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美國
證券交易委員會
華盛頓特區20549
表格 10-Q

(標記一個)
☑根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 2024年9月30日
或
☐根據1934年證券交易法第13或15(d)條款的過渡報告
到                  天從發票日期計算，被視為商業合理。                 
委員會檔案編號： 001-36008
Rexford Industrial Realty, Inc.
（依憑章程所載的完整登記名稱） 
 
馬里蘭州。46-2024407
(成立地或組織其他管轄區)（聯邦稅號）
11620 Wilshire Boulevard，1000室洛杉磯加利福尼亞州90025
(總部辦公地址)（郵政編碼）
(310) 966-1680
(註冊人電話號碼，包括區號)
無可奉告
(如與上次報告不同，列明前名稱、前地址及前財政年度)
根據法案第12(b)條規定註冊的證券：
每個類別的標題交易符號每個註冊的交易所名稱
普通股，每股面值0.01美元 REXR紐約證券交易所
5.875%乙系列累積可贖回優先股REXR-市凈率紐約證券交易所
5.625% Series C累積可贖優先股REXR-市凈率紐約證券交易所
請在核選記號區域表明：（1）本登記申請人在過去12個月（或申請人需要提交此項申報的較短期間）內已提交證券交易所法案第13條或第15(d)條要求提交的所有報告，且（2）本申請人在過去90日內已遵守上述提交要求。是  ☑不☐
請在勾選符號上註明，是否在過去的12個月內（或更短的時間內，如果註冊人需提交此類文件），根據Regulation S-t第405條規定向本章第232.405條提交所需提交的每個交互式資料檔案。是  ☑不☐
請用勾選標示法指示登記者是否為大型快速檔案申報者、加速檔案申報者、非加速檔案申報者、較小型報告公司或新興成長公司。請參見《交易法》第120億2條對「大型快速檔案申報者」、「加速檔案申報者」、「較小型報告公司」和「新興成長公司」的定義。
大型加速歸檔人☑加速歸檔人☐
非加速歸檔人☐小型報告公司☐
新興成長型企業☐
如果作為新興成長企業，請在勾選處表明，申報人選擇不使用根據《交易法》第13(a)條提供的任何新的或修訂的財務會計準則的延長過渡期來遵守。☐   
在核准書上打勾表示公司是否為殼公司（如交易所法規定的第1202條所定義）。 是☐不☑
2024年10月18日，普通股的流通股數為 222,391,725.


瑞維斯特工業房地產股份有限公司。
2024年9月30日結束的三個月和九個月的季度報告
目 錄
 
第一部分 
  
  
  
  
  
  
  
 
 
 
第二部分。 
 
 
 
 
 
 
 
 

2

第一部分. 財務資訊
 
項目 1. 基本報表

瑞維斯特工業房地產股份有限公司。
合併資產負債表
(未經審核，數字以千為單位 - 除每股及每股資料外)
 2024年9月30日2023年12月31日
資產  
土地$7,703,232 $6,815,622 
建築和修繕4,416,032 3,933,379 
承租人改裝181,785 167,251 
傢具、裝置和設備132 132 
在建工程370,431 240,010 
持有投資用的總房地產業12,671,612 11,156,394 
累積折舊(925,373)(782,461)
房地產業投資，淨額11,746,239 10,373,933 
現金及現金等價物61,836 33,444 
應收貸款，淨額123,129 122,784 
租金及其他應收款項，淨額17,315 17,494 
遞延租金應收款項，淨額151,637 123,325 
遞延租賃成本，淨額69,152 59,351 
透過賒帳費用，淨額2,356 3,426 
取得之租賃無形資產，淨額205,510 153,670 
取得之無限期無形資產
5,156 5,156 
利率掉期資產
3,880 9,896 
其他資產34,092 25,225 
併購相關存款— 2,125 
總資產$12,420,302 $10,929,829 
負債及股權  
負債  
應付票據$3,350,190 $2,225,914 
利率互換負債295 — 
應付帳款、應計費用及其他負債169,084 128,842 
分紅派息和分配款項應付款項95,288 83,733 
取得租賃無形負債淨額155,328 147,561 
租戶安全押金91,983 84,872 
房客預付租金93,218 115,002 
總負債3,955,386 2,785,924 
股權  
Rexford Industrial Realty, Inc.股東權益  
優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至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 每股面額為 10,050,000 授權股份數：
5.875％b系列優先股，累積贖回， 3,000,000 於2024年9月30日和2023年12月31日有($75,000 優先清償權)
72,443 72,443 
5.625% C系列累積可贖回優先股, 3,450,000 2024年9月30日及2023年12月31日的流通股數（$86,250 優先清償權)
83,233 83,233 
普通股，每股面值$0.01 每股面額為 489,950,000 授權並 219,507,345 和 212,346,450 2024年9月30日和2023年12月31日的流通股份分別為
2,195 2,123 
資本公積額額外增資8,318,979 7,940,781 
超出盈利的累計派息(407,695)(338,835)
其他綜合收益累計額1,474 7,172 
股東權益總額8,070,629 7,766,917 
非控制權益394,287 376,988 
股東權益總額8,464,916 8,143,905 
負債及股東權益總計$12,420,302 $10,929,829 
附注是這些綜合基本報表的重要部分。
3

瑞維斯特工業房地產股份有限公司。
綜合營運狀況表
(未經審核，數字以千為單位 - 除每股及每股資料外)

 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
營收   
租金收入$238,396 $204,212 $682,359 $583,474 
管理和租賃服務156 158 444 519 
利息收入3,291 1,029 10,709 3,408 
總收入241,843 205,399 693,512 587,401 
營業費用
房地產費用54,867 48,085 154,254 135,220 
總務與行政20,926 18,575 60,213 55,039 
折舊與攤提69,241 60,449 203,415 178,671 
營業費用總額145,034 127,109 417,882 368,930 
其他費用  
其他費用492 551 2,204 1,504 
利息費用27,340 15,949 70,423 46,830 
總支出172,866 143,609 490,509 417,264 
房地產出售收益1,745 — 18,013 12,133 
凈利潤70,722 61,790 221,016 182,270 
減：歸屬非控股權益的凈利潤(2,952)(2,824)(9,399)(8,605)
歸屬Rexford Industrial Realty, Inc.的凈利潤67,770 58,966 211,617 173,665 
減：優先股股息(2,314)(2,314)(6,943)(6,943)
減：分配給參與證券的收益 (395)(314)(1,222)(952)
歸屬於普通股股東的凈利潤$65,061 $56,338 $203,452 $165,770 
基本每股普通股東應佔凈利潤$0.30 $0.27 $0.94 $0.83 
稀釋後每股普通股股東應佔淨利潤$0.30 $0.27 $0.94 $0.83 
普通股權重平均股份數-基本218,759,979 205,279,681 216,857,153 200,455,490 
普通股權重平均股份數-稀釋219,133,037 205,447,532 216,993,590 200,667,573 
 
附注是這些綜合基本報表的重要部分。
4

瑞維斯特工業房地產股份有限公司。
綜合收益陳述
（未經審計，單位：千元）
 
 
截至9月30日的三個月截至9月30日的九個月
 2024202320242023
凈利潤$70,722 $61,790 $221,016 $182,270 
其他全面(虧損)收益：現金流量避險調整
(12,789)4,760 (5,901)13,313 
綜合收益57,933 66,550 215,115 195,583 
綜合收益歸屬於非控制權益(2,523)(2,967)(9,196)(9,023)
歸屬於瑞斯福工業房地產公司的全面收益
$55,410 $63,583 $205,919 $186,560 
 
 
附注是這些綜合基本報表的重要部分。
5

瑞維斯特工業房地產股份有限公司。
股權變動備註
（未經審核，以千為單位 – 除每股資料外）
 
優先股常見股票數量
股份		Common
股票		額外的
實收資本		超出盈餘的累積分配累計
其他
綜合收益（損失）		總計
股東权益
股權		非控制權益
權益投資		股東權益總額
2024年6月30日餘額$155,676 217,840,073 $2,178 $8,235,484 $(381,507)$13,834 $8,025,665 $389,511 $8,415,176 
發行普通股股票— 1,650,916 17 80,796 — — 80,813 — 80,813 
發行成本— — — (1,008)— — (1,008)— (1,008)
基於股份的報酬— (25,183)— 1,981 — — 1,981 8,208 10,189 
股份用於滿足員工解禁限制性股票時的稅款要求— (1,764)— (88)— — (88)— (88)
將OP單位轉換為普通股— 43,303 — 1,814 — — 1,814 (1,814)— 
凈利潤2,314 — — — 65,456 — 67,770 2,952 70,722 
其他全面損失
— — — — — (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)
優先單位分配— — — — — — — (501)(501)
普通股 送轉（$0.4175 每普通股$）
— — — — (91,644)— (91,644)— (91,644)
普通股分配— — — — — — — (3,640)(3,640)
2024年9月30日結餘$155,676 219,507,345 $2,195 $8,318,979 $(407,695)$1,474 $8,070,629 $394,287 $8,464,916 

附注是這些綜合基本報表的重要部分。

6


瑞維斯特工業房地產股份有限公司。
權益變動表合併資料（續）
（未經審核，以千為單位 – 除每股資料外）
 優先股普通份數
股份		Common
股票		額外的
實收資本		超過盈利的累計分配
累計
其他
綜合收益
總計
股東权益
股權		非控制權益
權益投資		股東權益總額
2023年6月30日結餘$155,676 201,041,741 $2,010 $7,311,458 $(298,367)$16,525 $7,187,302 $367,512 $7,554,814 
發行普通股股票— 5,400,000 54 300,186 — — 300,240 — 300,240 
發行成本— — — (2,103)— — (2,103)— (2,103)
基於股份的報酬— (5,946)— 1,887 — — 1,887 6,554 8,441 
為滿足員工股票解禁時的稅款扣繳要求而購得的股份— (2,016)— (103)— — (103)— (103)
將OP份額轉換為普通股— 50,508 1 2,029 — — 2,030 (2,030)— 
凈利潤2,314 — — — 56,652 — 58,966 2,824 61,790 
其他綜合收益
— — — — — 4,617 4,617 143 4,760 
優先股股息（$0.367188 每B系列優先股份$0.351563 每C系列優先股份$）
(2,314)— — — — — (2,314)— (2,314)
優先單位分配— — — — — — — (802)(802)
普通股 送轉（$0.38 每普通股份）
— — — — (78,465)— (78,465)— (78,465)
普通股份單位分配— — — — — — — (2,954)(2,954)
截至2023年9月30日的結餘$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
（未經審計，單位：千元）
 截至9月30日的九個月
  20242023
營業活動之現金流量：  
凈利潤$221,016 $182,270 
調整淨利潤以達經營活動所提供之淨現金流量：  
折舊與攤提203,415 178,671 
攤銷凈(以下)高於市場租金無形資產及其他延遲租金，在某些其他低於市場租金的租約上
(21,494)(21,763)
債務發行成本攤銷3,529 2,856 
票據應付款項折扣（溢價）攤銷，淨額3,295 474 
租賃資產減值— 188 
淨貸款籌資費用及成本累積
(345)— 
房地產出售收益(18,013)(12,133)
以股權為基礎的薪酬費用30,063 24,300 
直線租金(28,376)(28,073)
終止／結算利率衍生工具的支付— (161)
與終止／結算利率衍生工具相關的攤銷410 402 
工作資本元件的變動：  
租金及其他應收款項714 (3,735)
已延遲出租成本(22,244)(18,579)
其他資產(6,082)(7,308)
應付帳款、應計費用及其他負債25,342 32,263 
租戶安全押金(1,144)2,122 
房客預付租金
(27,425)(20,233)
經營活動產生的淨現金流量362,661 311,561 
投資活動產生的現金流量:  
房地產業投資收購(1,297,539)(1,121,774)
資本支出(285,015)(167,245)
房地產收購保證金退回（支付），淨額
2,125 — 
房地產業出售收益41,286 16,239 
投資活動中使用的淨現金(1,539,143)(1,272,780)
融資活動產生的現金流量:  
普通股發行，淨額369,921 950,734 
借款款項收入1,129,875 646,925 
償還借款(6,751)(354,911)
發行債務成本支付
(4,602)(3,042)
分紅派息給優先股股東(6,943)(6,943)
普通股股東所得之股息支付(262,582)(212,265)
分發給普通有限合夥人的派息(10,085)(8,504)
分發給優先股有限合夥人的派息(1,829)(2,402)
購回普通股以滿足員工的稅款扣繳要求(2,130)(1,891)
籌資活動提供的淨現金1,204,874 1,007,701 
現金、現金等價物和受限現金的增加
28,392 46,482 
期初現金及現金等價物
33,444 36,786 
現金及現金等價物期末餘額
$61,836 $83,268 
現金流量資訊的補充披露：  
支付利息現金（資本化利息$）23,853 15.116,060 截至2024年和2023年九個月的支付利息現金（扣除資本化利息）
$59,321 $39,826 
補充披露非現金交易事項：  
以租賃負債交換獲得的營業租賃使用權資產$2,084 $— 
對資本支出的應計$68,907 $53,249 
對股息和分配的應計$95,288 $81,423 
附注是這些綜合基本報表的重要部分。
10

瑞維斯特工業房地產股份有限公司。
基本報表附註
(未經查核)

1.    組織
Rexford Industrial Realty, Inc.是一家自行管理和自經營的全方位股權房地產投資信托(REIT)，專注於擁有和經營南加州填補市場的工業物業。我們於2013年1月18日成立，作為馬里蘭州公司，而Rexford Industrial Realty, L.P.（“營運夥伴”），我們是其唯一的普通合夥人，於2013年1月18日成立為馬里蘭州有限合夥。通過我們對營運夥伴及其子公司的控股，我們主要擁有、管理、租賃、收購、重新定位和重建位於南加州填補市場的工業不動產，並不時收購或提供以工業區域土地或適合工業發展的土地為抵押品的抵押貸款。截至2024年9月30日，我們合並組合包括的 423 物業擁有約 50.1 百萬可租賃平方英尺。
在這些基本報表中，“我們”、“我們的”和“公司”一詞指的是Rexford Industrial Realty, Inc.，除非情況另外要求，還包括其子公司（包括我們的營運夥伴）。
 2.    重要會計政策摘要
報表根據呈報基礎和合併原則編制。
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日的三個和九個月，所呈現的是Rexford Industrial Realty, Inc.及其子公司（包括我們的營運夥伴）的合併基本報表。所有公司間的結餘和交易在合併基本報表中已予以消除。
根據整合指引，我們確定我們的營運夥伴是變量實體，因為有限合夥權益持有人無實質捍卫權或參與權。此外，我們是營運夥伴的主要受益人，因為我們有義務承擔損失並有權從營運夥伴和獨家控制營運夥伴的活動。截至2024年9月30日和2023年12月31日，公司和營運夥伴的資產和負債基本一致，因為公司除了對營運夥伴的投資外，沒有任何重大資產。
隨函附上的未經審計的中期綜合基本報表已根據美國證券交易委員會（“SEC”）的規則和法規編製。根據SEC的規則和法規，一些可能包含在按照美國通用會計準則（“GAAP”）編製的基本報表中的資訊和腳註披露可能已被簡化或省略，儘管我們認為這些披露足以使其呈現不具誤導性。隨函附上的未經審計的基本報表中，我們認為已包括所有調整事項，包括正常性的遞延調整，以便公平呈現其中載明的財務資訊。中期財務報表的營運結果並不一定能夠預示截至2024年12月31日之年度的結果。應該在與我們2023年12月31日年度10-K表格上的綜合基本報表和附註一起閱讀中期財務報表。
任何有關物業數量、建築物數目和平方英尺的資料均未經審計，並不在我們獨立註冊的美國上市公司會計師事務所根據美國公眾公司會計監督委員會標準審核我們基本報表的範疇內。
估計的使用
依照GAAP規範準備基本報表需要管理階層作出一定的估計和假設，這些將影響合併基本報表和相關附註中所報告的金額。實際結果可能與這些估計有所不同。  
現金及現金等價物
現金及現金等價物包括所有在初期到期日為三個月或以下的現金和流動投資。由於這些投資的短期到期性，其攜帶金額接近公允價值。
11

受限現金
受限現金通常由從房地產銷售所得款項組成，這些款項由合格的中介機構持有，用於促進根據1986年修訂版內部稅收法規第1031條進行的延遲稅款的類似物交換（以下簡稱“法規”）。我們將受限現金與現金及現金等價物一併呈列於綜合現金流量表中，並提供資產負債表和現金流量表之間的調整，前提是我們存在未解決的受限現金餘額。截至2024年9月30日和2023年12月31日，我們並未持有受限現金餘額。
房地產業投資
收購
我們對財產的收購進行會計準則更新（ASU 2017-01）的賬戶說明。 業務組合 - 澄清業務定義，該標準提供了一個框架，用於確定交易應當作為資產或業務的收購來進行會計處理，並進一步修訂了對業務的定義。 我們對財產的收購通常不符合修訂後的業務定義，因此按資產收購進行賬戶處理。
對於資產收購，我們將收購成本（其中包括支付給賣方的現金和非現金考慮以及相關的收購交易成本）按照相對公平價值的方式分配給所收購的個別資產和負債。這些個別資產和負債通常包括土地、建築物和改良、承租人改良、無形資產和與市場租金及低於市場租金的租賃相關的負債，與採用租約相關的無形資產，以及不時承擔的按揭負債。由於對於資產收購不存在測量期概念，所收購資產的分配成本在發生收購的期間確定。
我們通過將該物業估值為虛空來判斷收購物業有形資產的公平價值。這個“似乎是虛空”的價值是通過一種依賴於公司假設的收入或現金流量折現方法來估算的，這種方法依賴於Level 3的輸入，這是基於觀察不到的公司假設與市場參與者將使用的假設相關的輸入。這些Level 3的輸入包括折扣率、退出資本化率、市場租金率、租金增長率和類似物業的可比銷售數據，包括土地銷售。對未來現金流的估計基於多方面因素，包括歷史運營結果、已知和預期趨勢，以及市場和經濟條件。在判斷著有關於2024年9月30日結束的九個月中收購的物業的“似乎是虛空”的值時，我們使用了折扣率範圍從 5.50%。 8.25%，以及退出資本化率範圍從 4.50%。 6.50%.
在確定無形租賃資產或負債的公平價值時，我們也考慮第3級的輸入。取得的高於和低於市場租金的租賃根據市場租金率與現有租金率之間的差額的現值進行評估，該差額是利用剩餘租期（對於高於市場租金的租約）和高於市場的初始租賃期加上任何合理確定會行使的低於市場固定利率續租期的期數來衡量。取得的現有市場承租租約的估計公平價值是將該物業租出至收購日期時的物業出租率的估算成本。我們考慮估計的成本，例如與出租佣金、法律和其他成本相關的價值，以及出租此類物業至其收購時的出租率所需的估計時間段。在確定截至2024年9月30日結束的九個月內完成的收購的公平價值時，我們使用了預估的平均出租期間範圍。 6 個月至幾年的期限內，美國鋼鐵的絕大部分無條件採購義務均涉及供應工業氣體和某些能源和實用服務。無條件采購義務還包括與Gateway Energy & Coke Company LLC（Gateway）的焦化供應協議有關的焦炭和蒸汽採購承諾，根據該協議，Gateway有義務供應熱回收焦爐廠預期目標年產量的最低成交量，而美國鋼鐵有義務按照合同價格從Gateway購買焦炭。截至2024年6月30日，如果美國鋼鐵終止協議，可能需要支付超過$的金額。 15 個月。
不時地，我們可能進行出售及回租交易，即與買方/承租人同時簽訂租約，並同時完成物業的收購。以非市場條款進行的出售及回租交易會進行調整，以便按公允價值記錄交易。如果購買價格低於收購物業的公平價值，或者合約回租支付的現值低於市場租金支付的現值，則差額會在合併資產負債表中被確認為「承租人預付租金」，並按照租約期限進行直線基礎的出租收入認列。
承擔的債務公平價值和面值之間的差額，如有，與收購相關，將被記錄為溢價或折扣並按照承擔的債務期限分攤至「利息費用」。 承擔責任的估值是基於我們對收購日期實際上相似責任的當前市場利率的估計。
與房地產業收購相關的拆除費用應作為收購成本的一部分資本化，如果拆除（i）作為收購的一部分而被考慮，並（ii）在收購後合理期限內發生。如果拆除未被考慮為收購的一部分，或者拆除未在收購後合理期限內發生，那麼拆除費用將被視為支出。
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成本資本化
我們將在開發、翻新、改造和改善房地產資產過程中直接產生的成本歸入投資基礎。這包括一些一般和行政成本，如工資、獎金和非現金股權報酬，這些成本是為了讓房地產資產為其預定用途做好準備而由執行重建、翻新和復修工作的人員可確認的。在專案的重建和施工期間，我們還將利息、地產稅和保險費用計入資本支出。我們在專案重大施工活動終止後的一年內，或在專案實質完工時停止將成本計入資本支出。如果專案的某些部分已基本完成並可使用，而其他部分尚未達到該階段，我們將停止將成本計入已完成部分的專案，但將繼續計入專案未完成部分的成本。針對房地產資產的維修和保養成本將在發生時支出。
我們於2024年及2023年截至九月三十日期間，分別將利息成本資本化為$百萬。8.6 百萬美元和6.2 百萬在截至2024年和2023年9月30日的三個月內，分別為$23.9 百萬美元和16.1 我們將合計$斤兩的房地產稅和保險成本進行資本化。2.1 百萬美元和1.9 百萬在截至2024年和2023年9月30日的三個月內，分別為$6.5 百萬美元和5.0 分別於2024年和2023年截至9月30日的九個月中，我們獲得了7100萬美元和6300萬美元的額外收入。我們將為提供施工服務的員工的補償成本進行資本化，金額為$3.5 百萬美元和2.8 百萬在截至2024年和2023年9月30日的三個月內，分別為$10.0 百萬美元和8.0 於截至2024年及2023年9月30日的九個月內，分別達到了 期權百萬美元。
折舊和攤銷
房地產業，包括土地、建築和土地改良、租戶裝修、傢具、固定設備和無形租賃資產及負債均按照歷史成本減除累積折舊和攤銷列示，除非情況顯示成本無法收回，屆時屬性的帳面價值將根據我們對於長期資產減值的政策下所討論的估計公允價值進行調降。為了記錄折舊費用，我們估計我們房地產資產合理的折舊部分和相關可用年限。
對建築物、場地改善、現有租賃無形資產和承租人改善的价值進行分攤，採用估計使用年限的直線折舊法，估計使用年限通常在某個範圍內。 10-30 年用於建築物， 5-25 場地改善的使用年限為 對現有租賃無形資產和承租人改善，則使用估計使用年限或相應租賃期限中較短的存續期限。
如上所述——房地產業投資——收購在物業收購方面，我們可能收購租金高於或低於市場租金的租賃。這些差異被記錄為取得的租賃無形資產或負債，並在相關租約剩餘期間攤銷至「租金收入」。
我們對資產的使用壽命估計是在取得時評估的，並在情況顯示使用壽命發生變化時進行評估，這需要對有形和無形資產的經濟淘汰作出重大判斷。
待售資產
當符合《會計準則編碼》（“ASC”）360主題中所列標準的所有條件時，我們將一項資產歸類為可供銷售。 產業、廠房及設備 （“ASC 360”）的準則已經全部符合。這些標準如下：(i)具有核准採取行動權限的管理階層承諾計劃出售該資產；(ii)該資產在目前的狀態下即可銷售，僅受通常及習慣條款約束；(iii)已啟動尋找買家的積極計劃和完成出售計劃所需的其他行動；(iv)預計該資產的銷售是可能的且預計將在一年內完成；(v)該資產正在積極以合理價格相對於其當前公允價值進行銷售市場推廣；(vi)完成出售計劃所需的行動表明不太可能對計劃進行重大更改或撤回。當我們將一項資產歸類為可供銷售時，我們停止記錄折舊和攤銷。已歸類為可供銷售的資產按其攜帶金額或估計的公允價值減去賣出成本中的較低者進行計量和報告。截至2024年9月30日和2023年12月31日，我們沒有任何資產被歸類為可供銷售。
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長壽資產減損
根據ASC 360中關於資產減值或處置的條款，我們評估我們各自長期資產的帳面價值，包括營業租賃使用權資產（“ROU資產”），每當事件或情況的變化表明這些資產的帳面金額可能無法完全收回時。房地產資產和其他長期資產的收回能力是通過比較資產的帳面金額與預估的未折現現金流量來衡量。
為了檢討房地產業資產是否能夠恢復，我們考慮當前市場條件以及我們對於持有或處置該資產的意圖。對於基礎資產的意圖可能會隨著市場環境和其他因素的變化而改變。對於辦公室空間租賃資產，如果原辦公室空間租賃剩餘租金超過次租賃收入，表示可能存在損耗跡象，這暗示著該ROU資產的攜帶價值可能無法恢復。公平價值是通過各種估值技術來確定，包括貼現現金流模型、將資產的預估淨營業收入應用資本化率、報價市場價值和必要時進行第三方評估。基於一些與未來預期和用於管理我們基礎業務的戰略計劃相一致的假設，預測未來現金流量的使用是基於這些假設。
如果我們的分析顯示，房地產業資產和其他長期資產的攜帶金額無法在未折現現金流基礎上收回，我們將認列一筆減損費用，金額為攜帶金額超過房地產財產目前預估公允價值的部分。
用於淨現金流、貼現率和資本化率的回收性分析的假設和估計是複雜且主觀的。經濟和運營環境的變化或者在我們對房地產業投資的意圖方面出現的變化，可影響這些假設並導致未來對我們的房地產物業進行減損。 截至2024年和2023年9月30日的三個月和九個月期間，我們的房地產資產價值記錄了減損費用。 無 我們的資產價值上記錄的減損費用發生在截至2024年和2023年9月30日的三個月和九個月期間。
為配合2023年2月提前終止我們一份辦公室空間租約的情況，我們在2023年第一季度記錄了一筆$的減損費用，以降低相關ROU資產的帳面價值。截至2024年9月30日的三個月和九個月內均未記錄任何此類減損費用。這筆減損費用呈現在合併營運報表的「其他費用」中。0.2 截至2024年9月30日的三個月和九個月內均未記錄任何此類減損費用。這筆減損費用呈現在合併營運報表的「其他費用」中。
租賃會計
作為出租人的租賃合同
我們根據ASC主題842評估新與收購交易部分所起源或承擔的租賃，以判斷租賃分類。 租賃 總的來說，我們所有的租賃在歷史上通常被歸類為經營型租賃。如果租賃的重大風險和報酬歸於承租人，則出租方將其歸類為銷售型租賃。如果租賃期間中，承租人合理確定會行使的自動轉移擁有權的標題，或者租賃中有承租人合理確定會行使的購買選擇權，而且租賃期限（包括承租人合理確定會行使的延伸選項）超過資產剩餘經濟使用壽命的大部分（例如等同或超過75%），如果最低租金支付現值在租賃起始日佔租賃物的公正價值的絕大部分（例如等同或超過90%），或者如果資產具有如此特殊性質以至於租賃期滿後不提供任何對於出租方的替代用途（因此不會為出租方提供任何未來價值）。此外，這樣的新租賃將被評估以確認它們是否會變成未達成的售後租回交易，如適用，並由出租方作為融資交易會計。截至2024年9月30日和2023年12月31日，我們沒有任何依據售後租賃規定而被歸為銷售型或融資租賃的租賃。
作為承租方的租賃合同
我們在簽訂初期判斷安排是否為租賃。營運租賃的ROU資產納入「其他資產」，而租賃負債則包括在我們的合併資產負債表中的「應付帳款、應計費用及其他負債」。ROU資產代表我們在租賃期間使用或控制指定資產的權利，而租賃負債則代表我們根據租約發生的租金支付義務。營運租賃的ROU資產和負債根據租賃期間的租金現值於開始日期承認。因為我們的租約未提供內含利率，所以我們基於開始日期提供的資訊使用我們的增量借款利率來判斷租金現值。營運租賃的ROU資產還包括任何已支付的租金，並排除租賃激勵措施。我們的租約條款可能包含在我們合理確定我們將行使該選項時延長租約的選擇權。租金支出一般按照租約期間以直線方式承認，通過對ROU資產和租賃負債的攤銷。此外，對於我們的營運租賃，我們不區分非租賃
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從關聯租賃元件中排除常見區域維護等元件。詳見《附註7-租賃》中根據租賃會計準則要求的租賃人揭露。
所得稅
我們選擇在根據代碼開始的首個納稅年度截至2013年12月31日，按房地產投資信託(REIT)的身份納稅。為了符合REIT的資格，我們需要（除其他事項外）向我們的股東分配至少所得稅應至少 90%的REIT應納稅收入，並滿足代碼規定的其他各種要求，包括營運結果、資產持有情況、分配水平和股權多元化等事項。假如我們符合REIT的稅收要求，通常不必就從我們的活動中獲得、目前分配給我們的股東的收益支付公司層面的所得稅。如果我們在任何稅收年度未能符合REIT的要求，且無法使用代碼中列明的某些節省條款，我們所有的應納稅收入都將受到普通聯邦企業所得稅的課徵，其中包括對我們應納稅收入徵收的任何適用替代性最低稅。
我們擁有並可能取得直接或間接持有權，該等持有權在選擇或將選擇以代碼下的信托稅為其徵稅的一個或多個實體中發揮作用（每個皆為「子信托」）。子信托受本文所述的各種信托資格要求和其他適用於我們的限制所限制。如果子信托未能資格為信托，則（i）該子信托將面臨常規聯邦公司所得稅，（ii）該等子信托的股份將不再符合信托資產測試的要求，（iii）我們可能未能通過適用於信托的某些資產測試，屆時我們將未能資格為信托，除非我們可以利用某些解除條款。
我們受各州和當地司法管轄區的稅收管理，包括我們進行業務或居住的地方。除了我們的子公司REIt（一家於2022年7月18日收購的私人REIt）外，我們的無稅子公司，包括我們的營運合夥企業，對於聯邦所得稅目的來說，都是合夥企業或被忽略的實體。根據適用的聯邦和州所得稅規則，從被忽略的實體和合夥企業等流向實體分配的凈利潤或虧損在各自股權持有人的所得稅申報表中需要報告。我們的應稅REIt子公司是一家C型公司，根據聯邦和州所得稅進行納稅。然而，它具有累積的未承認淨營業虧損可承轉。因此， 無 所得稅費用已包含在截至2024年9月30日和2023年9月30日止三個月和九個月的附帶綜合基本報表中。
我們定期評估我們的稅務立場，判斷根據其技術優勢，根據時效規定對所有開放的稅收年度，是否有可能在稅務機構的審查中獲得支持。截至2024年9月30日和2023年12月31日，我們尚未為不確定的稅務立場確立責任。
衍生工具和避險活動
我們面臨著來自業務運作和經濟狀況的某些風險。我們主要通過管理核心業務活動來管理各種業務和運營風險。我們通過管理債務融資的金額、來源和期限以及使用衍生金融工具主要管理利率期貨、流動性和信用風險等經濟風險。具體來說，我們訂立衍生金融工具以管理由業務活動引起的未來已知和不確定現金金額支付風險，其價值由利率所決定。我們使用衍生金融工具來管理我們已知或預期的現金支付金額的差異的時間和期限，這主要與我們的借款有關。
根據ASC主題815： 衍生品和避險我們將所有衍生金融工具按公允價值記錄於資產負債表中。衍生金融工具公允價值變動的會計處理取決於衍生金融工具的預期使用情況，以及我們是否選擇指定某一衍生金融工具作為避險關係並應用避險會計，以及避險關係是否符合適用避險會計所需的標準。指定為避險額外本質風險(如利率風險)所造成資產、負債或已承諾事項未來公平價值變動的衍生金融工具，被視為公允價值避險。指定為避免未來現金流量變動或其他預期交易不確定性的衍生金融工具，被視為現金流量避險。避險會計通常要求在避險工具上確認收益或損失之時間對齊，以配合公允價值避險中與避險風險相關的被避險資產或負債的公平價值變化，或者現金流量避險中被避險預期交易的盈利影響。即使當避險會計不適用，或者我們選擇不應用避險會計，我們仍可能進行旨在經濟對應特定風險的衍生合約。
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我們在使用利率衍生品時的目標是為了使利息費用更穩定並管理對利率變動的風險。為實現此目標，我們主要使用利率掉期，作為我們的利率風險管理策略的一部分。將現金流避險指定為對沖，涉及我們從交易對手處收取變動金額，以換取我們在協議期內支付固定利率的款項，而無需交換基礍名義金額。我們有時也利用現金流避險來鎖定美國國庫券價格，以預期未來的固定利率債務發行('國庫券利率鎖定協議')。與符合現金流避險資格的衍生工具的公允價值變動有關的收益或損失將被認列在其他綜合收益/(損失)帳戶中（'AOCI'）。當對適用現金流避險的衍生工具終止時，根據協議的剩餘期限，將在AOCI記錄的餘額攤銷至利息費用，只要被對沖的預測交易仍有可能發生。在結算國庫券利率鎖定協議時，仍留在AOCI中的金額將在對沖交易的基礎期間內通過收入進行攤銷。用於終止或結算利率衍生品的現金支付將根據衍生工具的對沖資金流的性質，在附帶的合併現金流量表中按營運活動提供的現金流量呈現。詳細信息請參見“附註8 - 利率衍生品”。
營收認證
我們的主要收入來源包括租金收入、管理和租賃服務、利息收入以及房地產業出售所得。
租金收入
我們主要根據不可取消的營業租賃條款，將工業空間出租給租戶，通常包含最低基本租金和特定營業費用的補償條款。根據相關租賃條款的期限，總最低年度租金支付按照直線法認列為租賃收入，無論合同上支付時限如何，只要可收回性是可能的。租金收入認列從租戶取得或控制租賃空間的實際使用時開始。終止租金，包括在租金收入中的租金解約費，在相關租約被取消並我們無持續提供服務給該前租戶時認列。
我們與租戶的租賃協議通常包含要求租戶償還我們某些財產費用的條款。從這些財產費用，包括房地產稅、保險、共同區域維護和其他可收回的營業費用的估計償還，在產生費用的期間被識別為營業收入。年底後，我們對每份租賃進行最終對賬，並對任何累積的年度調整向每位租戶開具帳單或賒帳。由於收入確認的時間和模式相同，如果獨立核算，租賃部分將被歸為營業租賃，因此租金和租戶償還費用被視為一個組合租賃部分，並在我們的綜合營運報表中呈現為單一項目「租金收入」。
我們將出租人成本（其中包括房地產稅）的收入和支出以毛額基礎記錄，當這些成本被我們的租戶償還時。相反地，當我們的租戶直接向稅務機關代表我們支付出租人成本時，我們將收入和支出以淨額基礎記錄。
管理和租賃服務
我們向相關方和第三方物業業主提供物業管理服務和租賃服務，以費用和佣金作為交換。物業管理服務包括進行物業檢查、監控維修和保養、協商供應商合同、維持租戶關係以及提供財務和會計監督。我們根據管理的物業每月租戶現金收款的固定百分比，賺取月度管理費。我們確定在服務提供給客戶時同時轉移對服務的控制權。因此，管理費收入是在向客戶提供服務時賺取的。
租賃佣金是在我們提供租賃服務並與租戶簽訂執行租約時獲得的。我們確定在每份租約協議簽訂時將服務控制權移交給客戶。我們根據每份執行租約協議產生的租金收入的固定百分比來賺取租賃佣金，並不存在任何變量收入組成部分。
房地產業出售的收益或損失
我們按照ASC 610-20規定計算房地產業資產的處置，這些被視為非金融資產。 其他收入-來自非金融資產去認列的收益和虧損 並且在將非金融資產的控制權轉移給購買者時，根據賣出房地產的收益或損失進行確認，通常在此時支付。
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出售的時間。如果我們擬通過轉讓非金融資產的控制權來部分出售房地產業，同時保留一個非控制性所有權，我們將按公允價值計量收到或保留的非控制性權益，並確認全部利潤或虧損。如果我們在轉讓非金融資產的控制權之前收到對價，我們會確認一筆合約負債。如果我們在考慮到位收到之前轉讓該資產的控制權，我們將確認一筆合約資產。
當租賃合同包含購買期權時，我們會在租賃開始和承租人表達行使購買期權意向時判斷承租人執行購買期權的機率。如果我們判斷行使購買期權是相對確定的，我們將把租賃列為銷售型租賃，並在資產負債表上取消相關的房地產資產並記錄房地產銷售的收益或虧損。
利息收入
貸款應收利息是根據應計基礎在貸款壽命中使用利息方法來確認的。貸款籌資費用，扣除籌備成本後，根據有效利息方法在貸款期間進行增值或分期攤銷，作為調整利息收入。通常，當貸款逾期超過90天或確定不可能全額收回時，貸款被列為非應計狀態。當貸款被列為非應計狀態時，將暫停應收利息確認。在貸款被列為非應計狀態時，已應計但未收取的利息將被撤銷，並隨後僅在現金收取或符合恢復應計狀態資格條件時才予以確認。然而，當對貸款本金的最終收回能力存在疑慮時，所有收到的現金都將用於減少該等貸款的攤提價值。只有在合約履行當前或未來付款的收回合理保證時，貸款才能恢復到應計狀態。
營運租賃應收款項的估值    
我們可能會出現租客違約和破產，這些事情可能會影響未償還應收帳款的收款，包括因直線性認知租金收入而產生的延期租金應收款，而且與我們營運租賃相關的租金應收款。為了降低這些風險，我們會在執行重大租賃之前，對潛在租戶進行信貸審查和分析，以及在購買物業之前對現有租戶進行信用評估和分析。我們每季度對營運租賃應收款項的可收取性進行評估，其中包括檢討我們的應收帳款年齡和性質、租戶的付款歷史和財務狀況、我們評估租戶履行其租賃義務的能力以及與租戶的任何爭議談判狀況。作業租約的可追收性評估的任何變更均被視為合併營運報表中的租金收入的調整（可能是減少或增加）。 根據我們的季度可收集性評估結果，我們認可 $0.8 百萬和美元1.0 百萬元作為截至二零二四年九月三十日及 2023 年 9 月三十日止三個月的租金收入淨減調整，以及 $3.3 百萬和美元2.6 綜合業務報表中分別為截至二零二四年九月三十日及 2023 年九月三十日止九個月之租金收入減少淨額的百萬元。
應收貸款
我們的應收貸款在合併資產負債表中以攤銷成本反映。我們的應收貸款的攤銷成本是未償還的未付本金餘額，扣除與貸款原始產生直接相關的未攤銷成本和費用。
關於我們應收貸款利息的應計利息，根據預期將收回的淨金額記錄於合併賬戶中的「租金及其他應收款淨額」中。
根據ASC主題326下的目前預期信用損失方法： 金融工具-信用損失 需要估計貸款壽命內預期的信用損失。我們通過評估下列項目來評估我們的貸款應收賬款和相關應收利息的信用損失備抵措施的需求：(i)特定於資產的風險，包括抵押品性質、目前貸款-價值比率和抵押品未來公平價值變化的潛在情況，(ii)其他相關可得資訊，來自內部和外部來源，關於可能影響借款方在到期時償還貸款能力的當前條件，如借款方當前的財務狀況和信用評級，以及(iii)曾經的損失(根據當前條件和合理可支持的預測進行調整) 僅針對相似抵押品擔保的金融資產，總稱為“信用損失評估準則”。詳情請參見“附註5-應收貸款”。
待役租賃成本
我們會資本化因產生一份租約而不得不支出的孰加成本，如果沒有執行這份租約是不會發生的。因此，推遲的租賃成本通常只包括第三方經紀佣金。
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債務發行成本
與識別的債務負債有關的債務發行成本在資產負債表中呈現為扣除債務負債的攤銷後價值。這與一筆債務折扣類似，有效地減少借款收益。對於循環信貸安排，我們將債務發行成本呈現為一項資產並在信貸額度安排的期限內攤銷成本。有關詳細信息，請查閱“附註6 - 應付票據”。
股權報酬制度
我們根據ASC主題718來核算股權相關的報酬。 報酬-股份報酬所有股份獎勵的總報酬成本基於授予日股權工具的估計公允市場價值。對於僅取決於服務條件的股份獎勵，我們將按照整個獎勵的全部必須服務期間依直線基礎承認報酬成本。對於根據市場條件取得的股份獎勵，我們將按照各自單獨取得的分段期服務期間依直線基礎承認報酬成本。對於根據績效條件取得的股份獎勵，我們將根據預期根據績效條件可能結果為取得的獎勵數量承認報酬成本。這些獎勵的報酬成本將根據最終取得的獎勵數量進行調整。沒收的部分將在發生時期內承認。詳情請參見“備註13-激勵獎勵計劃”。
股本發行
與普通股票發行和我們的市場股權發行計劃相關的承銷佣金和發行成本已反映為額外資本的減少。 與我們的優先股發行相關的承銷佣金和發行成本已反映為優先股餘額的直接減少。
根據相關會計準則，我們在股本合約中銷售普通股票（如在“附註12-股權”中討論）被視為非負債，而且根據以下評估符合衍生工具和避險指引範圍例外，應按股權工具來計算：（i）合約的執行條件未基於除了與我們自己股票價格和業務相關的可觀察市場或指數；以及（ii）沒有規定結算條款排除這些協議不得與我們自己的股票掛鉤。
每股盈利
我們根據ASC主題260來計算每股收益（EPS）。 每股收益 在ASC 260下，包含有不可放棄權利的分紅的未授權股份支付獎勵被視為參與證券，因此按照雙級方法計算基本EPS時將其納入計算。雙級方法根據已宣佈（或累積）的分紅以及它們在未分配盈餘中的參與權利，為每個普通股份類別和參與證券確定EPS。
基本每股收益是通過將歸屬於普通股股東的凈利潤（虧損）除以期間內普通股股票的加權平均持股數計算的。
攤薄後每股收益是根據將歸屬於普通股股東的淨收益（損失）除以基本每股收益計算確定的普通股股份加權平均數，再加上任何可能具有稀釋效應的證券，包括在無總部股份出售協議下可發行的股份以及按照庫藏股法計算的未授予權益股份獎勵。我們在攤薄每股收益的計算中包括未授予的受限股份和未授予的LTIP單位，並使用兩類法或庫藏股法中較具稀釋效果的那一種。我們在計算攤薄每股收益時將未授予的表現單位作為有條件發行的股份，一旦達到市場標準，就假定報告期結束時即為條件期滿。此外，如果交換票據具有稀釋效果，我們將其納入稀釋每股收益的計算中。任何不具稀釋效果的證券都將被從攤薄每股收益的計算中排除。詳見“附註14 - 每股收益”.
板塊報告
管理階層將公司視為一個報告單元，基於其內部報告方法以及資本和資源的分配。
採納新的會計準則
2022年6月，FASB發布了ASU 2022-03。 公平價值衡量（主題820）：受有合約銷售限制的股權工具的公平價值衡量 （ASU 2022-03）。ASU 2022-03澄清了合同銷售
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在衡量股權證券的公平價值時，不考慮限制條件，並要求所有具有受約定銷售限制的股權證券的實體進行特定披露，包括（1）資產負債表反映的此類股權證券的公平價值，（2）相應限制的性質和剩餘期限，以及（3）可能導致限制失效的任何情況。此外，ASU 2022-03禁止實體將約定銷售作為單獨的計算單元。 ASU 2022-03適用於2023年12月15日後開始的財政年度，包括該等財政年度內的中期時段，並允許提前採納。採納ASU 2022-03對我們的合併基本報表沒有實質影響。
最近公佈的會計準則（已頒布但尚未採納）
2023年11月，FASb發布了ASU 2023-07，旨在改善可報告的部門披露，以及增強有關顯著可報告的部門費用的披露。此指引將於我們的年度報告開始生效，即2024年12月31日結束的財政年度及其後的中期期間，并要求對所有已呈報的前期期間進行追溯應用。由於這些修訂不改變營運部門的識別方法，營運部門的匯總或定量門檻的應用以確定可報告的部門，我們不認為此指引對我們的財務狀況或經營業績產生實質影響。 分部報告（主題280）：改善可報告分部披露 （“ASU 2023-07”）. ASU 2023-07的修訂通過加強有關報告節段披露要求，主要是通過增加信息披露以闡明對首席營運決策者（“CODMs”）提供的重要節段費用，CODMs的頭銜和職位，以及CODMs如何使用節段的利潤/損失指標來評估節段表現並分配資源。此外，只有一個要報告節段的實體現在必須提供ASU 2023-07修訂要求的所有披露，以及在主題280所需的現有節段披露。ASU 2023-07將於2023年12月15日後開始的財政年度生效，並於2024年12月15日後開始的財政年度內的中期時段內生效，並允許提前採納。我們預計ASU 2023-07的採納不會對我們的綜合財務報表產生實質影響，因為我們預計主要變化將是增加與我們單一要報告節段相關的額外披露。
3.    房地產業投資
收購
以下表格彙總了我們在2024年9月30日結束的九個月期間所收購的全部自有資產：
房產險子市場收購日期可出租平方英尺建築物數量
合同購買價格(1)
（以千為單位）
5000及5010 Azusa Canyon Road洛杉磯-聖蓋博谷1/31/2024233,984 2 $84,000 
黑石工業資產(2)
Various3/28/20243,008,578 48 996,800 
4422機場路聖伯納迪諾-內陸帝國西4/5/202488,283 1 26,725 
1901羅斯林大道橙縣-北部5/10/2024278,572 1 94,250 
16203-16233箭路洛杉磯-聖蓋博谷5/23/2024134,542 4 48,500 
950西190街洛杉磯-南灣7/22/2024188,545 1 41,290 
12900 Alondra大道洛杉磯-中部9/20/202482,660 1 19,200 
總計2024筆資產收購4,015,164 58 $1,310,765 
(1)代表總合同購買價格，在某些抵免款項、劃分金額、交易費用和其他相關收購成本之前。上表中總合同購買價格中未包括的總資本化交易費用和收購相關成本，淨某些抵免款項，金額約為$1.7 百萬。除非另有說明，每筆收購均由現有現金資金資助。
(2)代表透過三筆單獨交易與三家黑石房地產業實體所進行的物業收購。 48 properties pursuant to three separate transactions with three 黑石 Real Estate entities.
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    以下表格依據相對公平價值基礎，總結了分配給上表中每個主要資產和負債類別的金額，截至每筆收購的日期（以千美元計）。
 2024年收購活動
資產：
土地$901,632 
建築和修繕346,415 
承租人改裝4,215 
取得租賃無形資產(1)
92,349 
其他收購資產(2)
1,884 
總資產收購$1,346,495 
負債：
取得租賃無形資產負債(3)
$32,119 
其他承擔的負債(2)
16,837 
總承擔負債$48,956 
合計淨資產總值$1,297,539 
(1)取得的租賃無形資產包括(i) $67.2 百萬美元的就位租賃無形資產，帶加權平均攤銷期為 4.3 年，以及(ii) $25.1 百萬美元的超市場租賃無形資產，帶加權平均攤銷期為 4.1 年
(2)包括收購時取得的其他運營資產和承擔的負債，包括適當分攤。
(3)以加權平均攤銷期間表示低於市場租金的無形資產。 11.7 年
處分
下表概述了截至2024年9月30日九個月內售出的物業相關信息：
房產險子市場處分日期可出租平方英尺
合同銷售價(1)
（以千為單位）
記錄收益
（以千為單位）
東斯特吉斯路2360-2364號文圖拉4/16/202449,641 $10,000 $6,261 
阿隆德拉大道6423-6431號 及 6407-6119號洛杉磯-南灣5/03/202430,224 7,600 5,077 
菲格羅亞街15401號洛杉磯-南灣5/07/202438,584 10,225 4,203 
哈斯凱爾大道8210號洛杉磯 - 聖費爾南多谷5/17/202426,229 9,200 727 
2553 加菲爾德大道洛杉磯 - 中區8/20/202425,615 7,275 1,745 
總計170,293 $44,300 $18,013 
(1)Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.
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4.    Acquired Lease Intangibles  
    以下表格彙總了我們相關的資產收購無形資產，包括現場租戶租賃的價值、高於市場的租戶租約以及低於市場的地上租約，以及我們相關的資產收購無形負債，包括低於市場的租戶租約（以千元計）：
 2024年9月30日2023年12月31日
取得租賃無形資產：  
租賃營運資產的價值$403,191 $338,001 
累積攤銷(240,675)(207,804)
無形租賃資產淨額$162,516 $130,197 
高於市場租戶租約$50,224 $25,598 
累積攤銷(19,789)(14,808)
高於市場租戶租賃，淨額$30,435 $10,790 
低於市場地面租約$12,977 $12,978 
累積攤銷(418)(295)
低於市場地面租約，淨額$12,559 $12,683 
取得之租賃無形資產，淨額$205,510 $153,670 
取得租賃無形負債：  
低於市場租戶租約$(280,894)$(249,853)
累積攤銷
125,566 102,292 
資產低於市值的租戶租約，淨額$(155,328)$(147,561)
取得租賃無形負債淨額$(155,328)$(147,561)
    以下表格總結了截至2024年和2023年9月30日三個月和九個月的我們取得的租賃無形資產和負債相關的攤銷（單位：千元）：
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
租賃營運資產的價值(1)
$12,900 $10,024 $34,929 $32,757 
低於市場價格的租戶租約(2)
$(5,770)$(7,282)$(18,896)$(21,886)
市價以下的地面租賃(3)
$41 $41 $123 $123 
(1)營運合併報告中記錄了對現有租賃無形資產的攤銷項目，該攤銷項目記錄在所呈現期間的折舊和攤銷開支中。
(2)扣除淨低於市場的租戶租賃攤銷，按期提供的綜合操作報表將其記錄為租金收入增加。
(3)淨低市場地租攤提會計記錄在所呈列的合營營運財務報表中，視為物業費用增加。
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5.    應收貸款

2023年10月26日，我們與位於第1街15801號物業的收購相關，發行了一筆$$$的貸款。125.0 百萬美元的貸款由鄰近的英畝工業發展用地及兩個在交割時用貸款款項資助的貿易准備賬戶擔保。 150據估計貸款資產的市值，貸款應收款的貸款價值比率低於%。 60基於貸款資產估計公平價值，貸款應收款的貸款價值比率低於%。 7.50年利率為%，要求每月支付利息，到期時付清剩餘款項，實際利率為%，包括貸款豁免成本和費用。 8.00年利率為%，要求每月支付利息，到期時付清剩餘款項，實際利率為%，包括貸款豁免成本和費用。 一年。 2028年10月26日到期，共有1年 展期可由借款人選擇，在符合某些條件並支付一定的展期費用後。 0.25貸款允許部分或全部償還，並視償還時間而設不同比例的罰款。 1.00%。 2.00此貸款還包括我們有權在未來收購基礎工業開發地點的優先購買權。
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日超過SOFR的保證金
利率(1)
 
合約上的
到期日
 
無擔保和有擔保債務
無擔保債務：
循環信貸設施$— $— S+0.725 %
(2)
5.785 %
(3)
5/26/2026
(4)
40000萬美元定期貸款400,000 400,000 S+0.800 %
(2)
4.872 %
(5)
7/18/2025
(4)
10000萬美元優先票據100,000 100,000 n/a4.290 %
 
8/6/2025
57500萬美元到期日為2027年的可轉換優先票據
575,000 — n/a4.375 %3/15/2027
$30000萬的定期貸款300,000 300,000 S＋0.800 %
(2)
3.717 %
(6)
5/26/2027
$12500萬的優先票據125,000 125,000 n/a3.930 %7/13/2027
$30000萬到期於2028年的優先票據300,000 300,000 n/a5.000 %6/15/2028
$57500萬到期於2029年的可換股優先票據
575,000 — n/a4.125 %3/15/2029
$2500萬2019A年債券25,000 25,000 n/a3.880 %7/16/2029
$40000萬到期日為2030年的債券400,000 400,000 n/a2.125 %12/1/2030
$40000萬到期日為2031年的債券400,000 400,000 n/a2.150 %9/1/2031
$7500萬20190年億元債券75,000 75,000 n/a4.030 %7/16/2034
總共無擔保債務$3,275,000 $2,125,000 
已擔保債務:   
 
 
 
7612-7642 Woodwind Drive
$— $3,613 n/a5.240 %1/5/2024
11600 Los Nietos Road
— 2,290 n/a4.190 %5/1/2024
$6000萬定期貸款(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 聖塔費大道(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
吉爾伯特/拉帕爾瑪(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
總保證債務$111,273 $118,025 
未經擔保和擔保總債務$3,386,273 $2,243,025 
減：未攤銷優惠/折價和債務發行成本(10)
(36,083)(17,111)
總計 $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.
23

(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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發行可換股優先票據
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 $48.95 per share of our common stock on March 26, 2024.
We may not redeem the 2027 Exchangeable Notes at our option prior to their maturity. The 2029 Exchangeable Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at our option at any time, and from time to time, on or after May 20, 2027 and on or before the 41st scheduled trading day immediately before the maturity date of the 2029 Exchangeable Notes, but only if the last reported sale price per share of our common stock exceeds 130% of the exchange price of the 2029 Exchangeable Notes for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the 2029 Exchangeable Notes to be redeemed, plus accrued and unpaid interest, if any.
如果發生根本性變更（例如，控制權變更，我們的普通股退市或股東批准清算或解散計劃），則，在有限例外的情況下，持票人可能要求我們以現金回購其票據，回購價格為本金加上任何應計利息。此外，如果在到期日之前發生特定的全額償還基本變更，或者我們就2029年可換股票發行贖回通知，則在某些情況下，匯率將根據預先確定的金額增加。
就每一系列的「可換股票據」發行有關，本公司簽訂註冊權利協議，根據該協議在交換可兌換債券後可交付的普通股份（如有）註冊轉售。如果我們在註冊權利協議下的義務有關的某些條件不滿足，則我們將在某些情況下為適用的可兌換債券系列支付額外利息，以每年不超過年利率 0.5百分比。此外，如在兌換債券到期日之前的正常記錄日期之後未滿足這些條件，則我們將在到期時支付額外的利息，以等於 3適用之可換票據系列的本金百分比。根據《ASC》小目 825-20，我們將該等額外利息金額作為可定義務計算： 金融工具-註冊付款安排， 根據 ASC 子主題 450-20 分別測量： 損失應變。由於截至 2024 年 9 月 30 日不可能支付此類額外利息金額，因此截至 2024 年 9 月 30 日，我們沒有承認任何責任。
信貸協議
截至2024年9月30日，在第四次修改及重新簽署的信貸協議（“信貸協議”）下，我們擁有一個未擔保的可循環信貸設施（“循環信貸設施”），亦可發行信用證，總金額不超過1.0 億美元，一個未擔保的循環信貸設施（“循環信貸設施”），同時還可發行總額不超過100.0 百萬美元的未擔保定期貸款設施（“百萬美元定期貸款”），以及一個百萬美元的未擔保定期貸款設施（“百萬美元定期貸款”，與百萬美元定期貸款合稱“定期貸款設施”）。根據信貸協議中訂明的特定條款和條件，我們可以申請額外300.0的貸款300 的貸款400.0的貸款400 的貸款”以及“300 的貸款”合稱“貸款設施”。根據信貸協議中規定的特定條款和條件，我們可以申請額外
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增加借款人承諾並將信貸協議的規模擴大另外$，800.0百萬，可以是Revolver下附加循環承諾，對Term Facility的增加，附加的長期貸款條款或上述任何組合。
這把左輪槍的到期日為2026年5月26日，並且有可用的展延期權。 兩個 二零二三年十二月，公司通過一家新成立的子公司（「2023 NSA 成員」），與由Heitman Capital Management LLC建議的州公積金基金（「2023 JV 投資者」，連同2023 NSA 成員「2023 JV 成員」）簽署了一份協議（「2023 JV 協議」），以收購和運營自存倉物業。2023 JV 協議規定，在為期24個月的投資期內（如果2023 JV 成員都同意，則可以有6個月的延長期限），2023 JV 成員可以提供高達$期權 million的權益資本，其中，2023 JV 投資者持有Venture %的所有權，2023 NSA 成員持有剩餘部分的所有權。 期權金額為$400 這筆1百萬美元的定期貸款預定於2024年7月19日到期，並且有可用的展延期權。 兩個 一年期 於2024年7月12日，我們行使了這筆1百萬美元的第一次展延期權。400 百萬美元定期貸款，將到期日延長至 一年 直至2025年7月18日。該$300 百萬美元定期貸款將在2027年5月26日到期。
信貸協議的利息通常根據我們的選擇支付，可以是(i) 期限SOFR加上適用的保證金；(ii) 每日SOFR加上適用的保證金；或(iii) 適用的基準利率（定義為(a) 聯邦基金利率加上 0.50%，(b) 行政代理的基準利率，(c) 期限SOFR加上 1.00%，以及(d) 一個百分比(1.00%) 加上適用的保證金。此外，期限SOFR和每日SOFR將通過 0.10% SOFR 調整增加。 期限設施的適用保證金範圍在每年 0.80%。 1.60%，用於以SOFR為基礎的貸款和 0.00%。 0.60基於我們的槓桿比率和投資評級，基準利率貸款的適用利差從每年％不等。透支額的利差由每年％開始。 0.725%。 1.400基於我們的槓桿比率和投資評級，SOFR掛牌貸款和信用證的年利率為％。 0.00%。 0.40基於我們的槓桿比率和投資評級，基準利率貸款的適用利差從每年％不等。除了Revolver未結清的金額需支付的利息外，我們還需支付信用設施費用，該費用基於Revolver下每位貸款人的承諾金額而定，不論使用情況。信用設施費用從每年％起不等。 0.125%。 0.300基於我們的槓桿比率和投資評級，年利率為％，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
授信協議，$60.0 百萬美元定期貸款設施（“$60 百萬美元定期貸款（“$100.0 百萬美元無抵押擔保優先票據（“$100 百萬美元票據（“$125.0 百萬美元無抵押擔保優先票據（“$125 百萬美元票據）及$25.0 百萬美元無抵押擔保優先票據及$75.0 所有板塊包括2019A和2019年的2億美元無抵押擔保優先票據，我們必須遵守一系列財務和其他條款，其中包括以下每季度檢驗的條款：
•維持總負債與總資產價值之比不超過 60%;
•對於信貸協議和100萬美元的長期貸款，維持擔保債務與總資產價值的比率不得超過60 百分之 45%;
•對於這$100　百萬票據，125　百萬票據和2019A系列和20190億票據（總稱為「優先票據」），保持抵押債務與總資產價值的比率不超過 40%;
•對於債券，保持總安全追索債務與總資產價值比率不超過 15%;
•對於償還債券，需保持至少為(i) $ 的最低有形淨值，以及(ii) 2016年9月30日後由公司收到的純權益款項總和的至少 數量。760,740,750以 $ 為單位，並且為2016年9月30日後由公司收到的權益款項的至少 數量。 75公司需保持至少淨權益款項的%的數量。
•保持調整後的EBITDA（在每項貸款協議中定義）與固定費用之比率至少為 1.5 至1.0;
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•對於信貸協議和優先票據，保持未經抵押總債務與未受約束資產價值的比率不超過 60％；以及
•對於信貸協議和高級票據，保持無負擔淨操作收入（在每項貸款協議中定義）與無擔保利息費用之比率至少為 1.75 至1.00。 
中國元300.0％到期日為2029年的優先票據和％到期日為2034年的優先票據，公司發行了$百萬。 5.000% 2028年到期的優先票據，$400.0％到期日為2029年的優先票據和％到期日為2034年的優先票據，公司發行了$百萬。 2.125% 2030年到期的優先票據以及$400.0％到期日為2029年的優先票據和％到期日為2034年的優先票據，公司發行了$百萬。 2.150% 2031年到期的優先票據（合稱“註冊票據”）包含我們必須遵守的以下契約（定義於信託契約中）：
•維持總負債與總資產價值之比不超過 60%;
•確保的債務與總資產價值比不超過 40%;
•保持至少為 的債務保障倍數； 1.5 到1.0； 並
•保持無負擔資產與無擔保債務的比率至少為 1.5 至1.0。
根據信貸協議條款，$百萬的定期貸款、優先票據和已註冊票據，在特定違約事件發生時，包括但不限於(i)未付任何本金或利息(ii)未付部分其他負債(iii)未遵守債務協議所載的承諾時，未清償之應付本金和應計利息，可能由行政代理人、貸款人、受託人和/或票據持有人根據權利立即宣佈到期支付，並且在破產和其他支付違約情況下，未清償之應付本金和應計利息將立即到期支付。此外，我們被要求始終維持優先票據的信用評級，要由標準普爾評級服務（“S&P”）、穆迪投資者服務（“穆迪”）或惠譽評級進行。截至2024年9月30日，我們的信用評級為標普的BBB+、惠譽的BBB+和穆迪的Baa2。60 根據信貸協議條款，$百萬的定期貸款、優先票據和已註冊票據，在特定違約事件發生時，包括但不限於(i)未付任何本金或利息(ii)未付部分其他負債(iii)未遵守債務協議所載的承諾時，未清償之應付本金和應計利息，可能由行政代理人、貸款人、受託人和/或票據持有人根據權利立即宣佈到期支付，並且在破產和其他支付違約情況下，未清償之應付本金和應計利息將立即到期支付。此外，我們被要求始終維持優先票據的信用評級，要由標準普爾評級服務（“S&P”）、穆迪投資者服務（“穆迪”）或惠譽評級進行。截至2024年9月30日，我們的信用評級為標普的BBB+、惠譽的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
不時我們參與各種訴訟、索賠和法律訴訟，這些訴訟是業務正常運作中產生的。我們目前並未參與任何我們認為有合理理由預期對我們業務、財務狀況或營運結果產生重大不利影響的法律訴訟。
環保母基
我們一般會在考慮收購的物業進行環保母基地點評估。在收購這些物業後，我們會繼續監察物業是否存在有害或有毒物質。我們偶爾會收購已知存在不良環境條件的物業。如果在收購時，與環境整治義務相關的損失是可預計並且可以合理估計的話，我們會記錄一筆負債。
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截至2024年9月30日，我們尚未發現任何可能對我們合併財務狀況、經營業績或現金流量產生重大影響的環保母基負債。然而，我們無法確保已經識別了我們擁有物業上的所有環保母基負債，所有必要的整治措施已經或將會在我們的物業上進行，或者在發生此類環保母基負債時我們會完全或部分獲得賠償。此外，我們無法向您保證：對未來環境法律或法規的變更及其應用不會導致未來環保整治的損失追溯事項。
租戶和施工相關承諾
截至2024年9月30日，根據我們與某些租戶的租約條款和我們與施工供應商的合同協議，我們承諾約有$148.6 百萬美元，專用於租戶改善和施工工作。
與自保保險子公司有關的信用證
根據循環信貸，我們有權發行信用證，總額不超過$100.0 百萬，這會降低循環信貸下的信用額度。截至2024年9月30日，我們發行了$5.0 百萬信用證，最初於2024年5月31日發行，以資本化新成立的全資子公司，我們間接管理部分地震保險。
    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.
證券每股/單位金額記錄日期付款日期
普通股票$0.4175 205,0672025年1月15日
OP單位$0.4175 205,0672025年1月15日
5.875% B系列累積可贖回優先股
$0.367188 2024年12月16日205,067
5.625% C系列累積可贖回優先股
$0.351563 2024年12月16日205,067
4.00% 累積可贖回可轉換特優普通單位
$0.45 2024年12月16日205,067
3.00% 累積可贖回可轉換特優普通單位
$0.545462 2024年12月16日205,067
收購
於2024年10月15日，我們以合同價格$收購了位於加利福尼亞州Fontana市Dahlia Street 13201號的物業。70.1 百萬美元。該物業由 一年。 單一租戶建築，佔地面積 278,650 平方英尺。
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項目 2。管理階層對財務狀況和營運結果的討論及分析
應該閱讀本季度報告表格10-Q中顯示的基本報表和相關註釋，並結合以下討論。"公司"、「我們」、「我們」和「我們的」一詞均指Rexford Industrial Realty, Inc.及其合併子公司，除非上下文另有要求。
前瞻性陳述
本季度報告中我們發表的言論屬於前瞻性聲明，通常以“預期”、“相信”、“期待”、“打算”、“可能”、“可能”、“計劃”、“估計”、“項目”、“尋求”、“應該”、“將”、“結果”等詞語或類似表達方式加以識別。我們的前瞻性聲明反映了我們對我們計劃、意圖、期望、策略和前景的目前看法，基於我們目前掌握的信息和我們所作出的假設。儘管我們認為我們在我們的前瞻性聲明中所反映或所暗示的計劃、意圖、期望、策略和前景是合理的，但我們無法保證我們的計劃、意圖、期望、策略或前景將實現或達成，您不應過分依賴這些前瞻性聲明。此外，實際結果可能與前瞻性聲明中所描述的有顯著差異，並可能受到各種風險和因素的影響，包括但不限於：
•我們所處的競爭環境；
•房地產業風險包括房地產價值波動、地方市場的整體經濟情況以及在該市場中爭奪租戶的競爭；
•租金下降或空置率增加；
•承租人可能發生違約或不續約租賃；
•承租人或我們的借款人可能面臨破產或清償困境；
•收購風險，包括此類收購未按照預期表現；
•併購和處分的時機；
•重新開發和重新定位活動所涉及的風險包括成本可能超過原始估計、完成項目或出租完成項目的時間可能超過最初預期、或權益或法律的變更可能影響或阻止預定項目的執行，包括但不限於剛實施的加利福尼亞98號州議會議案。
•潛在的自然災害，如地震、野火或洪水；
•未來任何安防警報和/或恐怖襲擊的後果；
•國內、國際、區域型和地方經濟狀況，包括對進口到美國和出口到其他國家商品的貿易爭端和關稅所造成的影響和不確定性；
•利率期貨的一般水準；
•通脹的潛在影響;
•可能影響我們的法律或政府規定的潛在變化，以及對這些法律和規定的解釋，包括房地產業和區劃或REIt稅法律的變化，以及可能增加的房地產稅稅率；
•融資風險包括我們營運現金流可能不足以支付應付的本金和利息，我們可能無法在到期時重新融資現有債務，或無法以有利條件或根本無法獲得新的融資；
•缺乏或保險金額不足；
•我們未能完成收購；
•我們未能成功整合收購的資產；
•我們有資格成為REIT並保持資格的能力；
•我們能否維持由惠譽評級（“惠譽”），穆迪投資者服務（“穆迪”）或標準普爾評級服務（“S&P”）所授予的現有投資級評級能力；
•訴訟，包括與提起或辯護正在進行中或威脅的索賠相關的成本以及任何不利的結果;
•可能存在環保母基責任，包括因現時或曾經擁有的物業受到必要污染整治而產生的成本、罰款或處罰。
•一場流行病或大流行，以及國際、聯邦、州和地方政府、機構、執法部門和/或衛生當局可能實施的應對措施，這可能導致或加劇上述一個或多個因素和/或其他風險，並對我們業務的營運造成重大干擾或阻礙
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在一段時間的普通情形下；
•其他在我們控制之外的事件。
根據基本報表，我們無法保證我們的期望會實現。除非根據聯邦證券法另有要求，我們否認對於公開發佈此處（或其他地方）所含有的任何前瞻性陳述的任何更新或修訂承擔任何義務或承諾，以反映我們對其期望的任何變化，或原據任何此類陳述所基於的事件、條件或情況的變化。讀者應仔細審閱我們的基本報表及其附註，以及我們截至2023年12月31日年終的《第10-k表格》中標題為“風險因素”的部分。
公司資料
雷克斯福德工業房地產業公司是一家自營自管的全方位服務房地產投資信託基金，專注於擁有和經營南加州填塞市場的工業物業。我們於2013年1月18日以馬里蘭公司的形式成立，雷克斯福德工業房地產業有限合夥企業（“營運夥伴”）也於2013年1月18日以馬里蘭有限合夥企業的形式成立，我們是其唯一的普通合夥人。通過我們對營運夥伴及其子公司的控股股權，我們主要在南加州填塞市場收購、擁有、改善、調整定位、重建、租賃和管理工業房地產，並不時收購或提供以工業用地或適合工業開發的物業為擔保的按揭負債。我們組織並進行我們的業務以符合代碼的房地產投資信託資格，一般不對我們的收入徵收聯邦稅，只要我們將收入分配給我們的股東並保持我們作為房地產投資信託的資格。
截至2024年9月30日，我們的綜合組合包括約423個物業，佔地約5010萬平方英尺。
我們的目標是為我們的股東產生有吸引力的風險調整回報，提供優越的工業地產投資於南加州高壁壘市場。定期，我們還參與以工業用地或適合工業發展的地產抵押債務投資。我們的目標市場為我們提供機會，進行獲得穩定物業帶來有利現金流的收購，以及可以通過增值重定位和重新開發提高回報的地產或土地。可供出租產品新建築施工受限和空間稀缺皆有助於在我們的目標南加州高壁壘工業地產市場內創造卓越的長期供求基本面。憑藉我們的垂直一體化運營平台和廣泛的增值投資和管理能力，我們相信我們已經定位好了，能夠利用我們市場中的機會，實現我們的目標。
2024年截至目前的亮點
財務與營運亮點
•截至2024年9月30日止九個月，歸因於普通股股東的淨利潤增加了22.7%，達2億3500萬美元，較去年同期有所增加。
•核心營運基金（Core FFO）(1) 截至2024年9月30日的九個月，歸屬於普通股股東的核心營運基金增加了17.5%，達到38310萬美元，較去年同期增加。
•淨營業收入（NOI）(1) 截至2024年9月30日的九個月，淨營業收入（NOI）較去年同期增長17.8%，達到5億2810萬美元。
•2024年9月30日的整體投資組合佔用率為93.0%。
•相同的資產組合(2) 截至2024年9月30日的九個月平均入住率為96.9％，截至2024年9月30日的結束入住率為96.7％。
•執行了總數351份新租賃和續租合同，總可租面積為710萬平方英尺，根據GAAP標準，租金拓展率為36.1%，按現金基礎為26.4%。不包括2024年第一季度執行的一份租約延長，面積為110萬平方英尺，據GAAP標準，租金拓展率為55.3%，按現金基礎為38.2%。
__________________________
(1) 參見本10-Q表格項目2下包含的“非GAAP補充措施：源自營運的所有基金类型”和“非GAAP補充措施：NOI和現金NOI”，以瞭解 Core FFO 和 NOI 與凈利潤之間的定義和調和，以及為何我們認為 Core FFO 和 NOI 是有用的營運績效補充指標。
(2) 有關「相同物業投資組合」的定義，請參閱本10-Q表格中第2項所含的「營運結果」。
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收購
•在2024年第一季度，我們完成了總投資11億美元，代表49個物業，佔地158英畝，擁有320萬平方英尺的可出租建築物。
•在2024年第二季度，我們完成了總投資$16950萬，涉及三個物業，擁有50萬平方英尺的可租賃建築物，佔地23英畝。
•在2024年第三季，我們完成了總投資6050萬美元，代表擁有30萬可出租平方英尺建築的兩個物業，位於12英畝土地上。
•2024年9月30日後，我們以7,010萬美元收購了一處擁有278,650平方英尺可出租面積的物業。
處分
•在2024年第二季，我們出售了四處房地產業物業，總計144,678可出租平方呎，總售價為3700萬美元，並因房地產業出售而認列了1630萬美元的收益。
•2024年第三季，我們出售了一處佔地25,615平方英尺的物業，售價為730萬美元，並因房地產業出售而認列了170萬美元的利得。
重新定位與重建
•2024年第一季，我們穩定了兩個重新定位項目，位於9755 Distribution Avenue和8902-8940 Activity Road，兩個空間總共面積達38,021平方英尺。
•在2024年第二季，我們穩定了位於444 Quay Avenue和263-321 Gardena Boulevard的兩個重新定位項目，總共有84998個可租借的平方英尺。
•在2024年第三季，我們開始並穩定了位於20851 Currier Road、17311 Nichols Lane和12752-12822 Monarch的三個重新定位項目，總計327,458可租用平方英尺。
•截至2024年9月30日，我們位於12907 Imperial Highway和500杜邦大街的再定位項目已全部出租。這些項目總計375,965平方英尺可租用面積，將於2024年第四季度租賃起始後穩定。截至2024年9月30日，除了500杜邦大街外，我們還有四個再定位物業和四個重建物業，總共860,814平方英尺的可租用面積處於租賃階段。
股權
•在2024年第一季度，我們透過以下股權交易發行了5,263,602股普通股，總淨收益為29020萬美元：
◦我們通過發行3,010,568股普通股，按照權重平均的交割價格每股54.65美元，將延遲到2023年12月31日的向前股票銷售協議結算在我們的2023年市場股票發行計劃下，用於獲得淨收益16450萬美元。
◦我們透過發行2,253,034股普通股，以$55.79每股的加權平均未來價格，在待交割的2023年5月份公開發行的剩餘向前股權出售協議上取得了$12570萬的淨收益。
•2024年3月，我們向西岸現有的長期投資者進行了一次公開招股，出售了17,179,318股普通股，根據一項未來股本出售協議，每股價格為48.95美元，總發行價值為84090萬美元。
•在2024年第三季度，我們部分履行了與我們2024年3月承銷的公開發行相關的預售股權出售協議，發行1650916股普通股，淨收益為8000萬美元。
•截至2024年9月30日後，通過本申報日期，我們部分履行了與我們2024年3月承銷的公開募集有關的股權未來銷售協議，發行2884380股普通股，淨收益為14000萬美元。
•截至本次申報日期，我們預計在2025年3月27日前結算的預先淨收益約為61420萬美元，以平均加權預售價格48.58美元每股計算。
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融資
•於2024年3月，我們完成了發行總額5.75億美元、期為三年、票面利率為4.375％、轉換溢價率為30％的可換股債券，以及總額5.75億美元、期為五年、票面利率為4.125％、轉換溢價率為30％的可換股債券。扣除初次認購者的折扣和佣金以及發行費用後，淨收益約為11.26億美元。
可能影響未來業務成果的因素
市場和投資組合基本面
我們的營運業績取決於南加州工業房地產業市場的填充。
南加州填補工業房地產業板塊持續展現強勁的長期基本面。這些高門檻的填補市場以高功能產品的相對稀缺為特點，再加上由於土地和重建成本高以及在市場上可發展土地的匱乏，導致供應的限制，隨著時間推移，更多工業物業轉換為非工業用途，供應量比交付量少。此外，儘管最近略有緩和，但我們填補目標市場內的租戶需求仍持續健康，表現為強勁的租賃基本面，以及動態的南加州區域經濟，該區域的消費支出持續增長，根據牛津經濟學預計到2024年將增加約260億美元。儘管我們認為，過去幾年中我們填補南加州工業物業市場在關鍵市場驅動因素的背景下展現出相對高的彈性，但我們預計在不久的將來我們市場內將維持一定水準的波動，主要受到一般性宏觀經濟和政治不確定性的影響，包括不確定的利率環境和全球地緣政治動蕩。市場租金增長繼續趨於正常化，我們填補南加州市場的當前季度租金有所下降，在疫情期間平均上升了約80%之後。同時，在該季度，加州州長加文·納瑟簽署了第98號議案（"Ab 98"），該議案自2026年1月1日生效，制定了全州範圍的工業發展標準。與當地的分區需求一樣，Ab 98的發展標準將在我們的投資決策和施工項目中予以考慮。Ab 98的最高發展標準專注於需要重新劃分用途的250,000平方英尺或更大的大型建築物的開發，因此我們相信這些新標準對我們的整體投資組合和業務策略的影響將很小，因為我們主要專注於填補市場內工業建築的重新定位和翻修。
公司在2024年第三季度的租戶需求質量和強度通過公司強勁的租賃差價、租賃成交量和保留率（請參見下文“-租賃活動和租金率”）得到展示。這種租戶需求來自各個範疇，從消費品、醫療保健產品到航空太空、食品飲料、施工和物流等其他範疇。我們還持續觀察到大量以電子商務為導向的租戶在我們填密地點獲得空間，部分是由於與最後一哩配送相關的交付需求，以及本地全通路零售實現，這些正在推動零售商和分銷商庫存處理策略的明顯轉變。我們的投資組合被我們認為代表著國家最大的最後一哩物流分銷市場內具有優越功能性的主要地點，很好地位於繼續為現有多樣租戶群提供服務的位置，並吸引能夠在長期內增長電子商務導向和傳統分銷需求。
一般市場環境
我們相信，在2024年第三季，我們的投資組合在營運區域內的填料市場大多取得了優於市場的租賃表現。我們認為這種表現是由我們高度創業的業務模式驅動的，該模式專注於在優越位置收購和改善工業物業，使我們的投資組合平均反映出比我們營運區域內典型供應產品更高水準的品質和功能性。我們認為我們的投資組合擁有最後一哩填料區位置和相對其他非填料競爭對手更小的平均租戶規模，適合服務區域性消費且不太受全球貨幣流動變化影響。我們也相信，我們團隊的房地產專業人員積極管理我們的物業和租戶展示的品質和創業精神，使我們有潛力在我們認為通常由更被動、專注較少的房地產業主擁有的市場內表現優於競爭。
以下一般市場情況已從第三方市場數據取得，並不一定反映我們投資組合的結果。如欲查看我們投資組合的具體結果，請參見下文的「—租金收入」和「—營業業績」。
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在洛杉磯縣，空置率按季度增加，平均要價租金按季度下降。入住率一般保持在良好水平，新開發受限於土地供應不足以及土地和開發成本增加。
在橙縣，平均要價租金逐季下降，空置率逐季上升，但仍保持低空置水平。由於穩定的需求和該地域板塊工業產品持續低供應，市場條件預計長期保持良好。
在我們經營的填地市場中，內陸帝國西部的空置率下降了季度，市場的平均租賃率也下降了季度。我們通常不關注位於內陸帝國東部非填地子市場的物業，那裡的土地供應充裕，而且新供應的開發和施工導管龐大。
在聖地牙哥，空置率按季度增加，平均要價租金略微下降。
在文圖拉縣，空置率同比增加，平均要租租金同比下降。
物業的收購、增值重新定位和再開發
公司的增長策略包括收購已租賃的穩定物業，以及具有增值機會的物業，以改善功能並部署我們價值驅動的資產管理計劃，以增加現金流和價值。此外，我們有時可能收購工業戶外存儲場地、土地或帶有過剩土地的物業，進行從頭開發項目。收購可能包括單一物業投資，也可能是購買價值可能達到數十億美元的物業組合，交易價值從單一物業投資的約1000萬美元到可能價值數十億美元的投資組合。公司的地理重點仍然是洛杉磯地區。然而，不時可能收購包含有大量洛杉磯地區工業物業的投資組合，其中可能包括一些位於洛杉磯地區以外市場的資產。一般來說，如果非洛杉磯地區的資產作為較大的投資組合的一部分被收購，公司可能會對這些投資進行評估，以在一定時間內處置這些資產，以最大程度地發揮對洛杉磯地區的核心關注，同時努力採取適當步驟滿足REIt安全港要求，以避免REIt稅法下的禁止交易。同樣地，儘管我們的重點是擁有和經營洛杉磯地區填充市場的工業物業，偶爾可能收購非工業物業，如辦公室和其他用途的物業，目的是將這些物業重新定位或重新開發為工業用途，或根據意圖處置非工業資產的方式來滿足REIt安全港要求，以避免REIt稅法下的禁止交易。
我們成長策略的一個重要組成部分是通過無市場或輕度推廣的交易來收購物業，這些物業通常在收購時處於低於市場佔用率或低於市場租金的狀況，或者具有近期租約到期，或提供增值機會，通過功能或實體重定位和改善。通過各種重定位、重新開發、專業租賃和營銷策略，我們致力於提高物業對潛在租戶的功能性和吸引力，並且隨著時間的推移，以達到或超過市場租金標準的佔用率，使物業穩定下來。
重新定位可以提供一系列的房地產改善。這可能包括對房地產進行完整的結構翻新，從而將大型未充分利用的空間轉換為一系列較小且功能更強的空間，或者可能包括增加平方英尺數、現代化房地產場地、消除功能性過時、增加或改善裝卸區和貨車通道、增強防火生命安全系統或其他增值改善，每種情況均旨在提高房地產的現金流和價值。
我們擁有若干個重大的重新定位屬性，這些屬性分別列在下面的表格中。一個被認為重要的重新定位屬性通常被定義為一個空間中保留了大量空置，以便進行資本改善，完成重新定位工作和租賃的成本估計超過100萬美元，重新定位和租賃的時間區間估計超過六個月。我們還擁有一系列其他的重新定位空間，由於其較小的規模、相對範圍、預計的重新定位成本或相對較小的停機時間，未在下面列出，但總體上可能是重大的（我們稱之為「其它重新定位項目」）。
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一般認為，當投資完全或幾乎完全投入使用，並且物業可供入住時，再配置通常被認為完成。由於每項再配置努力都是獨特的，並基於物業、目標租戶以及整體市場和特定子市場的趨勢，所以再配置的時間和效果對我們的租金收入和入住率將會有所不同，因此將影響我們營業收入的比較，以及不同期間的運營結果，具有較有限的可預測性。
重建物業被定義為我們計劃完全或部分拆除現有建築物，因為建築物陳舊，或具有過剩或空置土地，我們計劃建造新建築物。
截至2024年9月30日，我們有24個物業正在進行當前重新定位或重建，9個物業處於出租階段。此外，我們有15個額外物業的項目管線，預計將於2024年第四季至2025年第四季之間開始重新定位/重建施工工程。下表概述了這些物業，以及2023年和2024年最近穩定的物業，因為這些穩定對我們目前和比較財務業績有直接影響。我們認為重新定位/重建物業在達到90%佔用率或建築工程完工後一年內早於此者為穩定。
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預估施工期(1)
物業（次市場）市場
總物業可出租平方英尺(2)
重新定位/出租可出租平方英尺(2)
開始控制項完成截至2024年9月30日的出租物業總百分比
當前重新定位:
14434-14527 San Pedro Street（南灣）LA61,398 61,398 
(3)
3Q-20231Q-2025—%
29120 Commerce Center Drive（舊金山谷）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（洛杉磯市中心）LA300,389 126,563 1Q-20244Q-202458%
122-125 N. Vinedo Avenue (舊金山谷)LA48,446 48,446 1Q-20244Q-2024—%
17000 Kingsview Avenue (南灣)LA95,865 95,865 1Q-20242Q-2025
77%(6)
29125 Avenue Paine (舊金山谷)LA176,107 176,107 1Q-20243Q-2025
100%(7)
19301 Santa Fe Avenue (南灣)LA土地 土地 2Q-20241Q-2025—%
1315 Storm Parkway（南灣）LA37,844 37,844 2Q-20241Q-2025—%
Harcourt＆Susana（南灣）LA33,461 33,461 
(8)
2Q-20243Q-2025—%
總當前重置位置989,848 816,022 
租賃增加（重新定位）：
500 杜邦大道（IE - 西）SB274,885 274,885 1Q-20231Q-2024
100%(9)
11308-11350 彭羅斯街（SF谷）LA151,011 71,547 1Q-20231Q-202453%
4039 卡列普拉蒂諾大道（北郡SD）南達科他州143,663 73,807 2Q-20231Q-202479%
2880 安娜街（南灣）LA 土地  土地 3Q-20233Q-2024—%
1020 Bixby Drive (SG Valley)LA57,600 57,600 1Q-20243Q-2024—%
租務全面增加（重置定位）627,159 477,839 
未來重置定位：
8985 Crestmar Point (Central SD)南達科他州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）南達科他州99,403 83,563 1Q-20254Q-2025100%
總未來重定位335,534 239,588 
– 請參閱從頁面開始的註腳 48 –
46

預估施工期(1)
物業（次市場）市場
預估重新開發可出租平方英尺(11)
開始控制項完成截至2024年9月30日的總物業出租率
目前重新開發:
1055 Sandhill Avenue（南灣）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（中央聖地亞哥）南達科他州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（南灣）LA83,924 2Q-20231Q-2025—%
12772 San Fernando Road（舊金山谷）LA143,529 3Q-20234Q-2024—%
19900 Plummer Street（舊金山谷）LA79,539 3Q-20234Q-2024—%
17907-18001 Figueroa Street（南灣）LA76,468 
(13)
4Q-20234Q-2024—%
蘭喬帕西菲卡 - 5號大樓（南灣）(14)
LA76,553 4Q-20234Q-2024—%
雷蒙德大道1500號（北奧蘭治）owens corning136,218 
(15)
4Q-20231Q-2025—%
總施工進行中1,716,178 
租約（施工進行中）：
Pioneer Blvd 9920-10020號（中部縣）LA163,435 4Q-20213Q-2024—%
1901 Via Burton（北部奧克蘭郡）owens corning139,449 1Q-20222Q-2024—%
2390-2444 American Way（北部奧克蘭郡）owens corning100,483 4Q-20222Q-2024—%
3071 Coronado Street（北部奧克蘭郡）owens corning105,173 1Q-20231Q-2024—%
總租賃（重建）508,540 
未來重建項目：
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 (中縣)LA104,443 1Q-20252Q-2026100%
5235獵人大道（北OC）owens corning117,772 1Q-20253Q-2026100%
3547-3555航海家街（南灣）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）南達科他州163,400 3Q-20251Q-2027100%
14005 Live Oak Avenue（SG Valley）LA100,380 3Q-20252Q-2027100%
18455 Figueroa Street（南灣）LA179,284 4Q-20252Q-2027100%
未來整合重建總計1,485,580 
– 請參見第頁起註解 48 –

47

物業穩定：(16)
市場穩定出租面積穩定期間截至2024年9月30日的總物業出租率%
9755 Distribution Avenue（中部聖地牙哥）南達科他州24,071 1Q-2024100%
8902-8940 Activity Road（中部聖地牙哥）南達科他州13,950 1Q-202492%
SG谷地區庫里爾路20851號(17)
LA59,412 2Q-2024100%
南灣Quay大道444號LA29,760 2Q-2024100%
南灣Gardena大道263-321號LA55,238 2Q-2024100%
西橙郡Monarch街12752-12822號(17)(18)
owens corning163,864 2Q-202493%
17311 Nichols Lane (OC West)owens corning104,182 3Q-2024100%
總共2024穩定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年穩定490,722 

(1)預估施工開始時期為我們預期在項目上開始實際施工的時期。在實際施工開始之前，我們會進行預施工活動，包括設計工作、獲取許可證或許可權、場地工程以及其他在施工前必要的活動。預估完成時期為我們目前對項目大致完成並可供使用的時期的估計。我們預計會每季更新我們的時間估計。預估施工時期可能因多種因素而變化，包括但不限於許可要求、施工延遲（包括與供應鏈積壓相關的延遲）、範圍變更以及其他不可預見的情況。
(2)“總物業可租用平方英尺”是整個物業或特定建築物的總可租用面積（如適用，則註明），該面積正在重新定位/出租。 “重新定位/出租可租用平方英尺”是物業/建築物中實際可租用的面積，可能小於總物業可租用平方英尺。
(3)14434-14527 San Pedro Street是一個覆蓋面積較低的場地，擁有61,398平方英尺的租用建築物，位於335,905平方英尺，或7.7英畝的土地上。
(4)截至2024年9月30日，29120 Commerce Center Drive已簽短期租約至2025年6月30日。我們目前正圍繞短期租戶進行重新定位工作。
(5)截至2024年9月30日，12907 Imperial Highway已被租出，租戶已部分入住。預計租戶將在2024年第四季完工後全面入住。
(6)截至2024年9月30日，位於17000 Kingsview Avenue的物業已經部分以短期租賃形式出租，租戶預計將於2024年12月31日搬離。我們目前正在該短期租戶周圍進行重新定位工作。
(7)截至2024年9月30日，29125座潘恩大道已經短期租賃至2025年6月30日。我們目前正在為短期承租戶周圍進行重新定位工作。
(8)Harcourt＆Susana是一個佔地239,364平方英尺（5.5英畝）的低覆蓋率場地，擁有33,461平方英尺的建築物出租面積。
(9)截至2024年9月30日，杜邦大道500號已經被租出。預計承租人將在2024年第四季入住。
(10)14400 Figueroa Street將是一個低覆蓋率地點，擁有56,700平方英尺的建築面積，占地209,668平方英尺，即4.8英畝。
(11)代表整個重建項目完成後的估計可租用平方英尺數。
48

(12)截至2024年9月30日，Mission Oaks Boulevard 3233號擁有409,217平方英尺的可出租面積，目前已被佔用並且沒有進行再開發。我們正在建造一棟新建築，面積為116,852平方英尺。我們還在整個項目進行工地工作。完成後，整個項目將包含526,069平方英尺的可出租面積。
(13)17907-18001 Figueroa Street將是一個低容積站點，佔地5.1英畝，擁有76,468平方英尺的建築物，占地221,055平方英尺。
(14)蘭喬太平洋園區5棟位於2370-2398 Pacifica Place，共計51,594可租用平方英尺，為我們位於蘭喬太平洋園區物業的六棟建築物之一，總計擁有1,111,885可租用平方英尺。我們拆除了現有建築物並正在興建一座新的建築物，新建築物將包含約76,553可租用平方英尺。
(15)1500 Raymond Avenue 包含一英畝過剩的鋪設土地。
(16)我們認為重新定位的物業在以下兩個情況中先達到穩定狀態：(i)達到90%的入住率，或是(ii)施工工程完成的日期後一年內。
(17)截至2024年6月30日，20851 Currier Road和12752-12822 Monarch Street從重新定位/重建工作完成日期起已滿一年。2024年第三季度期間，這些項目的租賃已開始，分別達到100%和93%的佔用率。
(18)12752-12822 Monarch Street包括275,189平方英尺的可租賃面積。該項目包括111,325平方英尺的可租賃面積，現有租戶未被重新開發。我們重新定位了65,968平方英尺的可租賃面積，拆除了99,925平方英尺的可租賃面積，並在原址建造了一座新的97,896平方英尺的建築。

Capitalized Costs
因重新定位或再開發活動而導致非運營的物業在重新開發和施工期間可能有不同程度的利息、保險和房地產稅的資本化資格。由於增值收購導致我們重新定位和再開發活動的增加，未來期間符合利息、保險和稅收資本化條件的資產餘額可能增加。 我們在2024年9月30日結束的三個月和九個月期間分別資本化了860萬美元和2390萬美元的利息支出，以及210萬美元和650萬美元的保險和房地產稅支出，這些與我們的重新定位和再開發項目有關。
施工成本和時間
近期通貨膨脹和供應鏈壓力導致建築材料和勞動力成本增加，再加上政府批准和權益的領先時間拉長，導致預算化和實際施工成本增加以及一些我們重建項目的啟動和完成延遲。盡管過去幾年的租金增長（請參見下文“-租賃活動和租金水平”）有助於緩解上升的建築成本和項目延遲對影響，但成本額外增加、進一步延遲或市場租金下降可能導致我們的重建項目預期收益降低，這可能會對我們未來的收益產生負面影響。
租金收入
我們的營業成果主要取決於我們投資組合中的物業所產生的租金收入。這些物業產生的租金收入金額會受到我們維持或增加物業佔有率和租金水平的影響，這將取決於我們租出空置空間和重新以有利的價格租出到期空間的能力。
佔用率
截至2024年9月30日，我們的綜合投資組合，包括於後文敘述之重新定位空間，佔用率約為93.0％，而我們穩定的綜合投資組合，不包括該空間，佔用率約為97.6％。我們認為，提高物業佔用率的機會將是未來營業收入增長的重要推動力。推動這種增長的機會將源自目前正在施工的重新定位和重建項目的完成和租約簽署。
根據上文『—收購和增值再定位和重新開發物業』下的表格總結，截至2024年9月30日，我們有24處物業正在進行目前再定位或重新開發，估計完工後共計250萬平方英尺可出租面積，有九處物業正在進行出租，估計完工後共計100萬平方英尺可出租面積，而我們有15個即將展開的再定位和重新開發項目，估計完工後共計170萬平方英尺可出租面積。此外，我們還有50萬平方英尺的其他可出租面積。
49

重新定位專案。截至2024年9月30日，在這些物業中空置的空間主要集中在我們的洛杉磯、橙縣和聖伯納迪諾市場，佔我們總合併組合面積的4.7%。考慮到這些物業的空置空間，截至2024年9月30日，在我們的洛杉磯、橙縣和聖伯納迪諾市場，我們的加權平均佔用率分別為93.6%、90.6%和93.9%。不計入這些物業的空置空間，截至2024年9月30日，在這些市場的加權平均佔用率分別為98.6%、99.0%和97.6%。我們相信，我們長期未來增長的重要部分將來自於目前正在進行或計劃進行重新定位/重建的這些專案的完成，以及透過在現有組合中或通過新投資尋找或收購重新定位和重建的新機會，根據市場條件可能會因時期而異。
未進行重新定位的物業的佔用率受到我們南加州內部市場的區域和當地經濟狀況的影響。雖然過去一年市場租金和空置率已經在COVID後進行了正常化，但洛杉磯、橙縣、聖伯納迪諾和聖迭戈市場由於基本需求驅動因素和新供應的障礙，遠期處於有利位置。儘管我們無法預測未來時期我們市場的表現，但我們相信一般市場條件將繼續提供長期機會，以提高我們物業的佔用率和租金率，這將是未來營業收入增長的重要推動力。
出租活動和租金水平
以下表格列出我們截至2024年9月30日結束的三個月和九個月的新租賃和續租情況：
 新增租賃
季度數字
租賃		可出租平方英尺加權平均租賃期限
(按年計算)
每平方英尺有效租金(1)
GAAP租賃差額(2)(4)
現金租賃差額(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 %
總計/加權平均值166 2,858,513 4.5 $17.58 41.0 %28.6 %
 續租租賃已過期租約
留存率 %(7)
季度數字
租約數		可出租平方英尺加權平均租約期限
(按年計算)
每平方英尺有效租金(1)
GAAP租賃差額(2)(5)
現金租賃差額(3)(5)
數字
租約
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 %
總計/加權平均值185 4,226,510 3.7 $16.51 34.7 %25.7 %390 7,534,747 71.9 %
不包括一個租賃期延長：(8)
總數/加權平均184 3,124,670 4.3 $16.58 62.1 %42.7 %
(1)每平方英尺有效租金是根據GAAP計算的平均基本租金，期限內以每平方英尺每年的美元表示。包括在該季度簽署的所有新租約和續租約。
(2)根據新租賃或續約租賃的美國通用會計原則租金與到期租約的美國通用會計原則租金（不包括無形資產或負債攤銷的影響）之間的變化計算，該空間的到期租約相同。
(3)計算方法是以同一空間的新租賃或續租的起始現金租金與到期租約的到期現金租金之間的變化。
50

(4)按照繼續營運原則和現金租賃扩展，截至2024年9月30日結束的九個月內執行的新租賃，排除了62份合共1,856,703平方英尺的租務空間，其中沒有可比租賃數據。在這62份被排除的租賃中，有25份租賃是最近重新定位/重建的空間，合計1,111,401平方英尺。一般來說，不予納入可比租賃的情況包括：(i)我們所有權下從未被佔用的空間，(ii)重新定位/重建的空間，包括預開發/取得許可的空間，(iii)空置超過一年的空間，或(iv)租約期少於六個月的空間。
(5)GAAP和現金重新租賃的租金差異，不包括2024年9月30日結束的九個月期間執行的續租合同，其中包括847,339平方英尺可出租面積的九個租賃，沒有可比租賃數據。可比租賃通常不包括租期短於六個月的空間，或者位於預開發/審批流程中的空間。
(6)包括在2024年9月30日結束的九個月期間到期的租賃物業，該空間已經或將放入重新定位（包括“其他重新定位項目”）或重建。
(7)留存率是指續租的樓面積加上搬遷/擴建的樓面積，除以期間到期的租賃樓面積。留存率不包括與以下相關的樓面積：(i) 租戶搬離後被放入重新定位（包括“其他重新定位項目”）的到期租約相關的樓面積，(ii) 提前終止並經預先協商替代租約的情況，以及(iii) 租戶搬離，空間直接由附屬租戶租用的空間。
(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.     
51

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. 
租約到期年限到期租約數量
總可租面積平方英尺(1)
擁有總面積的百分比
年度基本租金(2)
年化基礎租金總額的百分比(3)
每平方英尺的年化基礎租金(4)
空置(5)
— 1,143,871 2.3 %$— — %$— 
再定位/再開發(6)
— 2,371,421 4.7 %— — %$— 
MTm 租戶5 167,492 0.3 %2,118 0.3 %$12.65 
2024年剩餘部分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 
此後40 2,406,205 4.8 %49,861 6.6 %$20.72 
整體合併投資組合1,655 50,067,981 100.0 %$757,057 100.0 %$16.26 
(1)合同方截至到期時的平方英尺數。
(2)按照租約條款，截至2024年9月30日，每月合同基本租金（在補充租金前）乘以12計算。 不包括租戶的退款。 金額以千計算。
(3)根據本表所載的年化基礎租金除以2024年9月30日的總投資組合年化基礎租金計算。
(4)按照 2024 年 9 月 30 日佔用的平方英尺，計算該租賃的年化基本租金。
(5)截至2024年9月30日，表示空置空間（未進行重新定位/重建），包括已簽署但截至2024年9月30日尚未開始的租約，總計113,363平方英尺。
(6)代表2024年9月30日被歸類為重新定位（包括“其他重新定位項目”）或重新開發屬性的空置空間。
截至2024年9月30日，我們投資組合中目前可提供的110萬平方英尺租賃空間外，還有大約240萬平方英尺的空置空間正在進行當前重新定位。我們投資組合總租賃面積中分別佔3.6%和14.5%的租約將於2024年底和2025年到期。在2024年9月30日結束的九個月內，我們為420萬平方英尺續簽了185份租約，續約率為71.9%。在2024年9月30日結束的九個月內，新租約和續約租約的加權平均期限分別為4.5和4.3年（不包括上述“—租賃活動和租金水平”部分中提到的110萬平方英尺租約延長），我們預計未來的新租約和續約租約將有類似的期限。
於2024年及2025年餘下時間內屆滿的租賃約佔截至2024年9月30日的我們投資組合年化基地租金的約3.3%和14.6%。我們估計，在加權平均基礎上，截至2024年和2025年餘下時間內屆滿的現有租金目前低於當前市場要價，儘管在任何特定次市場內單元或物業目前可能已租賃至該次市場內當前市場要價之上、之下或等於。
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如上述「—市場和組合基本因數」中所述，儘管市場因數，包括空置率和平均要求租金的變化，因市場而異並顯示出後疫情時期對租戶需求的正常化跡象，整體上市場持續低空置和供需不平衡跨我們的分區市場，這將繼續支持有利的長期市場基本因數。
我們市場的狀況
我們投資組合中的物業主要位於南加州填地市場。經濟或其他條件的正面或負面變化，高度或持續的通膨以及這個市場的極端天氣條件和自然災害可能會影響我們的整體表現。
物業開支
我們的房地產業支出通常包括公用事業、房地產稅、保險、現場維修和維護成本，以及一部分頭部費用的分攤。對於我們大多數的物業，我們的房地產業支出在租賃中的三重淨額條款或修正總支出補償的部分得到部分收回。我們大多數的租約還包括合同約定的每年三%以上的租金增幅，部分旨在幫助減輕房地產支出隨時間增加的潛在風險。然而，我們租約的條款各不相同，在某些情況下，我們可能會吸收房地產支出。我們整體的財務結果將受到我們能夠將房地產支出轉嫁給租戶的程度的影響。
應稅地產投資信託子公司
截至2024年9月30日，我們的運營合夥企業間接並完全擁有Rexford Industrial Realty and Management, Inc.，我們將其稱為我們的服務公司。我們已選擇，與我們的服務公司一起，將我們的服務公司視為可徵稅的REIt子公司，以供聯邦所得稅目的。可徵稅的REIt子公司通常可以向我們的租戶提供非習慣性和其他服務，並從事我們或我們的子公司（除可徵稅的REIt子公司外）可能無法直接從事而不會對我們的REIt資格產生不利影響的活動，前提是可徵稅的REIt子公司不得經營或管理住宿設施或醫療保健設施，也不得提供任何住宿或醫療保健設施下運作的品牌名稱的權利。我們將來可能成立更多的可徵稅的REIt子公司，我們的運營合夥企業可能向我們的服務公司投入其持有的某些全資子公司或其資產。我們的可徵稅的REIt子公司所賺取的任何收入將不會計入我們的淨收入的稅前測試百分之75或百分之95，除非該收入作為股息分配給我們，該股息收入將符合百分之95的測試，但不符合百分之75的測試。因為可徵稅的REIt子公司需繳納聯邦所得稅，並且在適用的情況下需要繳納州和當地所得稅作為一般公司，我們的可徵稅的REIt子公司所賺取的收入通常將比我們的其他子公司所賺取的收入需要繳納額外的稅款。我們的可徵稅的REIt子公司是受聯邦和州所得稅管轄的C型公司。但是，它擁有累積未認可的淨營運虧損承攬轉，因此截至2024年9月30日和2023年為止九個月結束時不需繳納所得稅。此外，該可徵稅的REIt子公司在這些期間內幾乎沒有活動。
關鍵的會計政策和估計
按照GAAP的規定準備基本報表需要管理層在特定情況下進行估計和假設，這些估計和假設會影響基本報表日期的資產和負債金額以及報告期間的收入和費用金額。實際金額可能與這些估計和假設不同。管理層根據當前可用信息和其認為截至日期合理的各種假設，持續評估這些估計。此外，其他相似業務的公司可能使用不同的估算政策和方法，這可能影響我們營運結果和財務狀況與其他公司之間的可比性。
在我們截至2023年12月31日的年度10-k表格中，我們確認了一些影響我們編製綜合基本報表時所使用的一些更重要的估計和假設的關鍵會計政策。在本報告涵蓋的期間內，我們並未對我們的重要會計政策和估計進行任何實質性變更。
53

營運業績結果
我們的綜合業務結果通常由於(i)物業收購、(ii)物業處分和(iii)在比較性報告期間停止運作以進行重新定位或改造等因素，導致無法進行跨期比較。 我們的「總組合」代表了在報告期間擁有的所有物業。 為了消除由於收購、處分以及重新定位/改造導致我們總組合的變化的影響，並突出我們正在進行的業務的營運結果，我們另外呈現了我們的「同一物業組合」的結果。
截至2024年9月30日，相同物業組合同比增長三個和九個月的2024年和2023年，包括從2023年1月1日至2024年9月30日由我們完全擁有並在2023年1月1日之前穩定的我們組合中所有物業，其中包括293處物業中約3700萬平方英尺的建築物。我們相同物業組合的結果不包括在2023年1月1日至2024年9月30日期間收購或出售的物業，於2023年或2024年進行重新定位（包括“其他重新定位”中的特定建築物），再開發或租金提高，利息收入，利息支出和公司一般和行政費用。
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.


54

比較截至2024年9月30日的三個月與截至2023年9月30日的三個月
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.
相同的物業組合總投資組合
截至九月三十日止三個月，增加/(減少)%截至九月三十日止三個月，增加/(減少)%
分類20242023變更20242023變更
租金收入(1)
$144,957 $140,665 $4,292 3.1 %$196,776 $168,789 $27,987 16.6 %
租戶補償(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 %
我們的同業物業組合和整體組合的租金收入分別在截至2024年9月30日的三個月內較2023年9月30日的三個月淨增490萬美元，增幅為2.9%和3420萬美元，增幅為16.7%，原因如下：
55

(1) 租金收益
我們同一物業組合和整體組合的租金收入在2024年9月30日結束的三個月內分別增加了430萬美元，增長了3.1％，以及2800萬美元，增長了16.6％，與2023年9月30日結束的三個月相比。同一物業組合租金收入的增加主要是由於新租賃和續租租賃的平均租金率上升，部分抵銷了淨低於市場租賃無形資產的攤銷減少110萬美元，以及在2024年9月30日結束的三個月內，根據房客應收款項的壞帳儲備/核銷增加了90萬美元，其中反映2024年9月30日結束的三個月內核銷/減少的淨儲備為40萬美元，而2023年9月30日結束的三個月內核銷為50萬美元，以及平均佔用率的下降。我們的整體組合租金收入也受益於我們在2023年1月1日至2024年9月30日期間收購的73處物業的增量收入。
(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
我們的同一物業投資組合和總投資組合的其他收入分別在2024年9月30日結束的這三個月，與2013年9月30日結束的這三個月相比，分別增加了10萬美元，增幅為20.8%和10萬美元，增幅為12.0%，主要是因為晚期租金支付費用增加。
管理和租賃服務
我們的整體投資組合管理和租賃服務營業收入在2024年9月30日結束的三個月內減少了0.2萬美元，或1.3%，與2023年9月30日結束的三個月相比。
利息收入
截至2023年9月30日止三個月的利息收入從100萬美元增加至2024年9月30日止三個月的330萬美元，主要因為我們在2023年10月發放的12500萬美元貸款所賺取的利息增加了250萬美元，部分抵銷了我們在貨幣市場帳戶中賺取的30萬美元利息下降，主要是由於投資於貨幣市場帳戶的平均現金餘額下降。
物業開支
我們的同類型物業組合和總物業組合的物業開支分別在2024年9月30日結束的三個月內增加了160萬美元，增長了4.0%，以及680萬美元，增長了14.1%，與截至2023年9月30日結束的三個月相比。同類型物業組合的物業開支增加主要是由於水電費、物業稅費和維修保養費用增加所致。我們的總物業組合的物業開支也受到我們在2023年1月1日至2024年9月30日間收購的73個物業所帶來的額外開支影響。
一般及管理費用
截至2024年9月30日為止的三個月內，我們總投資組合普通及管理費用增加了240萬美元，增幅為12.7%，與截至2023年9月30日的三個月相比，主要是由於現金股權獎勵費用增加，主要涉及2023年和2022年的績效單位股權授予，以及與非執行董事的薪資相關成本和應計獎金支出。此外，員工人數增加和勞動成本上升也是原因。
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，我們呈現截至2024年9月30日和2023年9月30日的九個月的租金收入元件，包括租金收入、租戶補償和與租賃相關的其他收入。以下的租金收入呈現並不構成也不意圖構成符合GAAP的呈現。我們提供這些資訊是因為我們認為管理階層、投資者、證券分析師和其他利害相關方經常使用它們來了解和評估公司的表現。
相同的資產組合總合作業組合
九個月結束了
九月三十日，		Increase/(Decrease)%九個月結束了
九月三十日，		Increase/(Decrease)%
類別20242023變動20242023變動
出租營業收入(1)
$429,896 $410,043 $19,853 4.8 %$563,963 $483,183 $80,780 16.7 %
租戶返還 (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日的九個月內，我們的同一物業投資組合和整體投資組合的租金收入分別增加了2370萬美元，或4.8％，和9890萬美元，或16.9％，與截至2023年9月30日的九個月相比，其原因如下所述：
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(1) 租金收益
我們的同樣物業組合和總組合的租金收入分別在2024年9月30日結束的九個月內比較於2023年9月30日結束的九個月分別增加了$1990萬，即4.8%，和$8080萬，即16.7%。同樣物業組合租金收入的增加主要是由於新租賃和續租合同的租金率增加，部分抵銷了淨低於市場租賃無形資產攤銷減少了$240萬，對於被認為無法收回的房客應收賬款的淨壞賬債準備/核銷增加了$160萬，以及平均入住率下降。我們的總組合租金收入也受73個物業的增量收入的積極影響，這些物業是我們在2023年1月1日和2024年9月30日之間收購的。
(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日的九個月內，我們的同地物業組合和整體物業組合的物業支出分別增加了550萬美元，增幅為4.9％和1900萬美元，增幅為14.1％，與截至2023年9月30日的九個月相比。 我們同地物業組合的物業支出增加主要是由於物業稅費用增加，由於整體保費上升導致的保險費用增加，維修和保養費用，公用事業費用以及由於員工數量增加和勞動力成本上漲而帶動的分攤的總部費用。 我們整體物業組合的物業支出還受到我們在2023年1月1日至2024年9月30日之間收購的73處物業的增量費用的影響。
一般及管理費用
我們總投資組合的一般和行政費用在2024年9月30日結束的九個月內增加了520萬美元，增幅為9.4％，與2023年9月30日結束的九個月相比，主要是由於非高管支付相關成本和因員工人數增加及勞動力成本上升而導致的應計獎金費用增加，以及與2023年和2022年進行的績效單位權益授予相關的非現金股權報酬費用增加。
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折舊和攤銷
我們的同業資產投資組合折舊和攤銷費用在截至2024年9月30日的九個月期間減少了220萬美元，或1.5%，相較於截至2023年9月30日的九個月期間，主要是由於收購相關的現有租賃無形資產在2023年1月1日後的某些物業被完全折舊，部分抵銷了自2023年1月1日後投入使用的資本改善相關折舊費用增加和遞延租賃成本攤銷增加。我們的總投資組合折舊和攤銷費用在截至2024年9月30日的九個月期間增加了2470萬美元，或13.8%，相較於截至2023年9月30日的九個月期間，主要是由於我們在2023年1月1日至2024年9月30日之間收購的73個物業的進一步支出。
其他費用
我們的總組合其他費用從2023年9月30日結束的九個月1.5百萬美元增加了70萬美元至2024年9月30日結束的九個月2.2百萬美元，主要是由於因取消項目而導致的施工成本核銷增加了70萬美元和施工拆卸成本增加了40萬美元，部分抵消了因收購死局成本減少了20萬美元和因解除租贷合同而於2023年2月記錄的20萬減值虧損，以減少與我們其中一個辦公室租賃的提前終止有關的使用權資產攜帶金額。
利息費用
我們的整體投資組合利息費用在2024年9月30日結束的九個月內增加了2360萬美元，增幅為50.4%，相較於2023年9月30日結束的九個月，主要是由於我們在2024年3月完成的總計11.5億美元可交換票據發行帶來的2810萬美元增加以及我們在2023年3月完成的30000萬美元5.000%到期於2028年的優先票據發行帶來的400萬美元增加，部分抵消了因重新定位和重新發展活動的資本化利息增加而帶來的780萬美元減少。
房地產業銷售收益
在截至2024年9月30日為止的九個月內，我們從出售五處物業中認列了1800萬美元的房地產業銷售利得，這些物業以4430萬美元的總體毛售價出售。在截至2023年9月30日為止的九個月內，我們從出售一處物業中認列了1210萬美元的房地產業銷售利得，該物業以1700萬美元的毛售價出售。
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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 
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(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.
76

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

77

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)

78