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美国
证券交易委员会
华盛顿特区20549
表格 10-Q

(标记一个)
☑根据1934年证券交易法第13或15(d)条款的季度报告。
截至2024年6月30日季度结束 2024年9月30日
或
☐根据1934年证券交易法第13或15(d)条款的过渡报告
到                  天从发票日期计算，被视为商业合理。                 
委员会档案编号： 001-36008
Rexford Industrial Realty, Inc.
（依凭章程所载的完整登记名称） 
 
马里兰州。46-2024407
(成立地或组织其他管辖区)（联邦税号）
11620 Wilshire Boulevard，1000室洛杉矶加利福尼亚州90025
(总部办公地址)（邮政编码）
(310) 966-1680
(注册人电话号码，包括区号)
无可奉告
(如与上次报告不同，列明前名称、前地址及前财政年度)
根据法案第12(b)条规定注册的证券：
每个类别的标题交易符号每个注册的交易所名称
普通股，每股面值0.01美元 REXR纽约证券交易所
5.875%乙系列累积可赎回优先股REXR-市净率纽约证券交易所
5.625% Series C累积可赎优先股REXR-市净率纽约证券交易所
请在核选记号区域表明：（1）本登记申请人在过去12个月（或申请人需要提交此项申报的较短期间）内已提交证券交易所法案第13条或第15(d)条要求提交的所有报告，且（2）本申请人在过去90日内已遵守上述提交要求。是  ☑不☐
请在勾选符号上注明，是否在过去的12个月内（或更短的时间内，如果注册人需提交此类文件），根据Regulation S-t第405条规定向本章第232.405条提交所需提交的每个交互式资料档案。是  ☑不☐
请用勾选标示法指示登记者是否为大型快速档案申报者、加速档案申报者、非加速档案申报者、较小型报告公司或新兴成长公司。请参见《交易法》第120亿2条对「大型快速档案申报者」、「加速档案申报者」、「较小型报告公司」和「新兴成长公司」的定义。
大型加速归档人☑加速归档人☐
非加速归档人☐小型报告公司☐
新兴成长型企业☐
如果作为新兴成长企业，请在勾选处表明，申报人选择不使用根据《交易法》第13(a)条提供的任何新的或修订的财务会计准则的延长过渡期来遵守。☐   
在核准书上打勾表示公司是否为壳公司（如交易所法规定的第1202条所定义）。 是☐不☑
2024年10月18日，普通股的流通股数为 222,391,725.


瑞维斯特工业房地产股份有限公司。
2024年9月30日结束的三个月和九个月的季度报告
目 录
 
第一部分 
  
  
  
  
  
  
  
 
 
 
第二部分。 
 
 
 
 
 
 
 
 

2

第一部分. 财务资讯
 
项目 1. 基本报表

瑞维斯特工业房地产股份有限公司。
合并资产负债表
(未经审核，数字以千为单位 - 除每股及每股资料外)
 2024年9月30日2023年12月31日
资产  
土地$7,703,232 $6,815,622 
建筑和修缮4,416,032 3,933,379 
承租人改装181,785 167,251 
家具、装置和设备132 132 
在建工程370,431 240,010 
持有投资用的总房地产业12,671,612 11,156,394 
累积折旧(925,373)(782,461)
房地产业投资，净额11,746,239 10,373,933 
现金及现金等价物61,836 33,444 
应收贷款，净额123,129 122,784 
租金及其他应收款项，净额17,315 17,494 
递延租金应收款项，净额151,637 123,325 
递延租赁成本，净额69,152 59,351 
透过赊帐费用，净额2,356 3,426 
取得之租赁无形资产，净额205,510 153,670 
取得之无限期无形资产
5,156 5,156 
利率掉期资产
3,880 9,896 
其他资产34,092 25,225 
并购相关存款— 2,125 
总资产$12,420,302 $10,929,829 
负债及股权  
负债  
应付票据$3,350,190 $2,225,914 
利率互换负债295 — 
应付帐款、应计费用及其他负债169,084 128,842 
分红派息和分配款项应付款项95,288 83,733 
取得租赁无形负债净额155,328 147,561 
租户安全押金91,983 84,872 
房客预付租金93,218 115,002 
总负债3,955,386 2,785,924 
股权  
Rexford Industrial Realty, Inc.股东权益  
优先股，面额$0.01，授权股数为5,000,000股，发行且流通股数为截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。0.01 每股面额为 10,050,000 授权股份数：
5.875％b系列优先股，累积赎回， 3,000,000 于2024年9月30日和2023年12月31日有($75,000 优先清偿权)
72,443 72,443 
5.625% C系列累积可赎回优先股, 3,450,000 2024年9月30日及2023年12月31日的流通股数（$86,250 优先清偿权)
83,233 83,233 
普通股，每股面值$0.01 每股面额为 489,950,000 授权并 219,507,345 和 212,346,450 2024年9月30日和2023年12月31日的流通股份分别为
2,195 2,123 
资本公积额额外增资8,318,979 7,940,781 
超出盈利的累计派息(407,695)(338,835)
其他综合收益累计额1,474 7,172 
股东权益总额8,070,629 7,766,917 
非控制权益394,287 376,988 
股东权益总额8,464,916 8,143,905 
负债及股东权益总计$12,420,302 $10,929,829 
附注是这些综合基本报表的重要部分。
3

瑞维斯特工业房地产股份有限公司。
综合营运状况表
(未经审核，数字以千为单位 - 除每股及每股资料外)

 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
营收   
租金收入$238,396 $204,212 $682,359 $583,474 
管理和租赁服务156 158 444 519 
利息收入3,291 1,029 10,709 3,408 
总收入241,843 205,399 693,512 587,401 
营业费用
房地产费用54,867 48,085 154,254 135,220 
总务与行政20,926 18,575 60,213 55,039 
折旧与摊提69,241 60,449 203,415 178,671 
营业费用总额145,034 127,109 417,882 368,930 
其他费用  
其他费用492 551 2,204 1,504 
利息费用27,340 15,949 70,423 46,830 
总支出172,866 143,609 490,509 417,264 
房地产出售收益1,745 — 18,013 12,133 
净利润70,722 61,790 221,016 182,270 
减：归属非控股权益的净利润(2,952)(2,824)(9,399)(8,605)
归属Rexford Industrial Realty, Inc.的净利润67,770 58,966 211,617 173,665 
减：优先股股息(2,314)(2,314)(6,943)(6,943)
减：分配给参与证券的收益 (395)(314)(1,222)(952)
归属于普通股股东的净利润$65,061 $56,338 $203,452 $165,770 
基本每股普通股东应占净利润$0.30 $0.27 $0.94 $0.83 
稀释后每股普通股股东应占净利润$0.30 $0.27 $0.94 $0.83 
普通股权重平均股份数-基本218,759,979 205,279,681 216,857,153 200,455,490 
普通股权重平均股份数-稀释219,133,037 205,447,532 216,993,590 200,667,573 
 
附注是这些综合基本报表的重要部分。
4

瑞维斯特工业房地产股份有限公司。
综合收益陈述
（未经审计，单位：千元）
 
 
截至9月30日的三个月截至9月30日的九个月
 2024202320242023
净利润$70,722 $61,790 $221,016 $182,270 
其他全面(亏损)收益：现金流量避险调整
(12,789)4,760 (5,901)13,313 
综合收益57,933 66,550 215,115 195,583 
综合收益归属于非控制权益(2,523)(2,967)(9,196)(9,023)
归属于瑞斯福工业房地产公司的全面收益
$55,410 $63,583 $205,919 $186,560 
 
 
附注是这些综合基本报表的重要部分。
5

瑞维斯特工业房地产股份有限公司。
股权变动备注
（未经审核，以千为单位 – 除每股资料外）
 
优先股常见股票数量
股份		Common
股票		额外的
实收资本		超出盈余的累积分配累计
其他
综合收益（损失）		总计
股东权益
股权		非控制权益
权益投资		股东权益总额
2024年6月30日余额$155,676 217,840,073 $2,178 $8,235,484 $(381,507)$13,834 $8,025,665 $389,511 $8,415,176 
发行普通股股票— 1,650,916 17 80,796 — — 80,813 — 80,813 
发行成本— — — (1,008)— — (1,008)— (1,008)
基于股份的报酬— (25,183)— 1,981 — — 1,981 8,208 10,189 
股份用于满足员工解禁限制性股票时的税款要求— (1,764)— (88)— — (88)— (88)
将OP单位转换为普通股— 43,303 — 1,814 — — 1,814 (1,814)— 
净利润2,314 — — — 65,456 — 67,770 2,952 70,722 
其他全面损失
— — — — — (12,360)(12,360)(429)(12,789)
优先股股息（$0.367188 每股B系列优先股$ 和每股C系列优先股$）0.351563 每普通股$）
(2,314)— — — — — (2,314)— (2,314)
优先单位分配— — — — — — — (501)(501)
普通股 送转（$0.4175 每普通股$）
— — — — (91,644)— (91,644)— (91,644)
普通股分配— — — — — — — (3,640)(3,640)
2024年9月30日结余$155,676 219,507,345 $2,195 $8,318,979 $(407,695)$1,474 $8,070,629 $394,287 $8,464,916 

附注是这些综合基本报表的重要部分。

6


瑞维斯特工业房地产股份有限公司。
权益变动表合并资料（续）
（未经审核，以千为单位 – 除每股资料外）
 优先股普通份数
股份		Common
股票		额外的
实收资本		超过盈利的累计分配
累计
其他
综合收益
总计
股东权益
股权		非控制权益
权益投资		股东权益总额
2023年6月30日结余$155,676 201,041,741 $2,010 $7,311,458 $(298,367)$16,525 $7,187,302 $367,512 $7,554,814 
发行普通股股票— 5,400,000 54 300,186 — — 300,240 — 300,240 
发行成本— — — (2,103)— — (2,103)— (2,103)
基于股份的报酬— (5,946)— 1,887 — — 1,887 6,554 8,441 
为满足员工股票解禁时的税款扣缴要求而购得的股份— (2,016)— (103)— — (103)— (103)
将OP份额转换为普通股— 50,508 1 2,029 — — 2,030 (2,030)— 
净利润2,314 — — — 56,652 — 58,966 2,824 61,790 
其他综合收益
— — — — — 4,617 4,617 143 4,760 
优先股股息（$0.367188 每B系列优先股份$0.351563 每C系列优先股份$）
(2,314)— — — — — (2,314)— (2,314)
优先单位分配— — — — — — — (802)(802)
普通股 送转（$0.38 每普通股份）
— — — — (78,465)— (78,465)— (78,465)
普通股份单位分配— — — — — — — (2,954)(2,954)
截至2023年9月30日的结余$155,676 206,484,287 $2,065 $7,613,354 $(320,180)$21,142 $7,472,057 $371,247 $7,843,304 

The accompanying notes are an integral part of these consolidated financial statements.

7

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 

Preferred StockNumber of Common
Shares		Common
Stock		Additional
Paid-in Capital		Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive Income (Loss)		Total
Stockholders’
Equity		Noncontrolling
Interests		Total Equity
Balance at December 31, 2023$155,676 212,346,450 $2,123 $7,940,781 $(338,835)$7,172 $7,766,917 $376,988 $8,143,905 
Issuance of common stock— 6,914,518 69 371,832 — — 371,901 — 371,901 
Offering costs— — — (1,980)— — (1,980)— (1,980)
Share-based compensation— 187,222 2 6,395 — — 6,397 24,702 31,099 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (41,118)— (2,130)— — (2,130)— (2,130)
Conversion of OP Units to common stock
— 100,273 1 4,081 — — 4,082 (4,082)— 
Net income6,943 — — — 204,674 — 211,617 9,399 221,016 
Other comprehensive loss— — — — — (5,698)(5,698)(203)(5,901)
Preferred stock dividends ($1.101564 per series B preferred share and $1.054689 per series C preferred share)
(6,943)— — — — — (6,943)— (6,943)
Preferred unit distributions— — — — — — — (1,833)(1,833)
Common stock dividends ($1.2525 per common share)
— — — — (273,534)— (273,534)— (273,534)
Common unit distributions— — — — — — — (10,684)(10,684)
Balance at September 30, 2024$155,676 219,507,345 $2,195 $8,318,979 $(407,695)$1,474 $8,070,629 $394,287 $8,464,916 

The accompanying notes are an integral part of these consolidated financial statements.

8

 REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 

 
 Preferred StockNumber of Common
Shares		Common
Stock		Additional
Paid-in Capital		Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive
Income		Total
Stockholders’
Equity		Noncontrolling
Interests		Total Equity
Balance at December 31, 2022$155,676 189,114,129 $1,891 $6,646,867 $(255,743)$8,247 $6,556,938 $366,404 $6,923,342 
Issuance of common stock— 16,904,656 169 956,730 — — 956,899 — 956,899 
Offering costs— — — (6,165)— — (6,165)— (6,165)
Share-based compensation— 183,739 2 5,420 — — 5,422 19,618 25,040 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (32,028)— (1,891)— — (1,891)— (1,891)
Conversion of OP Units to common stock
— 313,791 3 12,393 — — 12,396 (12,396)— 
Net income6,943 — — — 166,722 — 173,665 8,605 182,270 
Other comprehensive income— — — — — 12,895 12,895 418 13,313 
Preferred stock dividends ($1.101564 per series B preferred share and $1.054689 per series C preferred share)
(6,943)— — — — — (6,943)— (6,943)
Preferred unit distributions— — — — — — — (2,406)(2,406)
Common stock dividends ($1.14 per common share)
— — — — (231,159)— (231,159)— (231,159)
Common unit distributions— — — — — — — (8,996)(8,996)
Balance at September 30, 2023$155,676 206,484,287 $2,065 $7,613,354 $(320,180)$21,142 $7,472,057 $371,247 $7,843,304 
 
The accompanying notes are an integral part of these consolidated financial statements.

9

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
（未经审计，单位：千元）
 截至9月30日的九个月
  20242023
营业活动之现金流量：  
净利润$221,016 $182,270 
调整净利润以达经营活动所提供之净现金流量：  
折旧与摊提203,415 178,671 
摊销净(以下)高于市场租金无形资产及其他延迟租金，在某些其他低于市场租金的租约上
(21,494)(21,763)
债务发行成本摊销3,529 2,856 
票据应付款项折扣（溢价）摊销，净额3,295 474 
租赁资产减值— 188 
净贷款筹资费用及成本累积
(345)— 
房地产出售收益(18,013)(12,133)
以股权为基础的薪酬费用30,063 24,300 
直线租金(28,376)(28,073)
终止／结算利率衍生工具的支付— (161)
与终止／结算利率衍生工具相关的摊销410 402 
工作资本元件的变动：  
租金及其他应收款项714 (3,735)
已延迟出租成本(22,244)(18,579)
其他资产(6,082)(7,308)
应付帐款、应计费用及其他负债25,342 32,263 
租户安全押金(1,144)2,122 
房客预付租金
(27,425)(20,233)
经营活动产生的净现金流量362,661 311,561 
投资活动产生的现金流量:  
房地产业投资收购(1,297,539)(1,121,774)
资本支出(285,015)(167,245)
房地产收购保证金退回（支付），净额
2,125 — 
房地产业出售收益41,286 16,239 
投资活动中使用的净现金(1,539,143)(1,272,780)
融资活动产生的现金流量:  
普通股发行，净额369,921 950,734 
借款款项收入1,129,875 646,925 
偿还借款(6,751)(354,911)
发行债务成本支付
(4,602)(3,042)
分红派息给优先股股东(6,943)(6,943)
普通股股东所得之股息支付(262,582)(212,265)
分发给普通有限合伙人的派息(10,085)(8,504)
分发给优先股有限合伙人的派息(1,829)(2,402)
购回普通股以满足员工的税款扣缴要求(2,130)(1,891)
筹资活动提供的净现金1,204,874 1,007,701 
现金、现金等价物和受限现金的增加
28,392 46,482 
期初现金及现金等价物
33,444 36,786 
现金及现金等价物期末余额
$61,836 $83,268 
现金流量资讯的补充披露：  
支付利息现金（资本化利息$）23,853 15.116,060 截至2024年和2023年九个月的支付利息现金（扣除资本化利息）
$59,321 $39,826 
补充披露非现金交易事项：  
以租赁负债交换获得的营业租赁使用权资产$2,084 $— 
对资本支出的应计$68,907 $53,249 
对股息和分配的应计$95,288 $81,423 
附注是这些综合基本报表的重要部分。
10

瑞维斯特工业房地产股份有限公司。
基本报表附注
(未经查核)

1.    组织
Rexford Industrial Realty, Inc.是一家自行管理和自经营的全方位股权房地产投资信托(REIT)，专注于拥有和经营南加州填补市场的工业物业。我们于2013年1月18日成立，作为马里兰州公司，而Rexford Industrial Realty, L.P.（“营运伙伴”），我们是其唯一的普通合伙人，于2013年1月18日成立为马里兰州有限合伙。通过我们对营运伙伴及其子公司的控股，我们主要拥有、管理、租赁、收购、重新定位和重建位于南加州填补市场的工业不动产，并不时收购或提供以工业区域土地或适合工业发展的土地为抵押品的抵押贷款。截至2024年9月30日，我们合并组合包括的 423 物业拥有约 50.1 百万可租赁平方英尺。
在这些基本报表中，“我们”、“我们的”和“公司”一词指的是Rexford Industrial Realty, Inc.，除非情况另外要求，还包括其子公司（包括我们的营运伙伴）。
 2.    重要会计政策摘要
报表根据呈报基础和合并原则编制。
截至2024年9月30日和2023年12月31日，以及截至2024年和2023年9月30日的三个和九个月，所呈现的是Rexford Industrial Realty, Inc.及其子公司（包括我们的营运伙伴）的合并基本报表。所有公司间的结余和交易在合并基本报表中已予以消除。
根据整合指引，我们确定我们的营运伙伴是变量实体，因为有限合伙权益持有人无实质捍卫权或参与权。此外，我们是营运伙伴的主要受益人，因为我们有义务承担损失并有权从营运伙伴和独家控制营运伙伴的活动。截至2024年9月30日和2023年12月31日，公司和营运伙伴的资产和负债基本一致，因为公司除了对营运伙伴的投资外，没有任何重大资产。
随函附上的未经审计的中期综合基本报表已根据美国证券交易委员会（“SEC”）的规则和法规编制。根据SEC的规则和法规，一些可能包含在按照美国通用会计准则（“GAAP”）编制的基本报表中的资讯和脚注披露可能已被简化或省略，尽管我们认为这些披露足以使其呈现不具误导性。随函附上的未经审计的基本报表中，我们认为已包括所有调整事项，包括正常性的递延调整，以便公平呈现其中载明的财务资讯。中期财务报表的营运结果并不一定能够预示截至2024年12月31日之年度的结果。应该在与我们2023年12月31日年度10-K表格上的综合基本报表和附注一起阅读中期财务报表。
任何有关物业数量、建筑物数目和平方英尺的资料均未经审计，并不在我们独立注册的美国上市公司会计师事务所根据美国公众公司会计监督委员会标准审核我们基本报表的范畴内。
估计的使用
依照GAAP规范准备基本报表需要管理阶层作出一定的估计和假设，这些将影响合并基本报表和相关附注中所报告的金额。实际结果可能与这些估计有所不同。  
现金及现金等价物
现金及现金等价物包括所有在初期到期日为三个月或以下的现金和流动投资。由于这些投资的短期到期性，其携带金额接近公允价值。
11

受限现金
受限现金通常由从房地产销售所得款项组成，这些款项由合格的中介机构持有，用于促进根据1986年修订版内部税收法规第1031条进行的延迟税款的类似物交换（以下简称“法规”）。我们将受限现金与现金及现金等价物一并呈列于综合现金流量表中，并提供资产负债表和现金流量表之间的调整，前提是我们存在未解决的受限现金余额。截至2024年9月30日和2023年12月31日，我们并未持有受限现金余额。
房地产业投资
收购
我们对财产的收购进行会计准则更新（ASU 2017-01）的账户说明。 业务组合 - 澄清业务定义，该标准提供了一个框架，用于确定交易应当作为资产或业务的收购来进行会计处理，并进一步修订了对业务的定义。 我们对财产的收购通常不符合修订后的业务定义，因此按资产收购进行账户处理。
对于资产收购，我们将收购成本（其中包括支付给卖方的现金和非现金考虑以及相关的收购交易成本）按照相对公平价值的方式分配给所收购的个别资产和负债。这些个别资产和负债通常包括土地、建筑物和改良、承租人改良、无形资产和与市场租金及低于市场租金的租赁相关的负债，与采用租约相关的无形资产，以及不时承担的按揭负债。由于对于资产收购不存在测量期概念，所收购资产的分配成本在发生收购的期间确定。
我们通过将该物业估值为虚空来判断收购物业有形资产的公平价值。这个“似乎是虚空”的价值是通过一种依赖于公司假设的收入或现金流量折现方法来估算的，这种方法依赖于Level 3的输入，这是基于观察不到的公司假设与市场参与者将使用的假设相关的输入。这些Level 3的输入包括折扣率、退出资本化率、市场租金率、租金增长率和类似物业的可比销售数据，包括土地销售。对未来现金流的估计基于多方面因素，包括历史运营结果、已知和预期趋势，以及市场和经济条件。在判断著有关于2024年9月30日结束的九个月中收购的物业的“似乎是虚空”的值时，我们使用了折扣率范围从 5.50%。 8.25%，以及退出资本化率范围从 4.50%。 6.50%.
在确定无形租赁资产或负债的公平价值时，我们也考虑第3级的输入。取得的高于和低于市场租金的租赁根据市场租金率与现有租金率之间的差额的现值进行评估，该差额是利用剩余租期（对于高于市场租金的租约）和高于市场的初始租赁期加上任何合理确定会行使的低于市场固定利率续租期的期数来衡量。取得的现有市场承租租约的估计公平价值是将该物业租出至收购日期时的物业出租率的估算成本。我们考虑估计的成本，例如与出租佣金、法律和其他成本相关的价值，以及出租此类物业至其收购时的出租率所需的估计时间段。在确定截至2024年9月30日结束的九个月内完成的收购的公平价值时，我们使用了预估的平均出租期间范围。 6 个月至几年的期限内，美国钢铁的绝大部分无条件采购义务均涉及供应工业气体和某些能源和实用服务。无条件采购义务还包括与Gateway Energy & Coke Company LLC（Gateway）的焦化供应协议有关的焦炭和蒸汽采购承诺，根据该协议，Gateway有义务供应热回收焦炉厂预期目标年产量的最低成交量，而美国钢铁有义务按照合同价格从Gateway购买焦炭。截至2024年6月30日，如果美国钢铁终止协议，可能需要支付超过$的金额。 15 个月。
不时地，我们可能进行出售及回租交易，即与买方/承租人同时签订租约，并同时完成物业的收购。以非市场条款进行的出售及回租交易会进行调整，以便按公允价值记录交易。如果购买价格低于收购物业的公平价值，或者合约回租支付的现值低于市场租金支付的现值，则差额会在合并资产负债表中被确认为「承租人预付租金」，并按照租约期限进行直线基础的出租收入认列。
承担的债务公平价值和面值之间的差额，如有，与收购相关，将被记录为溢价或折扣并按照承担的债务期限分摊至「利息费用」。 承担责任的估值是基于我们对收购日期实际上相似责任的当前市场利率的估计。
与房地产业收购相关的拆除费用应作为收购成本的一部分资本化，如果拆除（i）作为收购的一部分而被考虑，并（ii）在收购后合理期限内发生。如果拆除未被考虑为收购的一部分，或者拆除未在收购后合理期限内发生，那么拆除费用将被视为支出。
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成本资本化
我们将在开发、翻新、改造和改善房地产资产过程中直接产生的成本归入投资基础。这包括一些一般和行政成本，如工资、奖金和非现金股权报酬，这些成本是为了让房地产资产为其预定用途做好准备而由执行重建、翻新和复修工作的人员可确认的。在专案的重建和施工期间，我们还将利息、地产税和保险费用计入资本支出。我们在专案重大施工活动终止后的一年内，或在专案实质完工时停止将成本计入资本支出。如果专案的某些部分已基本完成并可使用，而其他部分尚未达到该阶段，我们将停止将成本计入已完成部分的专案，但将继续计入专案未完成部分的成本。针对房地产资产的维修和保养成本将在发生时支出。
我们于2024年及2023年截至九月三十日期间，分别将利息成本资本化为$百万。8.6 百万美元和6.2 百万在截至2024年和2023年9月30日的三个月内，分别为$23.9 百万美元和16.1 我们将合计$斤两的房地产税和保险成本进行资本化。2.1 百万美元和1.9 百万在截至2024年和2023年9月30日的三个月内，分别为$6.5 百万美元和5.0 分别于2024年和2023年截至9月30日的九个月中，我们获得了7100万美元和6300万美元的额外收入。我们将为提供施工服务的员工的补偿成本进行资本化，金额为$3.5 百万美元和2.8 百万在截至2024年和2023年9月30日的三个月内，分别为$10.0 百万美元和8.0 于截至2024年及2023年9月30日的九个月内，分别达到了 期权百万美元。
折旧和摊销
房地产业，包括土地、建筑和土地改良、租户装修、家具、固定设备和无形租赁资产及负债均按照历史成本减除累积折旧和摊销列示，除非情况显示成本无法收回，届时属性的帐面价值将根据我们对于长期资产减值的政策下所讨论的估计公允价值进行调降。为了记录折旧费用，我们估计我们房地产资产合理的折旧部分和相关可用年限。
对建筑物、场地改善、现有租赁无形资产和承租人改善的价值进行分摊，采用估计使用年限的直线折旧法，估计使用年限通常在某个范围内。 10-30 年用于建筑物， 5-25 场地改善的使用年限为 对现有租赁无形资产和承租人改善，则使用估计使用年限或相应租赁期限中较短的存续期限。
如上所述——房地产业投资——收购在物业收购方面，我们可能收购租金高于或低于市场租金的租赁。这些差异被记录为取得的租赁无形资产或负债，并在相关租约剩余期间摊销至「租金收入」。
我们对资产的使用寿命估计是在取得时评估的，并在情况显示使用寿命发生变化时进行评估，这需要对有形和无形资产的经济淘汰作出重大判断。
待售资产
当符合《会计准则编码》（“ASC”）360主题中所列标准的所有条件时，我们将一项资产归类为可供销售。 产业、厂房及设备 （“ASC 360”）的准则已经全部符合。这些标准如下：(i)具有核准采取行动权限的管理阶层承诺计划出售该资产；(ii)该资产在目前的状态下即可销售，仅受通常及习惯条款约束；(iii)已启动寻找买家的积极计划和完成出售计划所需的其他行动；(iv)预计该资产的销售是可能的且预计将在一年内完成；(v)该资产正在积极以合理价格相对于其当前公允价值进行销售市场推广；(vi)完成出售计划所需的行动表明不太可能对计划进行重大更改或撤回。当我们将一项资产归类为可供销售时，我们停止记录折旧和摊销。已归类为可供销售的资产按其携带金额或估计的公允价值减去卖出成本中的较低者进行计量和报告。截至2024年9月30日和2023年12月31日，我们没有任何资产被归类为可供销售。
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长寿资产减损
根据ASC 360中关于资产减值或处置的条款，我们评估我们各自长期资产的帐面价值，包括营业租赁使用权资产（“ROU资产”），每当事件或情况的变化表明这些资产的帐面金额可能无法完全收回时。房地产资产和其他长期资产的收回能力是通过比较资产的帐面金额与预估的未折现现金流量来衡量。
为了检讨房地产业资产是否能够恢复，我们考虑当前市场条件以及我们对于持有或处置该资产的意图。对于基础资产的意图可能会随著市场环境和其他因素的变化而改变。对于办公室空间租赁资产，如果原办公室空间租赁剩余租金超过次租赁收入，表示可能存在损耗迹象，这暗示著该ROU资产的携带价值可能无法恢复。公平价值是通过各种估值技术来确定，包括贴现现金流模型、将资产的预估净营业收入应用资本化率、报价市场价值和必要时进行第三方评估。基于一些与未来预期和用于管理我们基础业务的战略计划相一致的假设，预测未来现金流量的使用是基于这些假设。
如果我们的分析显示，房地产业资产和其他长期资产的携带金额无法在未折现现金流基础上收回，我们将认列一笔减损费用，金额为携带金额超过房地产财产目前预估公允价值的部分。
用于净现金流、贴现率和资本化率的回收性分析的假设和估计是复杂且主观的。经济和运营环境的变化或者在我们对房地产业投资的意图方面出现的变化，可影响这些假设并导致未来对我们的房地产物业进行减损。 截至2024年和2023年9月30日的三个月和九个月期间，我们的房地产资产价值记录了减损费用。 无 我们的资产价值上记录的减损费用发生在截至2024年和2023年9月30日的三个月和九个月期间。
为配合2023年2月提前终止我们一份办公室空间租约的情况，我们在2023年第一季度记录了一笔$的减损费用，以降低相关ROU资产的帐面价值。截至2024年9月30日的三个月和九个月内均未记录任何此类减损费用。这笔减损费用呈现在合并营运报表的「其他费用」中。0.2 截至2024年9月30日的三个月和九个月内均未记录任何此类减损费用。这笔减损费用呈现在合并营运报表的「其他费用」中。
租赁会计
作为出租人的租赁合同
我们根据ASC主题842评估新与收购交易部分所起源或承担的租赁，以判断租赁分类。 租赁 总的来说，我们所有的租赁在历史上通常被归类为经营型租赁。如果租赁的重大风险和报酬归于承租人，则出租方将其归类为销售型租赁。如果租赁期间中，承租人合理确定会行使的自动转移拥有权的标题，或者租赁中有承租人合理确定会行使的购买选择权，而且租赁期限（包括承租人合理确定会行使的延伸选项）超过资产剩余经济使用寿命的大部分（例如等同或超过75%），如果最低租金支付现值在租赁起始日占租赁物的公正价值的绝大部分（例如等同或超过90%），或者如果资产具有如此特殊性质以至于租赁期满后不提供任何对于出租方的替代用途（因此不会为出租方提供任何未来价值）。此外，这样的新租赁将被评估以确认它们是否会变成未达成的售后租回交易，如适用，并由出租方作为融资交易会计。截至2024年9月30日和2023年12月31日，我们没有任何依据售后租赁规定而被归为销售型或融资租赁的租赁。
作为承租方的租赁合同
我们在签订初期判断安排是否为租赁。营运租赁的ROU资产纳入「其他资产」，而租赁负债则包括在我们的合并资产负债表中的「应付帐款、应计费用及其他负债」。ROU资产代表我们在租赁期间使用或控制指定资产的权利，而租赁负债则代表我们根据租约发生的租金支付义务。营运租赁的ROU资产和负债根据租赁期间的租金现值于开始日期承认。因为我们的租约未提供内含利率，所以我们基于开始日期提供的资讯使用我们的增量借款利率来判断租金现值。营运租赁的ROU资产还包括任何已支付的租金，并排除租赁激励措施。我们的租约条款可能包含在我们合理确定我们将行使该选项时延长租约的选择权。租金支出一般按照租约期间以直线方式承认，通过对ROU资产和租赁负债的摊销。此外，对于我们的营运租赁，我们不区分非租赁
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从关联租赁元件中排除常见区域维护等元件。详见《附注7-租赁》中根据租赁会计准则要求的租赁人揭露。
所得税
我们选择在根据代码开始的首个纳税年度截至2013年12月31日，按房地产投资信托(REIT)的身份纳税。为了符合REIT的资格，我们需要（除其他事项外）向我们的股东分配至少所得税应至少 90%的REIT应纳税收入，并满足代码规定的其他各种要求，包括营运结果、资产持有情况、分配水平和股权多元化等事项。假如我们符合REIT的税收要求，通常不必就从我们的活动中获得、目前分配给我们的股东的收益支付公司层面的所得税。如果我们在任何税收年度未能符合REIT的要求，且无法使用代码中列明的某些节省条款，我们所有的应纳税收入都将受到普通联邦企业所得税的课征，其中包括对我们应纳税收入征收的任何适用替代性最低税。
我们拥有并可能取得直接或间接持有权，该等持有权在选择或将选择以代码下的信托税为其征税的一个或多个实体中发挥作用（每个皆为「子信托」）。子信托受本文所述的各种信托资格要求和其他适用于我们的限制所限制。如果子信托未能资格为信托，则（i）该子信托将面临常规联邦公司所得税，（ii）该等子信托的股份将不再符合信托资产测试的要求，（iii）我们可能未能通过适用于信托的某些资产测试，届时我们将未能资格为信托，除非我们可以利用某些解除条款。
我们受各州和当地司法管辖区的税收管理，包括我们进行业务或居住的地方。除了我们的子公司REIt（一家于2022年7月18日收购的私人REIt）外，我们的无税子公司，包括我们的营运合伙企业，对于联邦所得税目的来说，都是合伙企业或被忽略的实体。根据适用的联邦和州所得税规则，从被忽略的实体和合伙企业等流向实体分配的净利润或亏损在各自股权持有人的所得税申报表中需要报告。我们的应税REIt子公司是一家C型公司，根据联邦和州所得税进行纳税。然而，它具有累积的未承认净营业亏损可承转。因此， 无 所得税费用已包含在截至2024年9月30日和2023年9月30日止三个月和九个月的附带综合基本报表中。
我们定期评估我们的税务立场，判断根据其技术优势，根据时效规定对所有开放的税收年度，是否有可能在税务机构的审查中获得支持。截至2024年9月30日和2023年12月31日，我们尚未为不确定的税务立场确立责任。
衍生工具和避险活动
我们面临著来自业务运作和经济状况的某些风险。我们主要通过管理核心业务活动来管理各种业务和运营风险。我们通过管理债务融资的金额、来源和期限以及使用衍生金融工具主要管理利率期货、流动性和信用风险等经济风险。具体来说，我们订立衍生金融工具以管理由业务活动引起的未来已知和不确定现金金额支付风险，其价值由利率所决定。我们使用衍生金融工具来管理我们已知或预期的现金支付金额的差异的时间和期限，这主要与我们的借款有关。
根据ASC主题815： 衍生品和避险我们将所有衍生金融工具按公允价值记录于资产负债表中。衍生金融工具公允价值变动的会计处理取决于衍生金融工具的预期使用情况，以及我们是否选择指定某一衍生金融工具作为避险关系并应用避险会计，以及避险关系是否符合适用避险会计所需的标准。指定为避险额外本质风险(如利率风险)所造成资产、负债或已承诺事项未来公平价值变动的衍生金融工具，被视为公允价值避险。指定为避免未来现金流量变动或其他预期交易不确定性的衍生金融工具，被视为现金流量避险。避险会计通常要求在避险工具上确认收益或损失之时间对齐，以配合公允价值避险中与避险风险相关的被避险资产或负债的公平价值变化，或者现金流量避险中被避险预期交易的盈利影响。即使当避险会计不适用，或者我们选择不应用避险会计，我们仍可能进行旨在经济对应特定风险的衍生合约。
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我们在使用利率衍生品时的目标是为了使利息费用更稳定并管理对利率变动的风险。为实现此目标，我们主要使用利率掉期，作为我们的利率风险管理策略的一部分。将现金流避险指定为对冲，涉及我们从交易对手处收取变动金额，以换取我们在协议期内支付固定利率的款项，而无需交换基礍名义金额。我们有时也利用现金流避险来锁定美国国库券价格，以预期未来的固定利率债务发行('国库券利率锁定协议')。与符合现金流避险资格的衍生工具的公允价值变动有关的收益或损失将被认列在其他综合收益/(损失)账户中（'AOCI'）。当对适用现金流避险的衍生工具终止时，根据协议的剩余期限，将在AOCI记录的余额摊销至利息费用，只要被对冲的预测交易仍有可能发生。在结算国库券利率锁定协议时，仍留在AOCI中的金额将在对冲交易的基础期间内通过收入进行摊销。用于终止或结算利率衍生品的现金支付将根据衍生工具的对冲资金流的性质，在附带的合并现金流量表中按营运活动提供的现金流量呈现。详细信息请参见“附注8 - 利率衍生品”。
营收认证
我们的主要收入来源包括租金收入、管理和租赁服务、利息收入以及房地产业出售所得。
租金收入
我们主要根据不可取消的营业租赁条款，将工业空间出租给租户，通常包含最低基本租金和特定营业费用的补偿条款。根据相关租赁条款的期限，总最低年度租金支付按照直线法认列为租赁收入，无论合同上支付时限如何，只要可收回性是可能的。租金收入认列从租户取得或控制租赁空间的实际使用时开始。终止租金，包括在租金收入中的租金解约费，在相关租约被取消并我们无持续提供服务给该前租户时认列。
我们与租户的租赁协议通常包含要求租户偿还我们某些财产费用的条款。从这些财产费用，包括房地产税、保险、共同区域维护和其他可收回的营业费用的估计偿还，在产生费用的期间被识别为营业收入。年底后，我们对每份租赁进行最终对账，并对任何累积的年度调整向每位租户开具帐单或赊帐。由于收入确认的时间和模式相同，如果独立核算，租赁部分将被归为营业租赁，因此租金和租户偿还费用被视为一个组合租赁部分，并在我们的综合营运报表中呈现为单一项目「租金收入」。
我们将出租人成本（其中包括房地产税）的收入和支出以毛额基础记录，当这些成本被我们的租户偿还时。相反地，当我们的租户直接向税务机关代表我们支付出租人成本时，我们将收入和支出以净额基础记录。
管理和租赁服务
我们向相关方和第三方物业业主提供物业管理服务和租赁服务，以费用和佣金作为交换。物业管理服务包括进行物业检查、监控维修和保养、协商供应商合同、维持租户关系以及提供财务和会计监督。我们根据管理的物业每月租户现金收款的固定百分比，赚取月度管理费。我们确定在服务提供给客户时同时转移对服务的控制权。因此，管理费收入是在向客户提供服务时赚取的。
租赁佣金是在我们提供租赁服务并与租户签订执行租约时获得的。我们确定在每份租约协议签订时将服务控制权移交给客户。我们根据每份执行租约协议产生的租金收入的固定百分比来赚取租赁佣金，并不存在任何变量收入组成部分。
房地产业出售的收益或损失
我们按照ASC 610-20规定计算房地产业资产的处置，这些被视为非金融资产。 其他收入-来自非金融资产去认列的收益和亏损 并且在将非金融资产的控制权转移给购买者时，根据卖出房地产的收益或损失进行确认，通常在此时支付。
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出售的时间。如果我们拟通过转让非金融资产的控制权来部分出售房地产业，同时保留一个非控制性所有权，我们将按公允价值计量收到或保留的非控制性权益，并确认全部利润或亏损。如果我们在转让非金融资产的控制权之前收到对价，我们会确认一笔合约负债。如果我们在考虑到位收到之前转让该资产的控制权，我们将确认一笔合约资产。
当租赁合同包含购买期权时，我们会在租赁开始和承租人表达行使购买期权意向时判断承租人执行购买期权的机率。如果我们判断行使购买期权是相对确定的，我们将把租赁列为销售型租赁，并在资产负债表上取消相关的房地产资产并记录房地产销售的收益或亏损。
利息收入
贷款应收利息是根据应计基础在贷款寿命中使用利息方法来确认的。贷款筹资费用，扣除筹备成本后，根据有效利息方法在贷款期间进行增值或分期摊销，作为调整利息收入。通常，当贷款逾期超过90天或确定不可能全额收回时，贷款被列为非应计状态。当贷款被列为非应计状态时，将暂停应收利息确认。在贷款被列为非应计状态时，已应计但未收取的利息将被撤销，并随后仅在现金收取或符合恢复应计状态资格条件时才予以确认。然而，当对贷款本金的最终收回能力存在疑虑时，所有收到的现金都将用于减少该等贷款的摊提价值。只有在合约履行当前或未来付款的收回合理保证时，贷款才能恢复到应计状态。
营运租赁应收款项的估值    
我们可能会出现租客违约和破产，这些事情可能会影响未偿还应收帐款的收款，包括因直线性认知租金收入而产生的延期租金应收款，而且与我们营运租赁相关的租金应收款。为了降低这些风险，我们会在执行重大租赁之前，对潜在租户进行信贷审查和分析，以及在购买物业之前对现有租户进行信用评估和分析。我们每季度对营运租赁应收款项的可收取性进行评估，其中包括检讨我们的应收帐款年龄和性质、租户的付款历史和财务状况、我们评估租户履行其租赁义务的能力以及与租户的任何争议谈判状况。作业租约的可追收性评估的任何变更均被视为合并营运报表中的租金收入的调整（可能是减少或增加）。 根据我们的季度可收集性评估结果，我们认可 $0.8 百万和美元1.0 百万元作为截至二零二四年九月三十日及 2023 年 9 月三十日止三个月的租金收入净减调整，以及 $3.3 百万和美元2.6 综合业务报表中分别为截至二零二四年九月三十日及 2023 年九月三十日止九个月之租金收入减少净额的百万元。
应收贷款
我们的应收贷款在合并资产负债表中以摊销成本反映。我们的应收贷款的摊销成本是未偿还的未付本金余额，扣除与贷款原始产生直接相关的未摊销成本和费用。
关于我们应收贷款利息的应计利息，根据预期将收回的净金额记录于合并账户中的「租金及其他应收款净额」中。
根据ASC主题326下的目前预期信用损失方法： 金融工具-信用损失 需要估计贷款寿命内预期的信用损失。我们通过评估下列项目来评估我们的贷款应收账款和相关应收利息的信用损失备抵措施的需求：(i)特定于资产的风险，包括抵押品性质、目前贷款-价值比率和抵押品未来公平价值变化的潜在情况，(ii)其他相关可得资讯，来自内部和外部来源，关于可能影响借款方在到期时偿还贷款能力的当前条件，如借款方当前的财务状况和信用评级，以及(iii)曾经的损失(根据当前条件和合理可支持的预测进行调整) 仅针对相似抵押品担保的金融资产，总称为“信用损失评估准则”。详情请参见“附注5-应收贷款”。
待役租赁成本
我们会资本化因产生一份租约而不得不支出的孰加成本，如果没有执行这份租约是不会发生的。因此，推迟的租赁成本通常只包括第三方经纪佣金。
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债务发行成本
与识别的债务负债有关的债务发行成本在资产负债表中呈现为扣除债务负债的摊销后价值。这与一笔债务折扣类似，有效地减少借款收益。对于循环信贷安排，我们将债务发行成本呈现为一项资产并在信贷额度安排的期限内摊销成本。有关详细信息，请查阅“附注6 - 应付票据”。
股权报酬制度
我们根据ASC主题718来核算股权相关的报酬。 报酬-股份报酬所有股份奖励的总报酬成本基于授予日股权工具的估计公允市场价值。对于仅取决于服务条件的股份奖励，我们将按照整个奖励的全部必须服务期间依直线基础承认报酬成本。对于根据市场条件取得的股份奖励，我们将按照各自单独取得的分段期服务期间依直线基础承认报酬成本。对于根据绩效条件取得的股份奖励，我们将根据预期根据绩效条件可能结果为取得的奖励数量承认报酬成本。这些奖励的报酬成本将根据最终取得的奖励数量进行调整。没收的部分将在发生时期内承认。详情请参见“备注13-激励奖励计划”。
股本发行
与普通股票发行和我们的市场股权发行计划相关的承销佣金和发行成本已反映为额外资本的减少。 与我们的优先股发行相关的承销佣金和发行成本已反映为优先股余额的直接减少。
根据相关会计准则，我们在股本合约中销售普通股票（如在“附注12-股权”中讨论）被视为非负债，而且根据以下评估符合衍生工具和避险指引范围例外，应按股权工具来计算：（i）合约的执行条件未基于除了与我们自己股票价格和业务相关的可观察市场或指数；以及（ii）没有规定结算条款排除这些协议不得与我们自己的股票挂钩。
每股盈利
我们根据ASC主题260来计算每股收益（EPS）。 每股收益 在ASC 260下，包含有不可放弃权利的分红的未授权股份支付奖励被视为参与证券，因此按照双级方法计算基本EPS时将其纳入计算。双级方法根据已宣布（或累积）的分红以及它们在未分配盈余中的参与权利，为每个普通股份类别和参与证券确定EPS。
基本每股收益是通过将归属于普通股股东的净利润（亏损）除以期间内普通股股票的加权平均持股数计算的。
摊薄后每股收益是根据将归属于普通股股东的净收益（损失）除以基本每股收益计算确定的普通股股份加权平均数，再加上任何可能具有稀释效应的证券，包括在无总部股份出售协议下可发行的股份以及按照库藏股法计算的未授予权益股份奖励。我们在摊薄每股收益的计算中包括未授予的受限股份和未授予的LTIP单位，并使用两类法或库藏股法中较具稀释效果的那一种。我们在计算摊薄每股收益时将未授予的表现单位作为有条件发行的股份，一旦达到市场标准，就假定报告期结束时即为条件期满。此外，如果交换票据具有稀释效果，我们将其纳入稀释每股收益的计算中。任何不具稀释效果的证券都将被从摊薄每股收益的计算中排除。详见“附注14 - 每股收益”.
板块报告
管理阶层将公司视为一个报告单元，基于其内部报告方法以及资本和资源的分配。
采纳新的会计准则
2022年6月，FASB发布了ASU 2022-03。 公平价值衡量（主题820）：受有合约销售限制的股权工具的公平价值衡量 （ASU 2022-03）。ASU 2022-03澄清了合同销售
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在衡量股权证券的公平价值时，不考虑限制条件，并要求所有具有受约定销售限制的股权证券的实体进行特定披露，包括（1）资产负债表反映的此类股权证券的公平价值，（2）相应限制的性质和剩余期限，以及（3）可能导致限制失效的任何情况。此外，ASU 2022-03禁止实体将约定销售作为单独的计算单元。 ASU 2022-03适用于2023年12月15日后开始的财政年度，包括该等财政年度内的中期时段，并允许提前采纳。采纳ASU 2022-03对我们的合并基本报表没有实质影响。
最近公布的会计准则（已颁布但尚未采纳）
2023年11月，FASb发布了ASU 2023-07，旨在改善可报告的部门披露，以及增强有关显著可报告的部门费用的披露。此指引将于我们的年度报告开始生效，即2024年12月31日结束的财政年度及其后的中期期间，并要求对所有已呈报的前期期间进行追溯应用。由于这些修订不改变营运部门的识别方法，营运部门的汇总或定量门槛的应用以确定可报告的部门，我们不认为此指引对我们的财务状况或经营业绩产生实质影响。 分部报告（主题280）：改善可报告分部披露 （“ASU 2023-07”）. ASU 2023-07的修订通过加强有关报告节段披露要求，主要是通过增加信息披露以阐明对首席营运决策者（“CODMs”）提供的重要节段费用，CODMs的头衔和职位，以及CODMs如何使用节段的利润/损失指标来评估节段表现并分配资源。此外，只有一个要报告节段的实体现在必须提供ASU 2023-07修订要求的所有披露，以及在主题280所需的现有节段披露。ASU 2023-07将于2023年12月15日后开始的财政年度生效，并于2024年12月15日后开始的财政年度内的中期时段内生效，并允许提前采纳。我们预计ASU 2023-07的采纳不会对我们的综合财务报表产生实质影响，因为我们预计主要变化将是增加与我们单一要报告节段相关的额外披露。
3.    房地产业投资
收购
以下表格汇总了我们在2024年9月30日结束的九个月期间所收购的全部自有资产：
房产险子市场收购日期可出租平方英尺建筑物数量
合同购买价格(1)
（以千为单位）
5000及5010 Azusa Canyon Road洛杉矶-圣盖博谷1/31/2024233,984 2 $84,000 
黑石工业资产(2)
Various3/28/20243,008,578 48 996,800 
4422机场路圣伯纳迪诺-内陆帝国西4/5/202488,283 1 26,725 
1901罗斯林大道橙县-北部5/10/2024278,572 1 94,250 
16203-16233箭路洛杉矶-圣盖博谷5/23/2024134,542 4 48,500 
950西190街洛杉矶-南湾7/22/2024188,545 1 41,290 
12900 Alondra大道洛杉矶-中部9/20/202482,660 1 19,200 
总计2024笔资产收购4,015,164 58 $1,310,765 
(1)代表总合同购买价格，在某些抵免款项、划分金额、交易费用和其他相关收购成本之前。上表中总合同购买价格中未包括的总资本化交易费用和收购相关成本，净某些抵免款项，金额约为$1.7 百万。除非另有说明，每笔收购均由现有现金资金资助。
(2)代表透过三笔单独交易与三家黑石房地产业实体所进行的物业收购。 48 properties pursuant to three separate transactions with three 黑石 Real Estate entities.
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    以下表格依据相对公平价值基础，总结了分配给上表中每个主要资产和负债类别的金额，截至每笔收购的日期（以千美元计）。
 2024年收购活动
资产：
土地$901,632 
建筑和修缮346,415 
承租人改装4,215 
取得租赁无形资产(1)
92,349 
其他收购资产(2)
1,884 
总资产收购$1,346,495 
负债：
取得租赁无形资产负债(3)
$32,119 
其他承担的负债(2)
16,837 
总承担负债$48,956 
合计净资产总值$1,297,539 
(1)取得的租赁无形资产包括(i) $67.2 百万美元的就位租赁无形资产，带加权平均摊销期为 4.3 年，以及(ii) $25.1 百万美元的超市场租赁无形资产，带加权平均摊销期为 4.1 年
(2)包括收购时取得的其他运营资产和承担的负债，包括适当分摊。
(3)以加权平均摊销期间表示低于市场租金的无形资产。 11.7 年
处分
下表概述了截至2024年9月30日九个月内售出的物业相关信息：
房产险子市场处分日期可出租平方英尺
合同销售价(1)
（以千为单位）
记录收益
（以千为单位）
东斯特吉斯路2360-2364号文图拉4/16/202449,641 $10,000 $6,261 
阿隆德拉大道6423-6431号 及 6407-6119号洛杉矶-南湾5/03/202430,224 7,600 5,077 
菲格罗亚街15401号洛杉矶-南湾5/07/202438,584 10,225 4,203 
哈斯凯尔大道8210号洛杉矶 - 圣费尔南多谷5/17/202426,229 9,200 727 
2553 加菲尔德大道洛杉矶 - 中区8/20/202425,615 7,275 1,745 
总计170,293 $44,300 $18,013 
(1)Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.
20

4.    Acquired Lease Intangibles  
    以下表格汇总了我们相关的资产收购无形资产，包括现场租户租赁的价值、高于市场的租户租约以及低于市场的地上租约，以及我们相关的资产收购无形负债，包括低于市场的租户租约（以千元计）：
 2024年9月30日2023年12月31日
取得租赁无形资产：  
租赁营运资产的价值$403,191 $338,001 
累积摊销(240,675)(207,804)
无形租赁资产净额$162,516 $130,197 
高于市场租户租约$50,224 $25,598 
累积摊销(19,789)(14,808)
高于市场租户租赁，净额$30,435 $10,790 
低于市场地面租约$12,977 $12,978 
累积摊销(418)(295)
低于市场地面租约，净额$12,559 $12,683 
取得之租赁无形资产，净额$205,510 $153,670 
取得租赁无形负债：  
低于市场租户租约$(280,894)$(249,853)
累积摊销
125,566 102,292 
资产低于市值的租户租约，净额$(155,328)$(147,561)
取得租赁无形负债净额$(155,328)$(147,561)
    以下表格总结了截至2024年和2023年9月30日三个月和九个月的我们取得的租赁无形资产和负债相关的摊销（单位：千元）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
租赁营运资产的价值(1)
$12,900 $10,024 $34,929 $32,757 
低于市场价格的租户租约(2)
$(5,770)$(7,282)$(18,896)$(21,886)
市价以下的地面租赁(3)
$41 $41 $123 $123 
(1)营运合并报告中记录了对现有租赁无形资产的摊销项目，该摊销项目记录在所呈现期间的折旧和摊销开支中。
(2)扣除净低于市场的租户租赁摊销，按期提供的综合操作报表将其记录为租金收入增加。
(3)净低市场地租摊提会计记录在所呈列的合营营运财务报表中，视为物业费用增加。
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5.    应收贷款

2023年10月26日，我们与位于第1街15801号物业的收购相关，发行了一笔$$$的贷款。125.0 百万美元的贷款由邻近的英亩工业发展用地及两个在交割时用贷款款项资助的贸易准备账户担保。 150据估计贷款资产的市值，贷款应收款的贷款价值比率低于%。 60基于贷款资产估计公平价值，贷款应收款的贷款价值比率低于%。 7.50年利率为%，要求每月支付利息，到期时付清剩余款项，实际利率为%，包括贷款豁免成本和费用。 8.00年利率为%，要求每月支付利息，到期时付清剩余款项，实际利率为%，包括贷款豁免成本和费用。 一年。 2028年10月26日到期，共有1年 展期可由借款人选择，在符合某些条件并支付一定的展期费用后。 0.25贷款允许部分或全部偿还，并视偿还时间而设不同比例的罚款。 1.00%。 2.00此贷款还包括我们有权在未来收购基础工业开发地点的优先购买权。
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.
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6.    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):
 2024年9月30日2023年12月31日超过SOFR的保证金
利率(1)
 
合约上的
到期日
 
无担保和有担保债务
无担保债务：
循环信贷设施$— $— S+0.725 %
(2)
5.785 %
(3)
5/26/2026
(4)
40000万美元定期贷款400,000 400,000 S+0.800 %
(2)
4.872 %
(5)
7/18/2025
(4)
10000万美元优先票据100,000 100,000 n/a4.290 %
 
8/6/2025
57500万美元到期日为2027年的可转换优先票据
575,000 — n/a4.375 %3/15/2027
$30000万的定期贷款300,000 300,000 S＋0.800 %
(2)
3.717 %
(6)
5/26/2027
$12500万的优先票据125,000 125,000 n/a3.930 %7/13/2027
$30000万到期于2028年的优先票据300,000 300,000 n/a5.000 %6/15/2028
$57500万到期于2029年的可换股优先票据
575,000 — n/a4.125 %3/15/2029
$2500万2019A年债券25,000 25,000 n/a3.880 %7/16/2029
$40000万到期日为2030年的债券400,000 400,000 n/a2.125 %12/1/2030
$40000万到期日为2031年的债券400,000 400,000 n/a2.150 %9/1/2031
$7500万20190年亿元债券75,000 75,000 n/a4.030 %7/16/2034
总共无担保债务$3,275,000 $2,125,000 
已担保债务:   
 
 
 
7612-7642 Woodwind Drive
$— $3,613 n/a5.240 %1/5/2024
11600 Los Nietos Road
— 2,290 n/a4.190 %5/1/2024
$6000万定期贷款(7)
60,000 60,000 S+1.250 %5.060 %
(7)
10/27/2025
(7)
5160 Richton Street(8)
3,933 4,029 n/a3.790 %11/15/2024
22895 Eastpark Drive(8)
2,482 2,539 n/a4.330 %11/15/2024
701-751 Kingshill Place(8)
6,885 6,984 n/a3.900 %1/5/2026
13943-13955 Balboa Boulevard(8)
14,310 14,596 n/a3.930 %7/1/2027
2205 126th街(9)
5,200 5,200 n/a3.910 %12/1/2027
2410-2420 圣塔费大道(9)
10,300 10,300 n/a3.700 %1/1/2028
11832-11954 拉西耶加大道(8)
3,792 3,852 n/a4.260 %7/1/2028
吉尔伯特/拉帕尔玛(8)
1,590 1,741 n/a5.125 %3/1/2031
7817 Woodley Avenue(8)
2,781 2,881 n/a4.140 %8/1/2039
总保证债务$111,273 $118,025 
未经担保和担保总债务$3,386,273 $2,243,025 
减：未摊销优惠/折价和债务发行成本(10)
(36,083)(17,111)
总计 $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.
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(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 
2025560,973 
20267,587 
20271,019,078 
2028314,218 
Thereafter1,477,766 
Total$3,386,273 
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发行可换股优先票据
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.
如果发生根本性变更（例如，控制权变更，我们的普通股退市或股东批准清算或解散计划），则，在有限例外的情况下，持票人可能要求我们以现金回购其票据，回购价格为本金加上任何应计利息。此外，如果在到期日之前发生特定的全额偿还基本变更，或者我们就2029年可换股票发行赎回通知，则在某些情况下，汇率将根据预先确定的金额增加。
就每一系列的「可换股票据」发行有关，本公司签订注册权利协议，根据该协议在交换可兑换债券后可交付的普通股份（如有）注册转售。如果我们在注册权利协议下的义务有关的某些条件不满足，则我们将在某些情况下为适用的可兑换债券系列支付额外利息，以每年不超过年利率 0.5百分比。此外，如在兑换债券到期日之前的正常记录日期之后未满足这些条件，则我们将在到期时支付额外的利息，以等于 3适用之可换票据系列的本金百分比。根据《ASC》小目 825-20，我们将该等额外利息金额作为可定义务计算： 金融工具-注册付款安排， 根据 ASC 子主题 450-20 分别测量： 损失应变。由于截至 2024 年 9 月 30 日不可能支付此类额外利息金额，因此截至 2024 年 9 月 30 日，我们没有承认任何责任。
信贷协议
截至2024年9月30日，在第四次修改及重新签署的信贷协议（“信贷协议”）下，我们拥有一个未担保的可循环信贷设施（“循环信贷设施”），亦可发行信用证，总金额不超过1.0 亿美元，一个未担保的循环信贷设施（“循环信贷设施”），同时还可发行总额不超过100.0 百万美元的未担保定期贷款设施（“百万美元定期贷款”），以及一个百万美元的未担保定期贷款设施（“百万美元定期贷款”，与百万美元定期贷款合称“定期贷款设施”）。根据信贷协议中订明的特定条款和条件，我们可以申请额外300.0的贷款300 的贷款400.0的贷款400 的贷款”以及“300 的贷款”合称“贷款设施”。根据信贷协议中规定的特定条款和条件，我们可以申请额外
25

增加借款人承诺并将信贷协议的规模扩大另外$，800.0百万，可以是Revolver下附加循环承诺，对Term Facility的增加，附加的长期贷款条款或上述任何组合。
这把左轮枪的到期日为2026年5月26日，并且有可用的展延期权。 两个 二零二三年十二月，公司通过一家新成立的子公司（「2023 NSA 成员」），与由Heitman Capital Management LLC建议的州公积金基金（「2023 JV 投资者」，连同2023 NSA 成员「2023 JV 成员」）签署了一份协议（「2023 JV 协议」），以收购和运营自存仓物业。2023 JV 协议规定，在为期24个月的投资期内（如果2023 JV 成员都同意，则可以有6个月的延长期限），2023 JV 成员可以提供高达$期权 million的权益资本，其中，2023 JV 投资者持有Venture %的所有权，2023 NSA 成员持有剩余部分的所有权。 期权金额为$400 这笔1百万美元的定期贷款预定于2024年7月19日到期，并且有可用的展延期权。 两个 一年期 于2024年7月12日，我们行使了这笔1百万美元的第一次展延期权。400 百万美元定期贷款，将到期日延长至 一年 直至2025年7月18日。该$300 百万美元定期贷款将在2027年5月26日到期。
信贷协议的利息通常根据我们的选择支付，可以是(i) 期限SOFR加上适用的保证金；(ii) 每日SOFR加上适用的保证金；或(iii) 适用的基准利率（定义为(a) 联邦基金利率加上 0.50%，(b) 行政代理的基准利率，(c) 期限SOFR加上 1.00%，以及(d) 一个百分比(1.00%) 加上适用的保证金。此外，期限SOFR和每日SOFR将通过 0.10% SOFR 调整增加。 期限设施的适用保证金范围在每年 0.80%。 1.60%，用于以SOFR为基础的贷款和 0.00%。 0.60基于我们的杠杆比率和投资评级，基准利率贷款的适用利差从每年％不等。透支额的利差由每年％开始。 0.725%。 1.400基于我们的杠杆比率和投资评级，SOFR挂牌贷款和信用证的年利率为％。 0.00%。 0.40基于我们的杠杆比率和投资评级，基准利率贷款的适用利差从每年％不等。除了Revolver未结清的金额需支付的利息外，我们还需支付信用设施费用，该费用基于Revolver下每位贷款人的承诺金额而定，不论使用情况。信用设施费用从每年％起不等。 0.125%。 0.300基于我们的杠杆比率和投资评级，年利率为％，不等。
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
授信协议，$60.0 百万美元定期贷款设施（“$60 百万美元定期贷款（“$100.0 百万美元无抵押担保优先票据（“$100 百万美元票据（“$125.0 百万美元无抵押担保优先票据（“$125 百万美元票据）及$25.0 百万美元无抵押担保优先票据及$75.0 所有板块包括2019A和2019年的2亿美元无抵押担保优先票据，我们必须遵守一系列财务和其他条款，其中包括以下每季度检验的条款：
•维持总负债与总资产价值之比不超过 60%;
•对于信贷协议和100万美元的长期贷款，维持担保债务与总资产价值的比率不得超过60 百分之 45%;
•对于这$100　百万票据，125　百万票据和2019A系列和20190亿票据（总称为「优先票据」），保持抵押债务与总资产价值的比率不超过 40%;
•对于债券，保持总安全追索债务与总资产价值比率不超过 15%;
•对于偿还债券，需保持至少为(i) $ 的最低有形净值，以及(ii) 2016年9月30日后由公司收到的纯权益款项总和的至少 数量。760,740,750以 $ 为单位，并且为2016年9月30日后由公司收到的权益款项的至少 数量。 75公司需保持至少净权益款项的%的数量。
•保持调整后的EBITDA（在每项贷款协议中定义）与固定费用之比率至少为 1.5 至1.0;
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•对于信贷协议和优先票据，保持未经抵押总债务与未受约束资产价值的比率不超过 60％；以及
•对于信贷协议和高级票据，保持无负担净操作收入（在每项贷款协议中定义）与无担保利息费用之比率至少为 1.75 至1.00。 
中国元300.0％到期日为2029年的优先票据和％到期日为2034年的优先票据，公司发行了$百万。 5.000% 2028年到期的优先票据，$400.0％到期日为2029年的优先票据和％到期日为2034年的优先票据，公司发行了$百万。 2.125% 2030年到期的优先票据以及$400.0％到期日为2029年的优先票据和％到期日为2034年的优先票据，公司发行了$百万。 2.150% 2031年到期的优先票据（合称“注册票据”）包含我们必须遵守的以下契约（定义于信托契约中）：
•维持总负债与总资产价值之比不超过 60%;
•确保的债务与总资产价值比不超过 40%;
•保持至少为 的债务保障倍数； 1.5 到1.0； 并
•保持无负担资产与无担保债务的比率至少为 1.5 至1.0。
根据信贷协议条款，$百万的定期贷款、优先票据和已注册票据，在特定违约事件发生时，包括但不限于(i)未付任何本金或利息(ii)未付部分其他负债(iii)未遵守债务协议所载的承诺时，未清偿之应付本金和应计利息，可能由行政代理人、贷款人、受托人和/或票据持有人根据权利立即宣布到期支付，并且在破产和其他支付违约情况下，未清偿之应付本金和应计利息将立即到期支付。此外，我们被要求始终维持优先票据的信用评级，要由标准普尔评级服务（“S&P”）、穆迪投资者服务（“穆迪”）或惠誉评级进行。截至2024年9月30日，我们的信用评级为标普的BBB+、惠誉的BBB+和穆迪的Baa2。60 根据信贷协议条款，$百万的定期贷款、优先票据和已注册票据，在特定违约事件发生时，包括但不限于(i)未付任何本金或利息(ii)未付部分其他负债(iii)未遵守债务协议所载的承诺时，未清偿之应付本金和应计利息，可能由行政代理人、贷款人、受托人和/或票据持有人根据权利立即宣布到期支付，并且在破产和其他支付违约情况下，未清偿之应付本金和应计利息将立即到期支付。此外，我们被要求始终维持优先票据的信用评级，要由标准普尔评级服务（“S&P”）、穆迪投资者服务（“穆迪”）或惠誉评级进行。截至2024年9月30日，我们的信用评级为标普的BBB+、惠誉的BBB+和穆迪的Baa2。
    We were in compliance with all of our required quarterly debt covenants as of September 30, 2024. 
7.    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 
2026631,826 
2027514,948 
2028409,905 
2029297,209 
Thereafter871,439 
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.
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    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 to five years each. As of September 30, 2024, we also have a ground lease which we assumed in the acquisition of 2970 East 50th Street in March 2022 that has a current remaining lease term of approximately 36.3 years and four additional ten-year options to renew.
    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)
2024202320242023
Operating lease cost$403 $425 $1,226 $1,351 
Variable lease cost49 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)2024202320242023
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 RateSeptember 30, 2024December 31, 2023
Weighted-average remaining lease term(1)
38.6 years43.4 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.

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    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 
20251,690 
20261,748 
20271,798 
2028542 
Thereafter19,887 
Total undiscounted lease payments$26,242 
Less imputed interest(16,058)
Total lease liabilities$10,184 
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8.    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 InstrumentEffective DateMaturity DateInterest Strike RateSeptember 30, 2024December 31, 2023September 30, 2024December 31, 2023
Interest Rate Swaps
7/27/20225/26/20272.81700 %$150,000 $150,000 $1,861 $3,894 
Interest Rate Swaps
7/27/20225/26/20272.81750 %$150,000 $150,000 $1,857 $3,886 
Interest Rate Swaps
4/3/20236/30/20253.98500 %$200,000 $200,000 $62 $951 
Interest Rate Swap
4/3/20236/30/20253.96625 %$100,000 $100,000 $45 $503 
Interest Rate Swap
4/3/20236/30/20253.95300 %$100,000 $100,000 $55 $522 
Interest Rate Swap
4/3/20237/30/20263.71000 %$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,
 2024202320242023
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.
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9.    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 ValueQuoted Price in Active Markets for Identical Assets and Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
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
$— $— $— $— 
     
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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 ValueQuoted Price in Active Markets for Identical Assets and Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)		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 
10.    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.
11.    Commitments and Contingencies
    Legal
不时我们参与各种诉讼、索赔和法律诉讼，这些诉讼是业务正常运作中产生的。我们目前并未参与任何我们认为有合理理由预期对我们业务、财务状况或营运结果产生重大不利影响的法律诉讼。
环保母基
我们一般会在考虑收购的物业进行环保母基地点评估。在收购这些物业后，我们会继续监察物业是否存在有害或有毒物质。我们偶尔会收购已知存在不良环境条件的物业。如果在收购时，与环境整治义务相关的损失是可预计并且可以合理估计的话，我们会记录一笔负债。
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截至2024年9月30日，我们尚未发现任何可能对我们合并财务状况、经营业绩或现金流量产生重大影响的环保母基负债。然而，我们无法确保已经识别了我们拥有物业上的所有环保母基负债，所有必要的整治措施已经或将会在我们的物业上进行，或者在发生此类环保母基负债时我们会完全或部分获得赔偿。此外，我们无法向您保证：对未来环境法律或法规的变更及其应用不会导致未来环保整治的损失追溯事项。
租户和施工相关承诺
截至2024年9月30日，根据我们与某些租户的租约条款和我们与施工供应商的合同协议，我们承诺约有$148.6 百万美元，专用于租户改善和施工工作。
与自保保险子公司有关的信用证
根据循环信贷，我们有权发行信用证，总额不超过$100.0 百万，这会降低循环信贷下的信用额度。截至2024年9月30日，我们发行了$5.0 百万信用证，最初于2024年5月31日发行，以资本化新成立的全资子公司，我们间接管理部分地震保险。
    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.
12.    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, 2024December 31, 2023
SeriesEarliest Redemption DateDividend RateShares OutstandingLiquidation PreferenceShares OutstandingLiquidation Preference
Series BNovember 13, 20225.875 %3,000,000 $75,000 3,000,000 $75,000 
Series CSeptember 20, 20245.625 %3,450,000 86,250 3,450,000 86,250 
Total Preferred Shares6,450,000 $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.
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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.
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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,
2024202320242023
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.
During the nine months ended September 30, 2024, 100,273 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $4.1 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.
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13.    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 StockLTIP Units
 Number of SharesWeighted-Average Grant Date Fair Value per ShareNumber of UnitsWeighted-Average Grant Date Fair Value per Unit
Balance at January 1, 2024348,440 $59.07 368,905 $54.19 
Granted236,047 $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, 2024405,003 $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.
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The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of September 30, 2024:  
Unvested Awards
 Restricted
Common Stock		LTIP Units
Performance Units(1)
October 1, 2024 - December 31, 20241,566 143,865 366,004 
2025154,527 135,665 673,188 
2026111,670 73,693 701,025 
202787,974 11,032 — 
202849,266 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,
2024202320242023
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.
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14.    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,
 2024202320242023
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 – basic218,759,979 205,279,681 216,857,153 200,455,490 
Effect of dilutive securities373,058 167,851 136,437 212,083 
Weighted average shares of common stock outstanding – diluted219,133,037 205,447,532 216,993,590 200,667,573 
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.
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15.    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.
证券每股/单位金额记录日期付款日期
普通股票$0.4175 205,0672025年1月15日
OP单位$0.4175 205,0672025年1月15日
5.875% B系列累积可赎回优先股
$0.367188 2024年12月16日205,067
5.625% C系列累积可赎回优先股
$0.351563 2024年12月16日205,067
4.00% 累积可赎回可转换特优普通单位
$0.45 2024年12月16日205,067
3.00% 累积可赎回可转换特优普通单位
$0.545462 2024年12月16日205,067
收购
于2024年10月15日，我们以合同价格$收购了位于加利福尼亚州Fontana市Dahlia Street 13201号的物业。70.1 百万美元。该物业由 一年。 单一租户建筑，占地面积 278,650 平方英尺。
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项目 2。管理阶层对财务状况和营运结果的讨论及分析
应该阅读本季度报告表格10-Q中显示的基本报表和相关注释，并结合以下讨论。"公司"、「我们」、「我们」和「我们的」一词均指Rexford Industrial Realty, Inc.及其合并子公司，除非上下文另有要求。
前瞻性陈述
本季度报告中我们发表的言论属于前瞻性声明，通常以“预期”、“相信”、“期待”、“打算”、“可能”、“可能”、“计划”、“估计”、“项目”、“寻求”、“应该”、“将”、“结果”等词语或类似表达方式加以识别。我们的前瞻性声明反映了我们对我们计划、意图、期望、策略和前景的目前看法，基于我们目前掌握的信息和我们所作出的假设。尽管我们认为我们在我们的前瞻性声明中所反映或所暗示的计划、意图、期望、策略和前景是合理的，但我们无法保证我们的计划、意图、期望、策略或前景将实现或达成，您不应过分依赖这些前瞻性声明。此外，实际结果可能与前瞻性声明中所描述的有显著差异，并可能受到各种风险和因素的影响，包括但不限于：
•我们所处的竞争环境；
•房地产业风险包括房地产价值波动、地方市场的整体经济情况以及在该市场中争夺租户的竞争；
•租金下降或空置率增加；
•承租人可能发生违约或不续约租赁；
•承租人或我们的借款人可能面临破产或清偿困境；
•收购风险，包括此类收购未按照预期表现；
•并购和处分的时机；
•重新开发和重新定位活动所涉及的风险包括成本可能超过原始估计、完成项目或出租完成项目的时间可能超过最初预期、或权益或法律的变更可能影响或阻止预定项目的执行，包括但不限于刚实施的加利福尼亚98号州议会议案。
•潜在的自然灾害，如地震、野火或洪水；
•未来任何安防警报和/或恐怖袭击的后果；
•国内、国际、区域型和地方经济状况，包括对进口到美国和出口到其他国家商品的贸易争端和关税所造成的影响和不确定性；
•利率期货的一般水准；
•通胀的潜在影响;
•可能影响我们的法律或政府规定的潜在变化，以及对这些法律和规定的解释，包括房地产业和区划或REIt税法律的变化，以及可能增加的房地产税税率；
•融资风险包括我们营运现金流可能不足以支付应付的本金和利息，我们可能无法在到期时重新融资现有债务，或无法以有利条件或根本无法获得新的融资；
•缺乏或保险金额不足；
•我们未能完成收购；
•我们未能成功整合收购的资产；
•我们有资格成为REIT并保持资格的能力；
•我们能否维持由惠誉评级（“惠誉”），穆迪投资者服务（“穆迪”）或标准普尔评级服务（“S&P”）所授予的现有投资级评级能力；
•诉讼，包括与提起或辩护正在进行中或威胁的索赔相关的成本以及任何不利的结果;
•可能存在环保母基责任，包括因现时或曾经拥有的物业受到必要污染整治而产生的成本、罚款或处罚。
•一场流行病或大流行，以及国际、联邦、州和地方政府、机构、执法部门和/或卫生当局可能实施的应对措施，这可能导致或加剧上述一个或多个因素和/或其他风险，并对我们业务的营运造成重大干扰或阻碍
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在一段时间的普通情形下；
•其他在我们控制之外的事件。
根据基本报表，我们无法保证我们的期望会实现。除非根据联邦证券法另有要求，我们否认对于公开发布此处（或其他地方）所含有的任何前瞻性陈述的任何更新或修订承担任何义务或承诺，以反映我们对其期望的任何变化，或原据任何此类陈述所基于的事件、条件或情况的变化。读者应仔细审阅我们的基本报表及其附注，以及我们截至2023年12月31日年终的《第10-k表格》中标题为“风险因素”的部分。
公司资料
雷克斯福德工业房地产业公司是一家自营自管的全方位服务房地产投资信托基金，专注于拥有和经营南加州填塞市场的工业物业。我们于2013年1月18日以马里兰公司的形式成立，雷克斯福德工业房地产业有限合伙企业（“营运伙伴”）也于2013年1月18日以马里兰有限合伙企业的形式成立，我们是其唯一的普通合伙人。通过我们对营运伙伴及其子公司的控股股权，我们主要在南加州填塞市场收购、拥有、改善、调整定位、重建、租赁和管理工业房地产，并不时收购或提供以工业用地或适合工业开发的物业为担保的按揭负债。我们组织并进行我们的业务以符合代码的房地产投资信托资格，一般不对我们的收入征收联邦税，只要我们将收入分配给我们的股东并保持我们作为房地产投资信托的资格。
截至2024年9月30日，我们的综合组合包括约423个物业，占地约5010万平方英尺。
我们的目标是为我们的股东产生有吸引力的风险调整回报，提供优越的工业地产投资于南加州高壁垒市场。定期，我们还参与以工业用地或适合工业发展的地产抵押债务投资。我们的目标市场为我们提供机会，进行获得稳定物业带来有利现金流的收购，以及可以通过增值重定位和重新开发提高回报的地产或土地。可供出租产品新建筑施工受限和空间稀缺皆有助于在我们的目标南加州高壁垒工业地产市场内创造卓越的长期供求基本面。凭借我们的垂直一体化运营平台和广泛的增值投资和管理能力，我们相信我们已经定位好了，能够利用我们市场中的机会，实现我们的目标。
2024年截至目前的亮点
财务与营运亮点
•截至2024年9月30日止九个月，归因于普通股股东的净利润增加了22.7%，达2亿3500万美元，较去年同期有所增加。
•核心营运基金（Core FFO）(1) 截至2024年9月30日的九个月，归属于普通股股东的核心营运基金增加了17.5%，达到38310万美元，较去年同期增加。
•净营业收入（NOI）(1) 截至2024年9月30日的九个月，净营业收入（NOI）较去年同期增长17.8%，达到5亿2810万美元。
•2024年9月30日的整体投资组合占用率为93.0%。
•相同的资产组合(2) 截至2024年9月30日的九个月平均入住率为96.9％，截至2024年9月30日的结束入住率为96.7％。
•执行了总数351份新租赁和续租合同，总可租面积为710万平方英尺，根据GAAP标准，租金拓展率为36.1%，按现金基础为26.4%。不包括2024年第一季度执行的一份租约延长，面积为110万平方英尺，据GAAP标准，租金拓展率为55.3%，按现金基础为38.2%。
__________________________
(1) 参见本10-Q表格项目2下包含的“非GAAP补充措施：源自营运的所有基金类型”和“非GAAP补充措施：NOI和现金NOI”，以了解 Core FFO 和 NOI 与净利润之间的定义和调和，以及为何我们认为 Core FFO 和 NOI 是有用的营运绩效补充指标。
(2) 有关「相同物业投资组合」的定义，请参阅本10-Q表格中第2项所含的「营运结果」。
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收购
•在2024年第一季度，我们完成了总投资11亿美元，代表49个物业，占地158英亩，拥有320万平方英尺的可出租建筑物。
•在2024年第二季度，我们完成了总投资$16950万，涉及三个物业，拥有50万平方英尺的可租赁建筑物，占地23英亩。
•在2024年第三季，我们完成了总投资6050万美元，代表拥有30万可出租平方英尺建筑的两个物业，位于12英亩土地上。
•2024年9月30日后，我们以7,010万美元收购了一处拥有278,650平方英尺可出租面积的物业。
处分
•在2024年第二季，我们出售了四处房地产业物业，总计144,678可出租平方呎，总售价为3700万美元，并因房地产业出售而认列了1630万美元的收益。
•2024年第三季，我们出售了一处占地25,615平方英尺的物业，售价为730万美元，并因房地产业出售而认列了170万美元的利得。
重新定位与重建
•2024年第一季，我们稳定了两个重新定位项目，位于9755 Distribution Avenue和8902-8940 Activity Road，两个空间总共面积达38,021平方英尺。
•在2024年第二季，我们稳定了位于444 Quay Avenue和263-321 Gardena Boulevard的两个重新定位项目，总共有84998个可租借的平方英尺。
•在2024年第三季，我们开始并稳定了位于20851 Currier Road、17311 Nichols Lane和12752-12822 Monarch的三个重新定位项目，总计327,458可租用平方英尺。
•截至2024年9月30日，我们位于12907 Imperial Highway和500杜邦大街的再定位项目已全部出租。这些项目总计375,965平方英尺可租用面积，将于2024年第四季度租赁起始后稳定。截至2024年9月30日，除了500杜邦大街外，我们还有四个再定位物业和四个重建物业，总共860,814平方英尺的可租用面积处于租赁阶段。
股权
•在2024年第一季度，我们透过以下股权交易发行了5,263,602股普通股，总净收益为29020万美元：
◦我们通过发行3,010,568股普通股，按照权重平均的交割价格每股54.65美元，将延迟到2023年12月31日的向前股票销售协议结算在我们的2023年市场股票发行计划下，用于获得净收益16450万美元。
◦我们透过发行2,253,034股普通股，以$55.79每股的加权平均未来价格，在待交割的2023年5月份公开发行的剩余向前股权出售协议上取得了$12570万的净收益。
•2024年3月，我们向西岸现有的长期投资者进行了一次公开招股，出售了17,179,318股普通股，根据一项未来股本出售协议，每股价格为48.95美元，总发行价值为84090万美元。
•在2024年第三季度，我们部分履行了与我们2024年3月承销的公开发行相关的预售股权出售协议，发行1650916股普通股，净收益为8000万美元。
•截至2024年9月30日后，通过本申报日期，我们部分履行了与我们2024年3月承销的公开募集有关的股权未来销售协议，发行2884380股普通股，净收益为14000万美元。
•截至本次申报日期，我们预计在2025年3月27日前结算的预先净收益约为61420万美元，以平均加权预售价格48.58美元每股计算。
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融资
•于2024年3月，我们完成了发行总额5.75亿美元、期为三年、票面利率为4.375％、转换溢价率为30％的可换股债券，以及总额5.75亿美元、期为五年、票面利率为4.125％、转换溢价率为30％的可换股债券。扣除初次认购者的折扣和佣金以及发行费用后，净收益约为11.26亿美元。
可能影响未来业务成果的因素
市场和投资组合基本面
我们的营运业绩取决于南加州工业房地产业市场的填充。
南加州填补工业房地产业板块持续展现强劲的长期基本面。这些高门槛的填补市场以高功能产品的相对稀缺为特点，再加上由于土地和重建成本高以及在市场上可发展土地的匮乏，导致供应的限制，随著时间推移，更多工业物业转换为非工业用途，供应量比交付量少。此外，尽管最近略有缓和，但我们填补目标市场内的租户需求仍持续健康，表现为强劲的租赁基本面，以及动态的南加州区域经济，该区域的消费支出持续增长，根据牛津经济学预计到2024年将增加约260亿美元。尽管我们认为，过去几年中我们填补南加州工业物业市场在关键市场驱动因素的背景下展现出相对高的弹性，但我们预计在不久的将来我们市场内将维持一定水准的波动，主要受到一般性宏观经济和政治不确定性的影响，包括不确定的利率环境和全球地缘政治动荡。市场租金增长继续趋于正常化，我们填补南加州市场的当前季度租金有所下降，在疫情期间平均上升了约80%之后。同时，在该季度，加州州长加文·纳瑟签署了第98号议案（"Ab 98"），该议案自2026年1月1日生效，制定了全州范围的工业发展标准。与当地的分区需求一样，Ab 98的发展标准将在我们的投资决策和施工项目中予以考虑。Ab 98的最高发展标准专注于需要重新划分用途的250,000平方英尺或更大的大型建筑物的开发，因此我们相信这些新标准对我们的整体投资组合和业务策略的影响将很小，因为我们主要专注于填补市场内工业建筑的重新定位和翻修。
公司在2024年第三季度的租户需求质量和强度通过公司强劲的租赁差价、租赁成交量和保留率（请参见下文“-租赁活动和租金率”）得到展示。这种租户需求来自各个范畴，从消费品、医疗保健产品到航空太空、食品饮料、施工和物流等其他范畴。我们还持续观察到大量以电子商务为导向的租户在我们填密地点获得空间，部分是由于与最后一哩配送相关的交付需求，以及本地全通路零售实现，这些正在推动零售商和分销商库存处理策略的明显转变。我们的投资组合被我们认为代表著国家最大的最后一哩物流分销市场内具有优越功能性的主要地点，很好地位于继续为现有多样租户群提供服务的位置，并吸引能够在长期内增长电子商务导向和传统分销需求。
一般市场环境
我们相信，在2024年第三季，我们的投资组合在营运区域内的填料市场大多取得了优于市场的租赁表现。我们认为这种表现是由我们高度创业的业务模式驱动的，该模式专注于在优越位置收购和改善工业物业，使我们的投资组合平均反映出比我们营运区域内典型供应产品更高水准的品质和功能性。我们认为我们的投资组合拥有最后一哩填料区位置和相对其他非填料竞争对手更小的平均租户规模，适合服务区域性消费且不太受全球货币流动变化影响。我们也相信，我们团队的房地产专业人员积极管理我们的物业和租户展示的品质和创业精神，使我们有潜力在我们认为通常由更被动、专注较少的房地产业主拥有的市场内表现优于竞争。
以下一般市场情况已从第三方市场数据取得，并不一定反映我们投资组合的结果。如欲查看我们投资组合的具体结果，请参见下文的「—租金收入」和「—营业业绩」。
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在洛杉矶县，空置率按季度增加，平均要价租金按季度下降。入住率一般保持在良好水平，新开发受限于土地供应不足以及土地和开发成本增加。
在橙县，平均要价租金逐季下降，空置率逐季上升，但仍保持低空置水平。由于稳定的需求和该地域板块工业产品持续低供应，市场条件预计长期保持良好。
在我们经营的填地市场中，内陆帝国西部的空置率下降了季度，市场的平均租赁率也下降了季度。我们通常不关注位于内陆帝国东部非填地子市场的物业，那里的土地供应充裕，而且新供应的开发和施工导管庞大。
在圣地牙哥，空置率按季度增加，平均要价租金略微下降。
在文图拉县，空置率同比增加，平均要租租金同比下降。
物业的收购、增值重新定位和再开发
公司的增长策略包括收购已租赁的稳定物业，以及具有增值机会的物业，以改善功能并部署我们价值驱动的资产管理计划，以增加现金流和价值。此外，我们有时可能收购工业户外存储场地、土地或带有过剩土地的物业，进行从头开发项目。收购可能包括单一物业投资，也可能是购买价值可能达到数十亿美元的物业组合，交易价值从单一物业投资的约1000万美元到可能价值数十亿美元的投资组合。公司的地理重点仍然是洛杉矶地区。然而，不时可能收购包含有大量洛杉矶地区工业物业的投资组合，其中可能包括一些位于洛杉矶地区以外市场的资产。一般来说，如果非洛杉矶地区的资产作为较大的投资组合的一部分被收购，公司可能会对这些投资进行评估，以在一定时间内处置这些资产，以最大程度地发挥对洛杉矶地区的核心关注，同时努力采取适当步骤满足REIt安全港要求，以避免REIt税法下的禁止交易。同样地，尽管我们的重点是拥有和经营洛杉矶地区填充市场的工业物业，偶尔可能收购非工业物业，如办公室和其他用途的物业，目的是将这些物业重新定位或重新开发为工业用途，或根据意图处置非工业资产的方式来满足REIt安全港要求，以避免REIt税法下的禁止交易。
我们成长策略的一个重要组成部分是通过无市场或轻度推广的交易来收购物业，这些物业通常在收购时处于低于市场占用率或低于市场租金的状况，或者具有近期租约到期，或提供增值机会，通过功能或实体重定位和改善。通过各种重定位、重新开发、专业租赁和营销策略，我们致力于提高物业对潜在租户的功能性和吸引力，并且随著时间的推移，以达到或超过市场租金标准的占用率，使物业稳定下来。
重新定位可以提供一系列的房地产改善。这可能包括对房地产进行完整的结构翻新，从而将大型未充分利用的空间转换为一系列较小且功能更强的空间，或者可能包括增加平方英尺数、现代化房地产场地、消除功能性过时、增加或改善装卸区和货车通道、增强防火生命安全系统或其他增值改善，每种情况均旨在提高房地产的现金流和价值。
我们拥有若干个重大的重新定位属性，这些属性分别列在下面的表格中。一个被认为重要的重新定位属性通常被定义为一个空间中保留了大量空置，以便进行资本改善，完成重新定位工作和租赁的成本估计超过100万美元，重新定位和租赁的时间区间估计超过六个月。我们还拥有一系列其他的重新定位空间，由于其较小的规模、相对范围、预计的重新定位成本或相对较小的停机时间，未在下面列出，但总体上可能是重大的（我们称之为「其它重新定位项目」）。
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一般认为，当投资完全或几乎完全投入使用，并且物业可供入住时，再配置通常被认为完成。由于每项再配置努力都是独特的，并基于物业、目标租户以及整体市场和特定子市场的趋势，所以再配置的时间和效果对我们的租金收入和入住率将会有所不同，因此将影响我们营业收入的比较，以及不同期间的运营结果，具有较有限的可预测性。
重建物业被定义为我们计划完全或部分拆除现有建筑物，因为建筑物陈旧，或具有过剩或空置土地，我们计划建造新建筑物。
截至2024年9月30日，我们有24个物业正在进行当前重新定位或重建，9个物业处于出租阶段。此外，我们有15个额外物业的项目管线，预计将于2024年第四季至2025年第四季之间开始重新定位/重建施工工程。下表概述了这些物业，以及2023年和2024年最近稳定的物业，因为这些稳定对我们目前和比较财务业绩有直接影响。我们认为重新定位/重建物业在达到90%占用率或建筑工程完工后一年内早于此者为稳定。
45

预估施工期(1)
物业（次市场）市场
总物业可出租平方英尺(2)
重新定位/出租可出租平方英尺(2)
开始控制项完成截至2024年9月30日的出租物业总百分比
当前重新定位:
14434-14527 San Pedro Street（南湾）LA61,398 61,398 
(3)
3Q-20231Q-2025—%
29120 Commerce Center Drive（旧金山谷）LA135,258 135,258 3Q-20234Q-2025
100%(4)
12907 Imperial Highway（中郡）LA101,080 101,080 1Q-20244Q-2024
100%(5)
East 27th Street（洛杉矶市中心）LA300,389 126,563 1Q-20244Q-202458%
122-125 N. Vinedo Avenue (旧金山谷)LA48,446 48,446 1Q-20244Q-2024—%
17000 Kingsview Avenue (南湾)LA95,865 95,865 1Q-20242Q-2025
77%(6)
29125 Avenue Paine (旧金山谷)LA176,107 176,107 1Q-20243Q-2025
100%(7)
19301 Santa Fe Avenue (南湾)LA土地 土地 2Q-20241Q-2025—%
1315 Storm Parkway（南湾）LA37,844 37,844 2Q-20241Q-2025—%
Harcourt＆Susana（南湾）LA33,461 33,461 
(8)
2Q-20243Q-2025—%
总当前重置位置989,848 816,022 
租赁增加（重新定位）：
500 杜邦大道（IE - 西）SB274,885 274,885 1Q-20231Q-2024
100%(9)
11308-11350 彭罗斯街（SF谷）LA151,011 71,547 1Q-20231Q-202453%
4039 卡列普拉蒂诺大道（北郡SD）南达科他州143,663 73,807 2Q-20231Q-202479%
2880 安娜街（南湾）LA 土地  土地 3Q-20233Q-2024—%
1020 Bixby Drive (SG Valley)LA57,600 57,600 1Q-20243Q-2024—%
租务全面增加（重置定位）627,159 477,839 
未来重置定位：
8985 Crestmar Point (Central SD)南达科他州53,395 53,395 4Q-20242Q-202587%
14955 Salt Lake Avenue（SG Valley）LA126,036 45,930 4Q-20244Q-2025100%
Figueroa＆Rosecrans（South Bay）LA56,700 56,700 
(10)
1Q-20254Q-2025—%
9455 卡博特博特Drve（Central SD）南达科他州99,403 83,563 1Q-20254Q-2025100%
总未来重定位335,534 239,588 
– 请参阅从页面开始的注脚 48 –
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预估施工期(1)
物业（次市场）市场
预估重新开发可出租平方英尺(11)
开始控制项完成截至2024年9月30日的总物业出租率
目前重新开发:
1055 Sandhill Avenue（南湾）LA127,775 3Q-20214Q-2024—%
9615 Norwalk Boulevard（Mid-Counties）LA201,571 3Q-20212Q-2025—%
3233 Mission Oaks Blvd.（Ventura）(12)
VC116,852 2Q-20224Q-2024—%
8888 Balboa Avenue（中央圣地亚哥）南达科他州123,492 3Q-20224Q-2024—%
6027 Eastern Avenue (Central LA)LA94,140 3Q-20221Q-2025—%
12118 Bloomfield Avenue (Mid-Counties)LA107,045 4Q-20224Q-2024—%
4416 Azusa Canyon Road (SG Valley)LA129,830 4Q-20221Q-2025—%
15010 Don Julian Road (SG Valley)LA219,242 1Q-20234Q-2025—%
21515 Western Avenue（南湾）LA83,924 2Q-20231Q-2025—%
12772 San Fernando Road（旧金山谷）LA143,529 3Q-20234Q-2024—%
19900 Plummer Street（旧金山谷）LA79,539 3Q-20234Q-2024—%
17907-18001 Figueroa Street（南湾）LA76,468 
(13)
4Q-20234Q-2024—%
兰乔帕西菲卡 - 5号大楼（南湾）(14)
LA76,553 4Q-20234Q-2024—%
雷蒙德大道1500号（北奥兰治）owens corning136,218 
(15)
4Q-20231Q-2025—%
总施工进行中1,716,178 
租约（施工进行中）：
Pioneer Blvd 9920-10020号（中部县）LA163,435 4Q-20213Q-2024—%
1901 Via Burton（北部奥克兰郡）owens corning139,449 1Q-20222Q-2024—%
2390-2444 American Way（北部奥克兰郡）owens corning100,483 4Q-20222Q-2024—%
3071 Coronado Street（北部奥克兰郡）owens corning105,173 1Q-20231Q-2024—%
总租赁（重建）508,540 
未来重建项目：
14940 Proctor Road (SG谷)LA159,532 4Q-20241Q-2026—%
11234 Rush Street (SG谷)LA103,108 4Q-20241Q-2027—%
7815 Van Nuys Blvd (SF谷)LA78,990 1Q-20252Q-202656%
13711 Freeway Drive (中县)LA104,443 1Q-20252Q-2026100%
5235猎人大道（北OC）owens corning117,772 1Q-20253Q-2026100%
3547-3555航海家街（南湾）LA67,371 2Q-20254Q-202674%
404-430莓果路（北OC）owens corning147,500 3Q-20254Q-202616%
600-708佛蒙特大道（北OC）owens corning263,800 3Q-20251Q-2027100%
9323 Balboa Avenue（中部SD）南达科他州163,400 3Q-20251Q-2027100%
14005 Live Oak Avenue（SG Valley）LA100,380 3Q-20252Q-2027100%
18455 Figueroa Street（南湾）LA179,284 4Q-20252Q-2027100%
未来整合重建总计1,485,580 
– 请参见第页起注解 48 –

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物业稳定：(16)
市场稳定出租面积稳定期间截至2024年9月30日的总物业出租率%
9755 Distribution Avenue（中部圣地牙哥）南达科他州24,071 1Q-2024100%
8902-8940 Activity Road（中部圣地牙哥）南达科他州13,950 1Q-202492%
SG谷地区库里尔路20851号(17)
LA59,412 2Q-2024100%
南湾Quay大道444号LA29,760 2Q-2024100%
南湾Gardena大道263-321号LA55,238 2Q-2024100%
西橙郡Monarch街12752-12822号(17)(18)
owens corning163,864 2Q-202493%
17311 Nichols Lane (OC West)owens corning104,182 3Q-2024100%
总共2024稳定450,477 
12821 Knott Street (West OC)owens corning165,171 2Q-2023100%
12133 Greenstone Avenue (Mid-Counties)LALAND2Q-2023100%
14100 Vine Place (Mid-Counties)LA122,514 2Q-2023100%
15601 Avalon Boulevard (South Bay)LA86,879 2Q-2023100%
19431 Santa Fe Avenue (South Bay)LA　LAND 4Q-2023100%
2800 Casitas Avenue（旧金山谷）LA116,158 4Q-2023100%
Total 2023年稳定490,722 

(1)预估施工开始时期为我们预期在项目上开始实际施工的时期。在实际施工开始之前，我们会进行预施工活动，包括设计工作、获取许可证或许可权、场地工程以及其他在施工前必要的活动。预估完成时期为我们目前对项目大致完成并可供使用的时期的估计。我们预计会每季更新我们的时间估计。预估施工时期可能因多种因素而变化，包括但不限于许可要求、施工延迟（包括与供应链积压相关的延迟）、范围变更以及其他不可预见的情况。
(2)“总物业可租用平方英尺”是整个物业或特定建筑物的总可租用面积（如适用，则注明），该面积正在重新定位/出租。 “重新定位/出租可租用平方英尺”是物业/建筑物中实际可租用的面积，可能小于总物业可租用平方英尺。
(3)14434-14527 San Pedro Street是一个覆盖面积较低的场地，拥有61,398平方英尺的租用建筑物，位于335,905平方英尺，或7.7英亩的土地上。
(4)截至2024年9月30日，29120 Commerce Center Drive已签短期租约至2025年6月30日。我们目前正围绕短期租户进行重新定位工作。
(5)截至2024年9月30日，12907 Imperial Highway已被租出，租户已部分入住。预计租户将在2024年第四季完工后全面入住。
(6)截至2024年9月30日，位于17000 Kingsview Avenue的物业已经部分以短期租赁形式出租，租户预计将于2024年12月31日搬离。我们目前正在该短期租户周围进行重新定位工作。
(7)截至2024年9月30日，29125座潘恩大道已经短期租赁至2025年6月30日。我们目前正在为短期承租户周围进行重新定位工作。
(8)Harcourt＆Susana是一个占地239,364平方英尺（5.5英亩）的低覆盖率场地，拥有33,461平方英尺的建筑物出租面积。
(9)截至2024年9月30日，杜邦大道500号已经被租出。预计承租人将在2024年第四季入住。
(10)14400 Figueroa Street将是一个低覆盖率地点，拥有56,700平方英尺的建筑面积，占地209,668平方英尺，即4.8英亩。
(11)代表整个重建项目完成后的估计可租用平方英尺数。
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(12)截至2024年9月30日，Mission Oaks Boulevard 3233号拥有409,217平方英尺的可出租面积，目前已被占用并且没有进行再开发。我们正在建造一栋新建筑，面积为116,852平方英尺。我们还在整个项目进行工地工作。完成后，整个项目将包含526,069平方英尺的可出租面积。
(13)17907-18001 Figueroa Street将是一个低容积站点，占地5.1英亩，拥有76,468平方英尺的建筑物，占地221,055平方英尺。
(14)兰乔太平洋园区5栋位于2370-2398 Pacifica Place，共计51,594可租用平方英尺，为我们位于兰乔太平洋园区物业的六栋建筑物之一，总计拥有1,111,885可租用平方英尺。我们拆除了现有建筑物并正在兴建一座新的建筑物，新建筑物将包含约76,553可租用平方英尺。
(15)1500 Raymond Avenue 包含一英亩过剩的铺设土地。
(16)我们认为重新定位的物业在以下两个情况中先达到稳定状态：(i)达到90%的入住率，或是(ii)施工工程完成的日期后一年内。
(17)截至2024年6月30日，20851 Currier Road和12752-12822 Monarch Street从重新定位/重建工作完成日期起已满一年。2024年第三季度期间，这些项目的租赁已开始，分别达到100%和93%的占用率。
(18)12752-12822 Monarch Street包括275,189平方英尺的可租赁面积。该项目包括111,325平方英尺的可租赁面积，现有租户未被重新开发。我们重新定位了65,968平方英尺的可租赁面积，拆除了99,925平方英尺的可租赁面积，并在原址建造了一座新的97,896平方英尺的建筑。

Capitalized Costs
因重新定位或再开发活动而导致非运营的物业在重新开发和施工期间可能有不同程度的利息、保险和房地产税的资本化资格。由于增值收购导致我们重新定位和再开发活动的增加，未来期间符合利息、保险和税收资本化条件的资产余额可能增加。 我们在2024年9月30日结束的三个月和九个月期间分别资本化了860万美元和2390万美元的利息支出，以及210万美元和650万美元的保险和房地产税支出，这些与我们的重新定位和再开发项目有关。
施工成本和时间
近期通货膨胀和供应链压力导致建筑材料和劳动力成本增加，再加上政府批准和权益的领先时间拉长，导致预算化和实际施工成本增加以及一些我们重建项目的启动和完成延迟。尽管过去几年的租金增长（请参见下文“-租赁活动和租金水平”）有助于缓解上升的建筑成本和项目延迟对影响，但成本额外增加、进一步延迟或市场租金下降可能导致我们的重建项目预期收益降低，这可能会对我们未来的收益产生负面影响。
租金收入
我们的营业成果主要取决于我们投资组合中的物业所产生的租金收入。这些物业产生的租金收入金额会受到我们维持或增加物业占有率和租金水平的影响，这将取决于我们租出空置空间和重新以有利的价格租出到期空间的能力。
占用率
截至2024年9月30日，我们的综合投资组合，包括于后文叙述之重新定位空间，占用率约为93.0％，而我们稳定的综合投资组合，不包括该空间，占用率约为97.6％。我们认为，提高物业占用率的机会将是未来营业收入增长的重要推动力。推动这种增长的机会将源自目前正在施工的重新定位和重建项目的完成和租约签署。
根据上文『—收购和增值再定位和重新开发物业』下的表格总结，截至2024年9月30日，我们有24处物业正在进行目前再定位或重新开发，估计完工后共计250万平方英尺可出租面积，有九处物业正在进行出租，估计完工后共计100万平方英尺可出租面积，而我们有15个即将展开的再定位和重新开发项目，估计完工后共计170万平方英尺可出租面积。此外，我们还有50万平方英尺的其他可出租面积。
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重新定位专案。截至2024年9月30日，在这些物业中空置的空间主要集中在我们的洛杉矶、橙县和圣伯纳迪诺市场，占我们总合并组合面积的4.7%。考虑到这些物业的空置空间，截至2024年9月30日，在我们的洛杉矶、橙县和圣伯纳迪诺市场，我们的加权平均占用率分别为93.6%、90.6%和93.9%。不计入这些物业的空置空间，截至2024年9月30日，在这些市场的加权平均占用率分别为98.6%、99.0%和97.6%。我们相信，我们长期未来增长的重要部分将来自于目前正在进行或计划进行重新定位/重建的这些专案的完成，以及透过在现有组合中或通过新投资寻找或收购重新定位和重建的新机会，根据市场条件可能会因时期而异。
未进行重新定位的物业的占用率受到我们南加州内部市场的区域和当地经济状况的影响。虽然过去一年市场租金和空置率已经在COVID后进行了正常化，但洛杉矶、橙县、圣伯纳迪诺和圣迭戈市场由于基本需求驱动因素和新供应的障碍，远期处于有利位置。尽管我们无法预测未来时期我们市场的表现，但我们相信一般市场条件将继续提供长期机会，以提高我们物业的占用率和租金率，这将是未来营业收入增长的重要推动力。
出租活动和租金水平
以下表格列出我们截至2024年9月30日结束的三个月和九个月的新租赁和续租情况：
 新增租赁
季度数字
租赁		可出租平方英尺加权平均租赁期限
(按年计算)
每平方英尺有效租金(1)
GAAP租赁差额(2)(4)
现金租赁差额(3)(4)
Q1-202450 830,941 4.2 $15.88 41.3 %31.2 %
Q2-202460 1,033,006 5.1 $20.66 45.2 %29.7 %
Q3-202456 994,566 4.1 $15.79 35.8 %25.7 %
总计/加权平均值166 2,858,513 4.5 $17.58 41.0 %28.6 %
 续租租赁已过期租约
留存率 %(7)
季度数字
租约数		可出租平方英尺加权平均租约期限
(按年计算)
每平方英尺有效租金(1)
GAAP租赁差额(2)(5)
现金租赁差额(3)(5)
数字
租约
可出租平方英尺(6)
可出租平方英尺
Q1-202464 2,398,076 3.1 $14.62 14.8 %11.3 %152 3,819,253 82.2 %
Q2-202469 1,228,905 4.5 $19.39 78.6 %58.2 %126 2,038,430 68.1 %
Q3-202452 599,529 4.4 $18.16 41.4 %27.3 %112 1,677,064 51.6 %
总计/加权平均值185 4,226,510 3.7 $16.51 34.7 %25.7 %390 7,534,747 71.9 %
不包括一个租赁期延长：(8)
总数/加权平均184 3,124,670 4.3 $16.58 62.1 %42.7 %
(1)每平方英尺有效租金是根据GAAP计算的平均基本租金，期限内以每平方英尺每年的美元表示。包括在该季度签署的所有新租约和续租约。
(2)根据新租赁或续约租赁的美国通用会计原则租金与到期租约的美国通用会计原则租金（不包括无形资产或负债摊销的影响）之间的变化计算，该空间的到期租约相同。
(3)计算方法是以同一空间的新租赁或续租的起始现金租金与到期租约的到期现金租金之间的变化。
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(4)按照继续营运原则和现金租赁扩展，截至2024年9月30日结束的九个月内执行的新租赁，排除了62份合共1,856,703平方英尺的租务空间，其中没有可比租赁数据。在这62份被排除的租赁中，有25份租赁是最近重新定位/重建的空间，合计1,111,401平方英尺。一般来说，不予纳入可比租赁的情况包括：(i)我们所有权下从未被占用的空间，(ii)重新定位/重建的空间，包括预开发/取得许可的空间，(iii)空置超过一年的空间，或(iv)租约期少于六个月的空间。
(5)GAAP和现金重新租赁的租金差异，不包括2024年9月30日结束的九个月期间执行的续租合同，其中包括847,339平方英尺可出租面积的九个租赁，没有可比租赁数据。可比租赁通常不包括租期短于六个月的空间，或者位于预开发/审批流程中的空间。
(6)包括在2024年9月30日结束的九个月期间到期的租赁物业，该空间已经或将放入重新定位（包括“其他重新定位项目”）或重建。
(7)留存率是指续租的楼面积加上搬迁/扩建的楼面积，除以期间到期的租赁楼面积。留存率不包括与以下相关的楼面积：(i) 租户搬离后被放入重新定位（包括“其他重新定位项目”）的到期租约相关的楼面积，(ii) 提前终止并经预先协商替代租约的情况，以及(iii) 租户搬离，空间直接由附属租户租用的空间。
(8)Reflects our renewal leasing activity, weighted average lease term, effective rent per square foot and leasing spreads for the nine months ended September 30, 2024, excluding a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue during the first quarter of 2024. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. In March 2024, the lease was extended through January 2027 at the current in-place rent at the time of execution and includes a 4% contractual rent increase in 2026 and two months of rent abatement. This lease extension was excluded for comparability purposes, in order to allow investors to make investment decisions based on our quarterly leasing statistics as compared to our prior periods.
Our leasing activity is impacted both by our repositioning and redevelopment efforts, as well as by market conditions. While we reposition a property, its space may become unavailable for leasing until completion of our repositioning efforts. As of September 30, 2024, we have 24 current repositioning/redevelopment projects with estimated construction completion periods ranging from the fourth quarter of 2024 through the fourth quarter of 2025, and an additional 15 repositioning and redevelopment projects in our pipeline with estimated construction completion dates through the second quarter of 2027. We expect these properties to have positive impacts on our leasing activity and revenue generation as we complete our value-add plans and place these properties in service.     
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Scheduled Lease Expirations
Our ability to re-lease space subject to expiring leases is affected by economic and competitive conditions in our markets and by the relative desirability of our individual properties, which may impact our results of operations. The following table sets forth a summary schedule of lease expirations for leases in place as of September 30, 2024, for each of the 10 full and partial calendar years beginning with 2024 and thereafter, plus space that is available and under current repositioning. 
租约到期年限到期租约数量
总可租面积平方英尺(1)
拥有总面积的百分比
年度基本租金(2)
年化基础租金总额的百分比(3)
每平方英尺的年化基础租金(4)
空置(5)
— 1,143,871 2.3 %$— — %$— 
再定位/再开发(6)
— 2,371,421 4.7 %— — %$— 
MTm 租户5 167,492 0.3 %2,118 0.3 %$12.65 
2024年剩余部分91 1,773,716 3.6 %24,975 3.3 %$14.08 
2025416 7,255,347 14.5 %110,757 14.6 %$15.27 
2026394 8,814,687 17.6 %126,430 16.7 %$14.34 
2027296 7,676,174 15.3 %124,542 16.4 %$16.22 
2028164 5,970,039 11.9 %111,437 14.7 %$18.67 
2029148 5,083,396 10.2 %89,796 11.9 %$17.66 
203043 2,359,998 4.7 %36,285 4.8 %$15.38 
203127 3,399,110 6.8 %49,479 6.5 %$14.56 
203221 1,260,518 2.5 %24,025 3.2 %$19.06 
203310 386,007 0.8 %7,352 1.0 %$19.05 
此后40 2,406,205 4.8 %49,861 6.6 %$20.72 
整体合并投资组合1,655 50,067,981 100.0 %$757,057 100.0 %$16.26 
(1)合同方截至到期时的平方英尺数。
(2)按照租约条款，截至2024年9月30日，每月合同基本租金（在补充租金前）乘以12计算。 不包括租户的退款。 金额以千计算。
(3)根据本表所载的年化基础租金除以2024年9月30日的总投资组合年化基础租金计算。
(4)按照 2024 年 9 月 30 日占用的平方英尺，计算该租赁的年化基本租金。
(5)截至2024年9月30日，表示空置空间（未进行重新定位/重建），包括已签署但截至2024年9月30日尚未开始的租约，总计113,363平方英尺。
(6)代表2024年9月30日被归类为重新定位（包括“其他重新定位项目”）或重新开发属性的空置空间。
截至2024年9月30日，我们投资组合中目前可提供的110万平方英尺租赁空间外，还有大约240万平方英尺的空置空间正在进行当前重新定位。我们投资组合总租赁面积中分别占3.6%和14.5%的租约将于2024年底和2025年到期。在2024年9月30日结束的九个月内，我们为420万平方英尺续签了185份租约，续约率为71.9%。在2024年9月30日结束的九个月内，新租约和续约租约的加权平均期限分别为4.5和4.3年（不包括上述“—租赁活动和租金水平”部分中提到的110万平方英尺租约延长），我们预计未来的新租约和续约租约将有类似的期限。
于2024年及2025年余下时间内届满的租赁约占截至2024年9月30日的我们投资组合年化基地租金的约3.3%和14.6%。我们估计，在加权平均基础上，截至2024年和2025年余下时间内届满的现有租金目前低于当前市场要价，尽管在任何特定次市场内单元或物业目前可能已租赁至该次市场内当前市场要价之上、之下或等于。
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如上述「—市场和组合基本因数」中所述，尽管市场因数，包括空置率和平均要求租金的变化，因市场而异并显示出后疫情时期对租户需求的正常化迹象，整体上市场持续低空置和供需不平衡跨我们的分区市场，这将继续支持有利的长期市场基本因数。
我们市场的状况
我们投资组合中的物业主要位于南加州填地市场。经济或其他条件的正面或负面变化，高度或持续的通膨以及这个市场的极端天气条件和自然灾害可能会影响我们的整体表现。
物业开支
我们的房地产业支出通常包括公用事业、房地产税、保险、现场维修和维护成本，以及一部分头部费用的分摊。对于我们大多数的物业，我们的房地产业支出在租赁中的三重净额条款或修正总支出补偿的部分得到部分收回。我们大多数的租约还包括合同约定的每年三%以上的租金增幅，部分旨在帮助减轻房地产支出随时间增加的潜在风险。然而，我们租约的条款各不相同，在某些情况下，我们可能会吸收房地产支出。我们整体的财务结果将受到我们能够将房地产支出转嫁给租户的程度的影响。
应税地产投资信托子公司
截至2024年9月30日，我们的运营合伙企业间接并完全拥有Rexford Industrial Realty and Management, Inc.，我们将其称为我们的服务公司。我们已选择，与我们的服务公司一起，将我们的服务公司视为可征税的REIt子公司，以供联邦所得税目的。可征税的REIt子公司通常可以向我们的租户提供非习惯性和其他服务，并从事我们或我们的子公司（除可征税的REIt子公司外）可能无法直接从事而不会对我们的REIt资格产生不利影响的活动，前提是可征税的REIt子公司不得经营或管理住宿设施或医疗保健设施，也不得提供任何住宿或医疗保健设施下运作的品牌名称的权利。我们将来可能成立更多的可征税的REIt子公司，我们的运营合伙企业可能向我们的服务公司投入其持有的某些全资子公司或其资产。我们的可征税的REIt子公司所赚取的任何收入将不会计入我们的净收入的税前测试百分之75或百分之95，除非该收入作为股息分配给我们，该股息收入将符合百分之95的测试，但不符合百分之75的测试。因为可征税的REIt子公司需缴纳联邦所得税，并且在适用的情况下需要缴纳州和当地所得税作为一般公司，我们的可征税的REIt子公司所赚取的收入通常将比我们的其他子公司所赚取的收入需要缴纳额外的税款。我们的可征税的REIt子公司是受联邦和州所得税管辖的C型公司。但是，它拥有累积未认可的净营运亏损承揽转，因此截至2024年9月30日和2023年为止九个月结束时不需缴纳所得税。此外，该可征税的REIt子公司在这些期间内几乎没有活动。
关键的会计政策和估计
按照GAAP的规定准备基本报表需要管理层在特定情况下进行估计和假设，这些估计和假设会影响基本报表日期的资产和负债金额以及报告期间的收入和费用金额。实际金额可能与这些估计和假设不同。管理层根据当前可用信息和其认为截至日期合理的各种假设，持续评估这些估计。此外，其他相似业务的公司可能使用不同的估算政策和方法，这可能影响我们营运结果和财务状况与其他公司之间的可比性。
在我们截至2023年12月31日的年度10-k表格中，我们确认了一些影响我们编制综合基本报表时所使用的一些更重要的估计和假设的关键会计政策。在本报告涵盖的期间内，我们并未对我们的重要会计政策和估计进行任何实质性变更。
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营运业绩结果
我们的综合业务结果通常由于(i)物业收购、(ii)物业处分和(iii)在比较性报告期间停止运作以进行重新定位或改造等因素，导致无法进行跨期比较。 我们的「总组合」代表了在报告期间拥有的所有物业。 为了消除由于收购、处分以及重新定位/改造导致我们总组合的变化的影响，并突出我们正在进行的业务的营运结果，我们另外呈现了我们的「同一物业组合」的结果。
截至2024年9月30日，相同物业组合同比增长三个和九个月的2024年和2023年，包括从2023年1月1日至2024年9月30日由我们完全拥有并在2023年1月1日之前稳定的我们组合中所有物业，其中包括293处物业中约3700万平方英尺的建筑物。我们相同物业组合的结果不包括在2023年1月1日至2024年9月30日期间收购或出售的物业，于2023年或2024年进行重新定位（包括“其他重新定位”中的特定建筑物），再开发或租金提高，利息收入，利息支出和公司一般和行政费用。
In addition to the properties included in our Same Property Portfolio, our Total Portfolio includes the 73 properties aggregating approximately 8.3 million rentable square feet that were purchased between January 1, 2023 and September 30, 2024, and the seven properties aggregating approximately 0.3 million rentable square feet that were sold between January 1, 2023 and September 30, 2024.
At September 30, 2024 and September 30, 2023, our Same Property Portfolio occupancy was approximately 96.7% and 97.4%, respectively. For both the three and nine months ended September 30, 2024, our Same Property Portfolio weighted average occupancy was approximately 96.9%. Comparatively, for the three and nine months ended September 30, 2023, our Same Property Portfolio weighted average occupancy was approximately 97.2% and 97.1%, respectively.


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比较截至2024年9月30日的三个月与截至2023年9月30日的三个月
The following table summarizes the historical results of operations for our Same Property Portfolio and Total Portfolio for the three months ended September 30, 2024 and 2023 (dollars in thousands): 
 
 Same Property PortfolioTotal Portfolio
 Three Months Ended September 30,Increase/(Decrease)%Three Months Ended September 30,Increase/(Decrease)%
 20242023Change20242023Change
REVENUES        
Rental income$175,334 $170,392 $4,942 2.9 %$238,396 $204,212 $34,184 16.7 %
Management and leasing services— — — — %156 158 (2)(1.3)%
Interest income— — — — %3,291 1,029 2,262 219.8 %
TOTAL REVENUES175,334 170,392 4,942 2.9 %241,843 205,399 36,444 17.7 %
OPERATING EXPENSES       
Property expenses41,207 39,620 1,587 4.0 %54,867 48,085 6,782 14.1 %
General and administrative— — — — %20,926 18,575 2,351 12.7 %
Depreciation and amortization47,800 48,908 (1,108)(2.3)%69,241 60,449 8,792 14.5 %
TOTAL OPERATING EXPENSES89,007 88,528 479 0.5 %145,034 127,109 17,925 14.1 %
OTHER EXPENSES       
Other expenses— — — — %492 551 (59)(10.7)%
Interest expense— — — — %27,340 15,949 11,391 71.4 %
TOTAL EXPENSES89,007 88,528 479 0.5 %172,866 143,609 29,257 20.4 %
Gains on sale of real estate— — — — %1,745 — 1,745 — %
NET INCOME$86,327 $81,864 $4,463 5.5 %$70,722 $61,790 $8,932 14.5 %
Rental Income
In the following table, we present the components of rental income for the three months ended September 30, 2024 and September 30, 2023, which includes rental revenue, tenant reimbursements and other income related to leases. The below presentation of rental income is not, and is not intended to be, a presentation in accordance with GAAP. We are presenting this information because we believe it is frequently used by management, investors, securities analysts and other interested parties to understand and evaluate the Company’s performance.
相同的物业组合总投资组合
截至九月三十日止三个月，增加/(减少)%截至九月三十日止三个月，增加/(减少)%
分类20242023变更20242023变更
租金收入(1)
$144,957 $140,665 $4,292 3.1 %$196,776 $168,789 $27,987 16.6 %
租户补偿(2)
29,766 29,221 545 1.9 %40,969 34,842 6,127 17.6 %
其他收入(3)
611 506 105 20.8 %651 581 70 12.0 %
租金收入$175,334 $170,392 $4,942 2.9 %$238,396 $204,212 $34,184 16.7 %
我们的同业物业组合和整体组合的租金收入分别在截至2024年9月30日的三个月内较2023年9月30日的三个月净增490万美元，增幅为2.9%和3420万美元，增幅为16.7%，原因如下：
55

(1) 租金收益
我们同一物业组合和整体组合的租金收入在2024年9月30日结束的三个月内分别增加了430万美元，增长了3.1％，以及2800万美元，增长了16.6％，与2023年9月30日结束的三个月相比。同一物业组合租金收入的增加主要是由于新租赁和续租租赁的平均租金率上升，部分抵销了净低于市场租赁无形资产的摊销减少110万美元，以及在2024年9月30日结束的三个月内，根据房客应收款项的坏帐储备/核销增加了90万美元，其中反映2024年9月30日结束的三个月内核销/减少的净储备为40万美元，而2023年9月30日结束的三个月内核销为50万美元，以及平均占用率的下降。我们的整体组合租金收入也受益于我们在2023年1月1日至2024年9月30日期间收购的73处物业的增量收入。
(2) Tenant Reimbursements
Our Same Property Portfolio tenant reimbursements revenue increased by $0.5 million, or 1.9%, and our Total Portfolio tenant reimbursements revenue increased by $6.1 million, or 17.6%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. The increase in our Same Property Portfolio tenant reimbursements revenue is primarily due to higher reimbursable utility expenses and other reimbursable expenses, partially offset by a decrease in reimbursable insurance expenses due to lower-than-expected renewal insurance premiums for the 2024-2025 policy year. Our Total Portfolio tenant reimbursements revenue was also impacted by the incremental tenant reimbursements from the 73 properties we acquired between January 1, 2023 and September 30, 2024.
(3) 其他收入
我们的同一物业投资组合和总投资组合的其他收入分别在2024年9月30日结束的这三个月，与2013年9月30日结束的这三个月相比，分别增加了10万美元，增幅为20.8%和10万美元，增幅为12.0%，主要是因为晚期租金支付费用增加。
管理和租赁服务
我们的整体投资组合管理和租赁服务营业收入在2024年9月30日结束的三个月内减少了0.2万美元，或1.3%，与2023年9月30日结束的三个月相比。
利息收入
截至2023年9月30日止三个月的利息收入从100万美元增加至2024年9月30日止三个月的330万美元，主要因为我们在2023年10月发放的12500万美元贷款所赚取的利息增加了250万美元，部分抵销了我们在货币市场账户中赚取的30万美元利息下降，主要是由于投资于货币市场账户的平均现金余额下降。
物业开支
我们的同类型物业组合和总物业组合的物业开支分别在2024年9月30日结束的三个月内增加了160万美元，增长了4.0%，以及680万美元，增长了14.1%，与截至2023年9月30日结束的三个月相比。同类型物业组合的物业开支增加主要是由于水电费、物业税费和维修保养费用增加所致。我们的总物业组合的物业开支也受到我们在2023年1月1日至2024年9月30日间收购的73个物业所带来的额外开支影响。
一般及管理费用
截至2024年9月30日为止的三个月内，我们总投资组合普通及管理费用增加了240万美元，增幅为12.7%，与截至2023年9月30日的三个月相比，主要是由于现金股权奖励费用增加，主要涉及2023年和2022年的绩效单位股权授予，以及与非执行董事的薪资相关成本和应计奖金支出。此外，员工人数增加和劳动成本上升也是原因。
56

Depreciation and Amortization
Our Same Property Portfolio depreciation and amortization expense decreased by $1.1 million, or 2.3%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to acquisition-related in-place lease intangibles becoming fully depreciated at certain of our properties subsequent to January 1, 2023, partially offset by an increase in depreciation expense related to capital improvements placed into service subsequent to January 1, 2023 and an increase in amortization of deferred leasing costs. Our Total Portfolio depreciation and amortization expense increased by $8.8 million, or 14.5%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the incremental expense from the 73 properties we acquired between January 1, 2023 and September 30, 2024.
Other Expenses
Our Total Portfolio other expenses decreased by $0.1 million from $0.6 million for the three months ended September 30, 2023 to $0.5 million for three months ended September 30, 2024, primarily due to a $0.4 million decrease in construction demolition costs, partially offset by a $0.3 million increase in write-offs of construction costs related to cancelled projects.
Interest Expense
Our Total Portfolio interest expense increased by $11.4 million, or 71.4%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to a $13.8 million increase related to the aggregate $1.15 billion of exchangeable notes offering we completed in March 2024, partially offset by a $2.4 million decrease due to an increase in capitalized interest related to repositioning and redevelopment activity.
Gains on Sale of Real Estate
During the three months ended September 30, 2024, we recognized gains on sale of real estate of $1.7 million from the disposition of one property that was sold for a gross sales price of $7.3 million. During the three months ended September 30, 2023, we did not complete any property dispositions.
57

Comparison of the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023
The following table summarizes the historical results of operations for our Same Property Portfolio and Total Portfolio for the nine months ended September 30, 2024 and 2023 (dollars in thousands): 
 
 Same Property PortfolioTotal Portfolio
 Nine Months Ended
September 30,		Increase/(Decrease)%Nine Months Ended
September 30,		Increase/(Decrease)%
 20242023Change20242023Change
REVENUES        
Rental income$520,131 $496,393 $23,738 4.8 %$682,359 $583,474 $98,885 16.9 %
Management and leasing services— — — — %444 519 (75)(14.5)%
Interest income— — — — %10,709 3,408 7,301 214.2 %
TOTAL REVENUES520,131 496,393 23,738 4.8 %693,512 587,401 106,111 18.1 %
OPERATING EXPENSES       
Property expenses118,803 113,261 5,542 4.9 %154,254 135,220 19,034 14.1 %
General and administrative— — — — %60,213 55,039 5,174 9.4 %
Depreciation and amortization143,813 146,044 (2,231)(1.5)%203,415 178,671 24,744 13.8 %
TOTAL OPERATING EXPENSES262,616 259,305 3,311 1.3 %417,882 368,930 48,952 13.3 %
OTHER EXPENSES       
Other expenses— — — — %2,204 1,504 700 46.5 %
Interest expense— — — — %70,423 46,830 23,593 50.4 %
TOTAL EXPENSES262,616 259,305 3,311 1.3 %490,509 417,264 73,245 17.6 %
Gains on sale of real estate— — — — %18,013 12,133 5,880 48.5 %
NET INCOME$257,515 $237,088 $20,427 8.6 %$221,016 $182,270 $38,746 21.3 %
Rental Income
在以下的表格中，我们呈现截至2024年9月30日和2023年9月30日的九个月的租金收入元件，包括租金收入、租户补偿和与租赁相关的其他收入。以下的租金收入呈现并不构成也不意图构成符合GAAP的呈现。我们提供这些资讯是因为我们认为管理阶层、投资者、证券分析师和其他利害相关方经常使用它们来了解和评估公司的表现。
相同的资产组合总合作业组合
九个月结束了
九月三十日，		Increase/(Decrease)%九个月结束了
九月三十日，		Increase/(Decrease)%
类别20242023变动20242023变动
出租营业收入(1)
$429,896 $410,043 $19,853 4.8 %$563,963 $483,183 $80,780 16.7 %
租户返还 (2)
88,403 84,799 3,604 4.3 %116,301 98,497 17,804 18.1 %
其他收益(3)
1,832 1,551 281 18.1 %2,095 1,794 301 16.8 %
租金收入$520,131 $496,393 $23,738 4.8 %$682,359 $583,474 $98,885 16.9 %
在截至2024年9月30日的九个月内，我们的同一物业投资组合和整体投资组合的租金收入分别增加了2370万美元，或4.8％，和9890万美元，或16.9％，与截至2023年9月30日的九个月相比，其原因如下所述：
58

(1) 租金收益
我们的同样物业组合和总组合的租金收入分别在2024年9月30日结束的九个月内比较于2023年9月30日结束的九个月分别增加了$1990万，即4.8%，和$8080万，即16.7%。同样物业组合租金收入的增加主要是由于新租赁和续租合同的租金率增加，部分抵销了净低于市场租赁无形资产摊销减少了$240万，对于被认为无法收回的房客应收账款的净坏账债准备/核销增加了$160万，以及平均入住率下降。我们的总组合租金收入也受73个物业的增量收入的积极影响，这些物业是我们在2023年1月1日和2024年9月30日之间收购的。
(2) Tenant Reimbursements
Our Same Property Portfolio tenant reimbursements revenue increased by $3.6 million, or 4.3%, and our Total Portfolio tenant reimbursements revenue increased by $17.8 million, or 18.1% during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. The increase in our Same Property Portfolio tenant reimbursements revenue is primarily due to higher reimbursable property tax expenses, higher billings for other reimbursable expenses and higher reimbursable insurance expenses due to higher overall premiums. Our Total Portfolio tenant reimbursements revenue was also impacted by the incremental tenant reimbursements from the 73 properties we acquired between January 1, 2023 and September 30, 2024.
(3) Other Income
Our Same Property Portfolio and Total Portfolio other income increased by $0.3 million, or 18.1%, and $0.3 million, or 16.8%, respectively, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to an increase in fees charged for late rental payments.
Management and Leasing Services
Our Total Portfolio management and leasing services revenue decreased by $0.1 million, or 14.5%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023.
Interest Income
Interest income increased from $3.4 million for the nine months ended September 30, 2023 to $10.7 million for the nine months ended September 30, 2024, primarily due to a $7.5 million increase related to interest earned on the $125.0 million loan that we originated in October 2023.
Property Expenses
在截至2024年9月30日的九个月内，我们的同地物业组合和整体物业组合的物业支出分别增加了550万美元，增幅为4.9％和1900万美元，增幅为14.1％，与截至2023年9月30日的九个月相比。 我们同地物业组合的物业支出增加主要是由于物业税费用增加，由于整体保费上升导致的保险费用增加，维修和保养费用，公用事业费用以及由于员工数量增加和劳动力成本上涨而带动的分摊的总部费用。 我们整体物业组合的物业支出还受到我们在2023年1月1日至2024年9月30日之间收购的73处物业的增量费用的影响。
一般及管理费用
我们总投资组合的一般和行政费用在2024年9月30日结束的九个月内增加了520万美元，增幅为9.4％，与2023年9月30日结束的九个月相比，主要是由于非高管支付相关成本和因员工人数增加及劳动力成本上升而导致的应计奖金费用增加，以及与2023年和2022年进行的绩效单位权益授予相关的非现金股权报酬费用增加。
59

折旧和摊销
我们的同业资产投资组合折旧和摊销费用在截至2024年9月30日的九个月期间减少了220万美元，或1.5%，相较于截至2023年9月30日的九个月期间，主要是由于收购相关的现有租赁无形资产在2023年1月1日后的某些物业被完全折旧，部分抵销了自2023年1月1日后投入使用的资本改善相关折旧费用增加和递延租赁成本摊销增加。我们的总投资组合折旧和摊销费用在截至2024年9月30日的九个月期间增加了2470万美元，或13.8%，相较于截至2023年9月30日的九个月期间，主要是由于我们在2023年1月1日至2024年9月30日之间收购的73个物业的进一步支出。
其他费用
我们的总组合其他费用从2023年9月30日结束的九个月1.5百万美元增加了70万美元至2024年9月30日结束的九个月2.2百万美元，主要是由于因取消项目而导致的施工成本核销增加了70万美元和施工拆卸成本增加了40万美元，部分抵消了因收购死局成本减少了20万美元和因解除租贷合同而于2023年2月记录的20万减值亏损，以减少与我们其中一个办公室租赁的提前终止有关的使用权资产携带金额。
利息费用
我们的整体投资组合利息费用在2024年9月30日结束的九个月内增加了2360万美元，增幅为50.4%，相较于2023年9月30日结束的九个月，主要是由于我们在2024年3月完成的总计11.5亿美元可交换票据发行带来的2810万美元增加以及我们在2023年3月完成的30000万美元5.000%到期于2028年的优先票据发行带来的400万美元增加，部分抵消了因重新定位和重新发展活动的资本化利息增加而带来的780万美元减少。
房地产业销售收益
在截至2024年9月30日为止的九个月内，我们从出售五处物业中认列了1800万美元的房地产业销售利得，这些物业以4430万美元的总体毛售价出售。在截至2023年9月30日为止的九个月内，我们从出售一处物业中认列了1210万美元的房地产业销售利得，该物业以1700万美元的毛售价出售。
60

Non-GAAP Supplemental Measure: Funds From Operations and Core Funds From Operations
We calculate funds from operations (“FFO”) attributable to common stockholder in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”).  FFO represents net income (loss) (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding gains (or losses) from sales of depreciable operating property or assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated joint ventures.
Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, and asset impairments, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs.
However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends.
We calculate “Core FFO” by adjusting FFO for non-comparable items outlined in the reconciliation below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our on-going operating performance, provides a more meaningful and consistent comparison of our operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to FFO and Core FFO (in thousands): 
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net income$70,722 $61,790 $221,016 $182,270 
Adjustments:  
Depreciation and amortization69,241 60,449 203,415 178,671 
Gains on sale of real estate(1,745)— (18,013)(12,133)
Funds From Operations (FFO)$138,218 $122,239 $406,418 $348,808 
Adjustments:
Acquisition expenses6 10 114 330 
Impairment of right-of-use asset— — — 188 
Amortization of loss on termination of interest rate swaps59 59 177 177 
Non-capitalizable demolition costs— 361 1,127 701 
Write-offs of below-market lease intangibles related to terminations(1)
— — — (1,318)
Core FFO$138,283 $122,669 $407,836 $348,886 
Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
Less: Core FFO attributable to noncontrolling interests(2)
(5,391)(4,924)(16,035)(14,556)
Less: Core FFO attributable to participating securities(3)
(567)(462)(1,725)(1,339)
Core FFO attributable to common stockholders$130,011 $114,969 $383,133 $326,048 
61

(1)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.
(2)Noncontrolling interests represent (i) holders of outstanding common units of the Company's Operating Partnership that are owned by unit holders other than the Company and (ii) holders of Series 1 CPOP Units, Series 2 CPOP Units and Series 3 CPOP Units.
(3)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
Non-GAAP Supplemental Measures: NOI and Cash NOI
Net operating income (“NOI”) is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income less property expenses (before interest expense, depreciation and amortization). 
We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.  We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP.  
NOI on a cash-basis (“Cash NOI”) is a non-GAAP measure, which we calculate by adding or subtracting the following items from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rental revenue adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP.
The following table sets forth the revenue and expense items comprising NOI and the adjustments to calculate Cash NOI (in thousands): 
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Rental income$238,396 $204,212 $682,359 $583,474 
Less: Property expenses54,867 48,085 154,254 135,220 
Net Operating Income$183,529 $156,127 $528,105 $448,254 
Above/(below) market lease revenue adjustments(6,635)(7,241)(21,494)(21,763)
Straight line rental revenue adjustment(11,441)(11,792)(28,376)(28,073)
Cash Net Operating Income$165,453 $137,094 $478,235 $398,418 
    
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The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to NOI and Cash NOI (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net income$70,722 $61,790 $221,016 $182,270 
Adjustments:    
General and administrative20,926 18,575 60,213 55,039 
Depreciation and amortization69,241 60,449 203,415 178,671 
Other expenses492 551 2,204 1,504 
Interest expense27,340 15,949 70,423 46,830 
Management and leasing services(156)(158)(444)(519)
Interest income(3,291)(1,029)(10,709)(3,408)
Gains on sale of real estate(1,745)— (18,013)(12,133)
Net Operating Income$183,529 $156,127 $528,105 $448,254 
Above/(below) market lease revenue adjustments(6,635)(7,241)(21,494)(21,763)
Straight line rental revenue adjustment(11,441)(11,792)(28,376)(28,073)
Cash Net Operating Income$165,453 $137,094 $478,235 $398,418 
Non-GAAP Supplemental Measure: EBITDAre
We calculate earnings before interest expense, income taxes, depreciation and amortization for real estate (“EBITDAre”) in accordance with the standards established by NAREIT. EBITDAre is calculated as net income (loss) (computed in accordance with GAAP), before interest expense, income tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property or assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business and adjustments for unconsolidated joint ventures.
We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of equity REITs. However, our industry peers may not calculate EBITDAre in accordance with the NAREIT definition as we do and, accordingly, our EBITDAre may not be comparable to our peers’ EBITDAre. Accordingly, EBITDAre should be considered only as a supplement to net income (loss) as a measure of our performance.  
The following table sets forth a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to EBITDAre (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net income$70,722 $61,790 $221,016 $182,270 
Interest expense27,340 15,949 70,423 46,830 
Depreciation and amortization69,241 60,449 203,415 178,671 
Gains on sale of real estate(1,745)— (18,013)(12,133)
EBITDAre
$165,558 $138,188 $476,841 $395,638 
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Supplemental Guarantor Information
Subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the parent guarantee is “full and unconditional,” the subsidiary obligor is consolidated into the parent company’s consolidated financial statements and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information. The Company and the Operating Partnership have filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of the Operating Partnership, which will be fully and unconditionally guaranteed by the Company. At September 30, 2024, the Operating Partnership had issued and outstanding $300.0 million of 5.000% Senior Notes due 2028 (the “$300 Million Notes due 2028”), $400.0 million of 2.125% Senior Notes due 2030 (the “$400 Million Notes due 2030”), $400 million of 2.150% Senior Notes due 2031 (the “$400 Million Notes due 2031”), $575.0 million of 4.375% Exchangeable Senior Notes due 2027 (the “2027 Exchangeable Notes”) and $575.0 million of 4.125% Exchangeable Senior Notes due 2029 (the “2029 Exchangeable Notes” and together with the 2027 Exchangeable Notes, the “Exchangeable Notes”). The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on the $300 Million Notes due 2028, $400 Million Notes due 2030, $400 Million Notes due 2031 and Exchangeable Notes are guaranteed on a senior basis by the Company. The guarantee is full and unconditional, and the Operating Partnership is a consolidated subsidiary of the Company. Accordingly, separate consolidated financial statements of the Operating Partnership have not been presented.
Furthermore, as permitted under Rule 13-01(a)(4)(vi), the Company has excluded the summarized financial information for the Operating Partnership as the assets, liabilities and results of operations of the Company and the Operating Partnership are not materially different than the corresponding amounts presented in the consolidated financial statements of the Company, and management believes such summarized financial information would be repetitive and not provide incremental value to investors.
Liquidity and Capital Resources
Overview
Our short-term liquidity requirements consist primarily of funds to pay for operating expenses, interest expense, general and administrative expenses, capital expenditures, tenant improvements and leasing commissions, and distributions to our common and preferred stockholders and holders of common units of partnership interests in our Operating Partnership (“OP Units”). We expect to meet our short-term liquidity requirements through available cash on hand, cash flow from operations, by drawing on our unsecured revolving credit facility and by issuing shares of common stock pursuant to our at-the-market equity offering program or issuing other securities as described below.
Our long-term liquidity needs consist primarily of funds necessary to pay for acquisitions, recurring and non-recurring capital expenditures and scheduled debt maturities. We intend to satisfy our long-term liquidity needs through net cash flow from operations, proceeds from long-term unsecured and secured financings, borrowings available under our unsecured revolving credit facility, the issuance of debt and/or equity securities, including preferred stock, and proceeds from selective real estate dispositions as we identify capital recycling opportunities. 
As of September 30, 2024, we had:
•Outstanding fixed-rate and variable-rate debt with varying maturities for an aggregate principal amount of $3.4 billion, with $507.4 million due within 12 months (including the $100 million unsecured senior notes maturing on August 6, 2025 and the $400 million unsecured term loan facility maturing on July 18, 2025, which can be extended for one remaining one-year term at our option);
•Total scheduled interest payments on our fixed rate debt and projected net interest payments on our variable rate debt and interest rate swaps of $454.7 million, of which $127.0 million is due within 12 months;
•Commitments of $148.6 million for tenant improvements under certain tenant leases and construction work related to obligations under contractual agreements with our construction vendors; and
•Operating lease commitments with aggregate lease payments of $26.2 million, of which $1.8 million is due within 12 months.
See “Note 6 – Notes Payable” to the consolidated financial statements included in Item 1 of this Report on Form 10-Q for further details regarding the scheduled principal payments. Also see “Note 7 – Leases” to the consolidated financial statements for further details regarding the scheduled operating lease payments.
As of September 30, 2024, our cash and cash equivalents were $61.8 million, and we did not have borrowings outstanding under our unsecured revolving credit facility, leaving $995.0 million available for future borrowings after giving effect to the $5.0 million letter of credit that was issued under the unsecured revolving credit facility.
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Sources of Liquidity
Cash Flow from Operations
Cash flow from operations is one of our key sources of liquidity and is primarily dependent upon: (i) the occupancy levels and lease rates at our properties, (ii) our ability to collect rent, (iii) the level of operating costs we incur and (iv) our ability to pass through operating expenses to our tenants. We are subject to a number of risks related to general economic and other unpredictable conditions, which have the potential to affect our overall performance and resulting cash flows from operations. However, based on our current portfolio mix and business strategy, we anticipate that we will be able to generate positive cash flows from operations.
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 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 any 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.
Securities Offerings
We evaluate the capital markets on an ongoing basis for opportunities to raise capital, and as circumstances warrant, we may issue additional securities, from time to time, to fund acquisitions, for the repayment of long-term debt upon maturity and for other general corporate purposes. Such securities may include common equity, preferred equity and/or debt of us or our subsidiaries. Any future issuance, however, is dependent upon market conditions, available pricing and capital needs and there can be no assurance that we will be able to complete any such offerings of securities.
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 and $575.0 million in aggregate principal amount of 4.125% exchangeable senior unsecured notes due 2029. 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. 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.
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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 notes) or December 15, 2028 (in the case of the 2029 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.
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 agreement, which was initially $48.61 per share, will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreement.
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. Subsequent to September 30, 2024, in October 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.
We currently expect to physically settle the remaining 12,644,022 shares under the March 2024 Forward Sale Agreement by issuing shares of our common stock in exchange for cash proceeds upon one or more settlement dates, at our discretion, prior to the scheduled maturity date of March 27, 2025. As of October 18, 2024, the date of this Quarterly Report on Form 10-Q, the net forward sale price was $48.58 and would result in $614.2 million of cash proceeds upon physical settlement of the shares under the March 2024 Forward Sale Agreement.
Settlement of May 2023 Forward Equity Offering — On May 10, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 13,500,000 shares of common stock at an initial forward price of $55.24 per share (the “May 2023 Forward Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 13,500,000 shares of common stock in the offering. During 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.
During the first quarter of 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.
Capital Recycling
We continuously evaluate opportunities for the potential disposition of properties in our portfolio when we believe such disposition is appropriate in view of our business objectives. In evaluating these opportunities, we consider a variety of criteria including, but not limited to, local market conditions and lease rates, asset type and location, as well as potential uses of proceeds and tax considerations. Tax considerations include entering into tax-deferred like-kind exchanges under Section 1031 of the Code (“1031 Exchange”), when possible, to defer some or all of the taxable gains, if any, on dispositions.
During the nine months ended September 30, 2024, we completed the sale of five properties for an aggregate sales price of $44.3 million and net cash proceeds of $41.3 million. The net cash proceeds were used to partially fund the acquisition of three properties during the nine months ended September 30, 2024, through 1031 Exchange transactions.
We anticipate continuing to selectively and opportunistically dispose of properties, however, the timing of any potential future dispositions will depend on market conditions, asset-specific circumstances or opportunities, and our capital needs. Our ability to dispose of selective properties on advantageous terms, or at all, is dependent upon a number of factors including the availability of credit to potential buyers to purchase properties at prices that we consider acceptable.
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Investment Grade Rating
Our credit ratings at September 30, 2024, were Baa2 (Stable outlook) from Moody’s and BBB+ (Stable outlook) from both S&P and Fitch with respect to our Credit Agreement (described below), Exchangeable Notes, $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), $25.0 million unsecured guaranteed senior notes and $75.0 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”), $300 Million Notes, $400 Million Notes due 2030 and $400 Million Notes due 2031. Our credit ratings at September 30, 2024, were BBB- from both S&P and Fitch with respect to our 5.875% Series B Cumulative Redeemable Preferred Stock and our 5.625% Series C Cumulative Redeemable Preferred Stock. Our credit ratings are based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed by the credit rating agencies in their rating analysis of us, and, although it is our intent to maintain our investment grade credit rating, there can be no assurance that we will be able to maintain our current credit ratings. In the event our current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing indebtedness as maturities become due.
Credit Agreement    
As of September 30, 2024, under the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), we have an unsecured revolving credit facility with a borrowing capacity of $1.0 billion (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 extended the maturity date of the $400 Million Term Loan 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) 1-month SOFR (“Term SOFR”) plus the applicable margin; (ii) daily Secured Overnight Financing Rate (“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 the filing date of this Quarterly Report on Form 10-Q, 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.
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Uses of Liquidity
Acquisitions
One of our most significant liquidity needs has historically been for the acquisition of real estate properties. Year to date, as of the filing date of this Quarterly Report on Form 10-Q, we completed ten acquisitions representing 55 properties with a combined 4.3 million rentable square feet of buildings on 206 acres of land, for an aggregate purchase price of $1.4 billion, and we are actively monitoring a volume of properties in our markets that we believe represent attractive potential investment opportunities to continue to grow our business. As of the filing date of this Quarterly Report, we have approximately $200.0 million of investments under contract or accepted offer. There can be no assurance we will complete any such transactions. While the actual number of investments that we complete will be dependent upon a number of factors, in the short term, we expect to fund our investments through available cash on hand, cash flows from operations, borrowings available under the Revolver, recycling capital through property dispositions and, in the long term, through the issuance of equity securities or proceeds from long-term secured and unsecured financings. See “Note 3 – Investments in Real Estate” to the consolidated financial statements for a summary of the investments we completed during the nine months ended September 30, 2024.
Recurring and Nonrecurring Capital Expenditures
Capital expenditures are considered part of both our short-term and long-term liquidity requirements. As discussed above under — Factors that May Influence Future Results —Acquisitions and Value-Add Repositioning and Redevelopment of Properties, as of September 30, 2024, 24 of our properties were under current repositioning and redevelopment and we have a pipeline of 15 additional properties for which we anticipate beginning construction work between the fourth quarter of 2024 and the fourth quarter of 2025. We currently estimate that approximately $439.3 million of capital will be required over the next few years (4Q-2024 through 2Q-2027) to complete the repositioning/redevelopment of these properties. However, this estimate is based on our current construction plans and budgets, both of which are subject to change as a result of a number of factors, including increased costs of building materials or construction services and construction delays related to supply chain backlogs and increased lead time on building materials. If we are unable to complete construction on schedule or within budget, we could incur increased construction costs and experience potential delays in leasing the properties. We expect to fund these projects through a combination of available cash on hand, the issuance of common stock under the 2023 ATM Program and/or settlement of the March 2024 Forward Sale Agreement, cash flow from operations and borrowings available under the Revolver.
The following table sets forth certain information regarding non-recurring and recurring capital expenditures at the properties in our portfolio as follows: 
 Nine Months Ended September 30, 2024
 
Total(1)
Square Feet(2)
Per Square Foot(3)
Non-Recurring Capital Expenditures(4)
$245,593 34,345,576 $7.15 
Recurring Capital Expenditures(5)
11,746 48,686,146 $0.24 
Total Capital Expenditures$257,339  
(1)Cost is reported in thousands. Excludes the following capitalized costs: (i) compensation costs of personnel directly responsible for and who spend their time on redevelopment, renovation and rehabilitation activity and (ii) interest, property taxes and insurance costs incurred during the pre-construction and construction periods of repositioning or redevelopment projects.
(2)For non-recurring capital expenditures, reflects the aggregate square footage of the properties in which we incurred such capital expenditures. For recurring capital expenditures, reflects the weighted average square footage of our consolidated portfolio during the period.  
(3)Per square foot amounts are calculated by dividing the aggregate capital expenditure costs by the square footage as defined in (2) above.
(4)Non-recurring capital expenditures are expenditures made in respect of a property for repositioning, redevelopment, or other major upgrade or renovation of such property, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements or capital expenditures for deferred maintenance existing at the time such property was acquired.
(5)Recurring capital expenditures are expenditures made in respect of a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems.
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Dividends and Distributions
In order to maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. To satisfy the requirements to qualify as a REIT and generally not be subject to U.S. federal income tax, we intend to distribute a percentage of our cash flow on a quarterly basis to holders of our common stock. In addition, we intend to make distribution payments to holders of OP Units and preferred units and dividend payments to holders of our preferred stock.
On October 14, 2024, our board of directors declared the following quarterly cash dividends/distributions record dates and payment dates.
SecurityAmount per Share/UnitRecord DatePayment Date
Common stock$0.4175 December 31, 2024January 15, 2025
OP Units$0.4175 December 31, 2024January 15, 2025
5.875% Series B Cumulative Redeemable Preferred Stock
$0.367188 December 16, 2024December 31, 2024
5.625% Series C Cumulative Redeemable Preferred Stock
$0.351563 December 16, 2024December 31, 2024
4.00% Cumulative Redeemable Convertible Preferred Units
$0.45 December 16, 2024December 31, 2024
3.00% Cumulative Redeemable Convertible Preferred Units
$0.545462 December 16, 2024December 31, 2024
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Indebtedness Outstanding
The following table sets forth certain information with respect to our consolidated indebtedness outstanding as of September 30, 2024: 
 Contractual Maturity DateMargin Above SOFR
Effective Interest Rate(1)
 
Principal Balance
(in thousands)(2)
Unsecured and Secured Debt:
Unsecured Debt: 
 
Revolving Credit Facility5/26/2026
(3)
S+0.725 %
(4)
5.785 %
(5)
$— 
$400M Term Loan7/18/2025
(3)
S+0.800 %
(4)
4.872 %
(6)
400,000 
$100M Senior Notes8/6/2025n/a4.290 %
 
100,000 
$575M Exchangeable Senior Notes due 2027(7)
3/15/2027n/a4.375 %575,000 
$300M Term Loan5/26/2027S+0.800 %
(4)
3.717 %
(8)
300,000 
$125M Senior Notes7/13/2027n/a3.930 %125,000 
$300M Senior Notes due 20286/15/2028n/a5.000 %300,000 
$575M Exchangeable Senior Notes due 2029(7)
3/15/2029n/a4.125 %575,000 
$25M Series 2019A Senior Notes7/16/2029n/a3.880 %25,000 
$400M Senior Notes due 203012/1/2030n/a2.125 %400,000 
$400M Senior Notes due 20319/1/2031n/a2.150 %400,000 
$75M Series 2019B Senior Notes7/16/2034n/a4.030 %75,000 
Total Unsecured Debt$3,275,000 
Secured Debt:    
$60M Term Loan(9)
10/27/2025
(9)
S+1.250 %
(9)
5.060 %$60,000 
5160 Richton Street11/15/2024n/a3.790 %3,933 
22895 Eastpark Drive11/15/2024n/a4.330 %2,482 
701-751 Kingshill Place1/5/2026n/a3.900 %6,885 
13943-13955 Balboa Boulevard7/1/2027n/a3.930 %14,310 
2205 126th Street12/1/2027n/a3.910 %5,200 
2410-2420 Santa Fe Avenue1/1/2028n/a3.700 %10,300 
11832-11954 La Cienega Boulevard7/1/2028n/a4.260 %3,792 
Gilbert/La Palma3/1/2031n/a5.125 %1,590 
7817 Woodley Avenue8/1/2039n/a4.140 %2,781 
Total Secured Debt$111,273 
Total Consolidated Debt 3.835 %$3,386,273 
(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/discounts or the facility fee on the Revolver.
(2)Excludes unamortized debt issuance costs and premiums/discounts totaling $36.1 million, which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of September 30, 2024.
(3)The Revolver has two six-month extensions and the $400 Million 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 Million Term Loan by one year to July 18, 2025.
(4)As of September 30, 2024, the interest rates on these loans are comprised of daily SOFR for both the Revolver and $400 Million Term Loan and Term SOFR for the $300 Million Term Loan (in each case increased by a 0.10% SOFR adjustment), plus an applicable margin of 0.725% per annum for the Revolver and 0.80% per annum for the Term Loans, and a sustainability-related rate adjustment of zero. These loans are also subject to a 0% SOFR floor.
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(5)The Revolver is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of September 30, 2024, the applicable facility fee is 0.125% per annum with a sustainability-related rate adjustment of zero. The effective rate assumes daily SOFR of 4.960% as of September 30, 2024.
(6)As of September 30, 2024, daily SOFR for the $400 Million Term Loan has been swapped to a fixed rate of 3.97231%, resulting in an all-in fixed rate of 4.87231% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(7)Noteholders have the right to exchange their notes upon the occurrence of certain events. 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.
(8)As of September 30, 2024, Term SOFR for the $300 Million Term Loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.71725% after adding the SOFR adjustment and applicable margin and sustainability-related rate adjustment.
(9)The $60.0 million term loan facility (the “$60 Million Term 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. As of September 30, 2024, Term SOFR for this loan has been swapped to a fixed rate of 3.710%, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. The loan is secured by six properties and has three one-year extensions available at the borrower’s option, subject to certain terms and conditions. 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.
The following table summarizes the composition of our consolidated debt between fixed-rate and variable-rate and secured and unsecured debt as of September 30, 2024:
 Average Term Remaining
(in years)
Effective
Interest Rate(1)
Principal Balance
(in thousands)(2)
% of Total
Fixed vs. Variable:    
Fixed(3)
3.83.835%$3,386,273 100%
Variable——%$— —%
Secured vs. Unsecured:
Secured2.14.553%$111,273 3%
Unsecured3.93.811%$3,275,000 97%
(1)Includes the effect of interest rate swaps that were effective as of September 30, 2024. Interest rates are not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums/discounts or the facility fee on the Revolver.
(2)Excludes unamortized debt issuance costs and premiums/discounts totaling $36.1 million, which are presented as a reduction of the carrying value of our debt in our consolidated balance sheet as of September 30, 2024.
(3)Fixed-rate debt includes our variable rate debts that have been effectively fixed through the use of interest rate swaps through maturity.
At September 30, 2024, we had consolidated indebtedness of $3.4 billion, reflecting a net debt to total combined market capitalization of approximately 22.2%. Our total market capitalization is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our net debt is defined as our consolidated indebtedness less cash and cash equivalents.  
Debt Covenants
The Credit Agreement, $60 Million Term Loan, $100 Million Notes, $125 Million Notes and Series 2019A and 2019B Notes all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis:
•Maintaining a ratio of total indebtedness to total asset value of not more than 60%;
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•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 Million Notes due 2028, $400 Million Notes due 2030 and $400 Million Notes due 2031 (together the “Registered Notes”) contain the following covenants (as defined in the indentures) that we must comply with:
•Maintaining a ratio of total indebtedness to total asset value of not more than 60%;
•Maintaining a ratio of secured debt to total asset value of not more than 40%;
•Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and
•Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0.
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 S&P, Moody’s or Fitch.
We were in compliance with all of our quarterly debt covenants as of September 30, 2024.
Cash Flows
Comparison of the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023
The following table summarizes the changes in net cash flows associated with our operating, investing, and financing activities for the nine months ended September 30, 2024 and 2023 (in thousands):
 Nine Months Ended September 30, 
 20242023Change
Cash provided by operating activities$362,661 $311,561 $51,100 
Cash used in investing activities$(1,539,143)$(1,272,780)$(266,363)
Cash provided by financing activities$1,204,874 $1,007,701 $197,173 
Net cash provided by operating activities. Net cash provided by operating activities increased by $51.1 million to $362.7 million for the nine months ended September 30, 2024, compared to $311.6 million for the nine months ended September 30, 2023. The increase was primarily attributable to the incremental cash flows from property acquisitions completed subsequent to January 1, 2023 and the increase in Cash NOI from our Same Property Portfolio, partially offset by higher cash interest paid as compared to the prior year period and changes in working capital.
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Net cash used in investing activities. Net cash used in investing activities increased by $266.4 million to $1.5 billion for the nine months ended September 30, 2024, compared to $1.3 billion for the nine months ended September 30, 2023. The increase was primarily attributable to a $175.8 million increase in cash paid for property acquisitions and a $117.8 million increase in cash paid for construction costs, including costs related to repositioning/redevelopment projects, partially offset by a $25.0 million increase in proceeds from the sale of real estate for comparable periods.
Net cash provided by financing activities. Net cash provided by financing activities increased by $197.2 million to $1.2 billion for the nine months ended September 30, 2024, compared to $1.0 billion for the nine months ended September 30, 2023. The increase was primarily attributable to an increase of $1.1 billion in net cash proceeds from the issuance of the Exchangeable Notes in March 2024. This increase was partially offset by the following: (i) a decrease of $580.8 million in net cash proceeds from the issuance of shares of our common stock, (ii) a decrease of $296.9 million in net cash proceeds from the issuance of the $300 Million Notes in March 2023 and (iii) an increase of $51.9 million in cash dividends paid to common stockholders and common unitholders as a result of an increase in our quarterly per share/unit cash dividend and an increase in the number of common shares outstanding.
Inflation
We do not believe that inflation has historically had a material impact on the Company. While currently moderating, significant inflation in recent years has resulted in increased operating expenses, capital expenditures and cost of our variable-rate borrowings which could have a material impact on our financial position or results of operations. The majority of our leases are either triple net or provide for tenant reimbursement for costs related to real estate taxes and operating expenses. In addition, most of the leases provide for fixed rent increases. We believe that inflationary increases to real estate taxes, utility expenses and other operating expenses may be partially offset by the contractual rent increases and tenant payment of taxes and expenses described above.
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 Item 3.        Quantitative and Qualitative Disclosures about Market Risk
Market risk refers to the risk of loss from adverse changes in market prices and interest rates. A key market risk we face is interest rate risk. We are exposed to interest rate changes primarily as a result of using variable-rate debt to satisfy various short-term and long-term liquidity needs, which have interest rates based upon SOFR. We use interest rate swaps to manage, or hedge, interest rate risks related to our borrowings. Because actual interest rate movements over time are uncertain, our swaps pose potential interest rate risks, notably if interest rates fall. We also expose ourselves to credit risk, which we attempt to minimize by contracting with highly-rated banking financial counterparties. For a summary of our outstanding debt, see Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources. For a summary of our interest rate swaps and recent transactions, see “Note 8 – Interest Rate Derivatives” to our consolidated financial statements.
As of September 30, 2024, we had total consolidated indebtedness, excluding unamortized debt issuance costs and premiums/discounts, of $3.39 billion. As of September 30, 2024, 100% of this consolidated indebtedness is fixed-rate debt under the terms of the loan or through the use of interest rate swaps. As such, as of September 30, 2024, if SOFR were to increase or decrease, there would be no impact to interest expense or future earnings and cash flows.
Interest risk amounts are our management’s estimates and are determined by considering the effect of hypothetical interest rates on our financial instruments. We calculate interest sensitivity by multiplying the amount of variable rate debt outstanding by the respective change in rate. The sensitivity analysis does not take into consideration the possibility of future changes in the balances or fair value of our floating rate debt or the effect of any change in overall economic activity that could occur in that environment. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in our financial structure.

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Item 4.        Controls and Procedures  
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is processed, recorded, summarized, and reported within the time periods specified in the Security and Exchange Commission’s rules and forms and that such information is accumulated and communicated to management, including the Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
As required by SEC Rule 13a-15(b), we carried out an evaluation, under the supervision and with the participation of management, including our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024, the end of the period covered by this report.
Based on the foregoing, our Co-Chief Executive Officers and Chief Financial Officer concluded that, as of September 30, 2024, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting. No changes to our internal control over financial reporting were identified that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II. OTHER INFORMATION
Item 1.        Legal Proceedings
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.
Item 1A.    Risk Factors
Please refer to our Risk Factors as set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to the risk factors as set forth in that document.
Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds
(a) Unregistered Sales of Equity Securities
None.
(b) Use of Proceeds
None.
(c) Issuer Purchases of Equity Securities
Period
Total Number of Shares 
Purchased(1)
Average Price 
Paid per Share		Total Number of Shares Purchased as Part of 
Publicly Announced Plans or Programs		Maximum 
Number (or approximate dollar value) of Shares that May Yet Be Purchased Under the Plans 
or Programs
July 1, 2024 to July 31, 2024
627 $49.58 N/AN/A
August 1, 2024 to August 31, 2024
174 $50.30 N/AN/A
September 1, 2024 to September 30, 2024
963 $50.30 N/AN/A
 1,764 $50.04 N/AN/A
(1)Reflects shares of common stock that were tendered by certain of our employees to satisfy tax withholding obligations related to the vesting of restricted shares of common stock.
Item 3.        Defaults Upon Senior Securities
None.
Item 4.        Mine Safety Disclosures
None.
Item 5.        Other Information
(a). None
(b). None
(c). During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each such term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits
 
Exhibit 
3.1
3.2
3.3
3.4
3.5
22.1*
31.1* 
31.2* 
31.3* 
32.1* 
32.2* 
32.3* 
101.1* 
The registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Equity (unaudited), (v) Consolidated Statements of Cash Flows (unaudited) and (vi) the Notes to the Consolidated Financial Statements (unaudited) that have been detail tagged.
104.1*Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
*    Filed herein

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto authorized.
 
  Rexford Industrial Realty, Inc.
   
October 18, 2024 
/s/ Michael S. Frankel
  Michael S. Frankel
  Co-Chief Executive Officer (Principal Executive Officer)
   
October 18, 2024 
/s/ Howard Schwimmer
  Howard Schwimmer
  Co-Chief Executive Officer (Principal Executive Officer)
   
October 18, 2024 
/s/ Laura E. Clark
  Laura E. Clark
 Chief Financial Officer
(Principal Financial and Accounting Officer)

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