequent Event \| 2024 Forward Equity Offering
Subsequent Event [Line Items]
Remaining for settlement (in shares) \| shares		12,644,022
Stock remaining for settlement		$ 614,200

Subsequent Events - Dividends D

Subsequent Events - Dividends Declared (Details) - $ / shares		3 Months Ended		9 Months Ended
	Oct. 14, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.4175	$ 0.38	$ 1.2525	$ 1.14
Subsequent Event \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.4175
Common Stock \| Subsequent Event \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends Payable, Date of Record	Dec. 31, 2024
Dividends Payable, Date to be Paid	Jan. 15, 2025
OP Units \| Subsequent Event \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends Payable, Date of Record	Dec. 31, 2024
Distributions declared (in dollars per share)	$ 0.4175
Distribution Made to Limited Partner, Distribution Date	Jan. 15, 2025
5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividend Rate				5.875%
Preferred Stock, Dividends Per Share, Declared		0.367188	0.367188	$ 1.101564	1.101564
5.875% Series B Cumulative Redeemable Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividend Rate	5.875%
5.875% Series B Cumulative Redeemable Preferred Stock \| Subsequent Event \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends Payable, Date of Record	Dec. 16, 2024
Dividends Payable, Date to be Paid	Dec. 31, 2024
Preferred Stock, Dividends Per Share, Declared	$ 0.367188
5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividend Rate				5.625%
Preferred Stock, Dividends Per Share, Declared		$ 0.351563	$ 0.351563	$ 1.054689	$ 1.054689
5.625% Series C Cumulative Redeemable Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividend Rate	5.625%
5.625% Series C Cumulative Redeemable Preferred Stock \| Subsequent Event \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends Payable, Date of Record	Dec. 16, 2024
Dividends Payable, Date to be Paid	Dec. 31, 2024
Preferred Stock, Dividends Per Share, Declared	$ 0.351563
4.00% Cumulative Redeemable Convertible Preferred Units \| Subsequent Event \| 4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate	4%
4.00% Cumulative Redeemable Convertible Preferred Units \| Subsequent Event \| 4.00% Cumulative Redeemable Convertible Preferred Units \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends Payable, Date of Record	Dec. 16, 2024
Distributions declared (in dollars per share)	$ 0.45
Distribution Made to Limited Partner, Distribution Date	Dec. 31, 2024
Series 3 CPOP Units \| Subsequent Event \| Series 3 CPOP Units
Subsequent Event [Line Items]
Dividend Rate	3%
Series 3 CPOP Units \| Subsequent Event \| Series 3 CPOP Units \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends Payable, Date of Record	Dec. 16, 2024
Distributions declared (in dollars per share)	$ 0.545462
Distribution Made to Limited Partner, Distribution Date	Dec. 31, 2024