Rexford Industrial Realty Inc

For the period ended Dec 31, 2024. Filed Feb 10, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 10, 2025

REXR$38.70+2.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 2. Properties

As of December 31, 2024, our consolidated portfolio consisted of 425 wholly-owned properties located in Southern California infill markets totaling approximately 50.8 million rentable square feet.

The table below sets forth relevant information with respect to the operating properties in our consolidated portfolio as of December 31, 2024.

Property Address	City	Number of Buildings	Asset Type	Year Built / Renovated(1)	Rentable Square Feet	Percentage of Rentable Square Feet(2)	Number of Leases	Occupancy	Annualized Base Rent(3)	Percentage of Total Annualized Base Rent(4)	Total Annualized Base Rent per Square Foot(5)
Los Angeles – Greater San Fernando Valley
10635 Vanowen St.	Burbank	1	Warehouse / Light Manufacturing	1977	31,037	0.1%	4	100.0%	$632,938	0.1%	$20.39
2980 & 2990 N San Fernando Road	Burbank	2	Warehouse / Light Manufacturing	1950 / 2004	130,800	0.3%	1	100.0%	$2,087,568	0.3%	$15.96
901 W. Alameda Ave.	Burbank	1	Light Industrial / Office	1969 / 2009	45,690	0.1%	1	24.0%	$458,548	0.1%	$41.87
9120 Mason Ave.	Chatsworth	1	Warehouse / Distribution	1967 / 1999	319,348	0.6%	2	100.0%	$3,224,772	0.4%	$10.10
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street	Chatsworth	7	Warehouse / Distribution	1979 / 1980	153,368	0.3%	8	68.3%	$1,605,947	0.2%	$15.33
9171 Oso Avenue	Chatsworth	1	Warehouse / Light Manufacturing	1980	65,560	0.1%	1	100.0%	$751,168	0.1%	$11.46
9200 Mason Avenue	Chatsworth	1	Warehouse / Light Manufacturing	1968	80,410	0.2%	1	100.0%	$868,428	0.1%	$10.80
9230 Mason Avenue	Chatsworth	1	Warehouse / Distribution	1974	54,000	0.1%	1	100.0%	$460,080	0.1%	$8.52
9250 Mason Avenue	Chatsworth	1	Warehouse / Light Manufacturing	1977	56,292	0.1%	1	100.0%	$457,646	0.1%	$8.13
21415-21605 Plummer Street	Chatsworth	2	Light Industrial / Office	1986	196,535	0.4%	2	83.7%	$4,876,178	0.6%	$29.64
19900 Plummer Street(6)	Chatsworth	—	Redevelopment	1983	—	—%	—	—%	$—	—%	$—
9140 Lurline Avenue	Chatsworth	1	Warehouse / Light Manufacturing	1974	146,516	0.3%	1	100.0%	$1,670,280	0.2%	$11.40
900-920 Allen Avenue	Glendale	2	Warehouse / Light Manufacturing	1942 - 1995	68,630	0.1%	2	100.0%	$1,195,752	0.1%	$17.42
3550 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	Los Angeles	8	Warehouse / Distribution	1966, 1992, 1993, 1994	474,475	0.9%	25	96.4%	$8,291,660	1.1%	$18.12
3116 W. Avenue 32	Los Angeles	1	Warehouse / Distribution	1974	100,500	0.2%	1	100.0%	$1,186,582	0.1%	$11.81
7900 Nelson Rd.	Los Angeles	1	Warehouse / Distribution	1998 / 2015	202,905	0.4%	3	100.0%	$3,491,801	0.4%	$17.21
3340 San Fernando Road	Los Angeles	—	Warehouse / Excess Land	n/a	—	—%	—	—%	$—	—%	$—
2800 Casitas Avenue	Los Angeles	1	Warehouse / Light Manufacturing	1999 / 2023	116,158	0.2%	1	100.0%	$2,857,487	0.4%	$24.60
12154 Montague Street	Pacoima	1	Warehouse / Light Manufacturing	1974	123,974	0.2%	2	100.0%	$1,757,058	0.2%	$14.17
14200-14220 Arminta Street	Panorama	1	Warehouse / Light Manufacturing	2006	200,003	0.4%	1	100.0%	$2,852,103	0.4%	$14.26
7815 Van Nuys Blvd	Panorama City	1	Warehouse / Excess Land	1960	43,101	0.1%	2	56.3%	$525,050	0.1%	$21.62
14350 Arminta Street	Panorama City	1	Warehouse / Light Manufacturing	2006	18,147	—%	1	100.0%	$330,760	—%	$18.23
121-125 N. Vinedo Ave.(6)	Pasadena	1	Warehouse / Light Manufacturing	1953, 1993 / 2024	48,520	0.1%	—	—%	$—	—%	$—

Property Address	City	Number of Buildings	Asset Type	Year Built / Renovated(1)	Rentable Square Feet	Percentage of Rentable Square Feet(2)	Number of Leases	Occupancy	Annualized Base Rent(3)	Percentage of Total Annualized Base Rent(4)	Total Annualized Base Rent per Square Foot(5)
1050 Arroyo Ave.	San Fernando	1	Warehouse / Light Manufacturing	1969 / 2012	76,993	0.2%	2	100.0%	$801,020	0.1%	$10.40
605 8th Street	San Fernando	1	Warehouse / Distribution	1991 / 2015, 2020	55,715	0.1%	1	100.0%	$1,270,302	0.2%	$22.80
525 Park Avenue	San Fernando	1	Warehouse / Distribution	2003	63,403	0.1%	2	100.0%	$1,434,474	0.2%	$22.62
1145 Arroyo Avenue	San Fernando	1	Warehouse / Light Manufacturing	1989	147,019	0.3%	2	100.0%	$2,195,156	0.3%	$14.93
1150 Aviation Place	San Fernando	1	Warehouse / Light Manufacturing	1989	147,000	0.3%	1	100.0%	$3,616,200	0.5%	$24.60
1175 Aviation Place	San Fernando	1	Warehouse / Distribution	1989	92,455	0.2%	1	100.0%	$2,107,974	0.3%	$22.80
1245 Aviation Place	San Fernando	1	Warehouse / Distribution	1989	132,936	0.3%	1	100.0%	$2,986,274	0.4%	$22.46
635 8th Street	San Fernando	1	Warehouse / Distribution	1989	72,250	0.1%	2	100.0%	$1,215,122	0.2%	$16.82
24935 & 24955 Avenue Kearny	Santa Clarita	2	Warehouse / Distribution	1988	138,980	0.3%	2	100.0%	$1,948,829	0.2%	$14.02
25413 Rye Canyon Road	Santa Clarita	1	Warehouse / Light Manufacturing	1981	48,158	0.1%	1	39.8%	$329,646	—%	$17.18
24903 Avenue Kearny	Santa Clarita	1	Warehouse / Distribution	1988	214,436	0.4%	1	100.0%	$2,193,235	0.3%	$10.23
27712 & 27756 Avenue Mentry	Santa Clarita	2	Warehouse / Light Manufacturing	1988	220,752	0.4%	2	100.0%	$2,246,820	0.3%	$10.18
12838 Saticoy Street	North Hollywood	1	Warehouse / Excess Land	1954	100,390	0.2%	1	100.0%	$1,316,386	0.2%	$13.11
11128 Gault Street	North Hollywood	1	Warehouse / Light Manufacturing	1970	30,488	0.1%	2	100.0%	$756,403	0.1%	$24.81
11150 Gault Street	North Hollywood	1	Warehouse / Light Manufacturing	1970	19,968	—%	3	100.0%	$434,641	0.1%	$21.77
11166 Gault Street	North Hollywood	1	Warehouse / Light Manufacturing	1970	20,592	—%	1	—%	$3,555	—%	$—
7100 Case Avenue	North Hollywood	1	Warehouse / Distribution	1970	34,286	0.1%	1	100.0%	$460,724	0.1%	$13.44
7100 Fair Avenue	North Hollywood	1	Warehouse / Distribution	1969	17,010	—%	2	100.0%	$432,721	—%	$25.44
7101 Case Avenue	North Hollywood	1	Warehouse / Distribution	1969	17,010	—%	—	—%	$—	—%	$—
7101 Fair Avenue	North Hollywood	1	Warehouse / Light Manufacturing	1969	32,741	0.1%	2	100.0%	$707,206	0.1%	$21.60
7103 Fair Avenue	North Hollywood	1	Warehouse / Distribution	1969	17,010	—%	1	100.0%	$249,240	—%	$14.65
7118 Fair Avenue	North Hollywood	1	Warehouse / Light Manufacturing	1969	20,273	—%	1	100.0%	$468,063	0.1%	$23.09
7119 Fair Avenue	North Hollywood	1	Warehouse / Light Manufacturing	1969	20,273	—%	2	100.0%	$428,834	—%	$21.15
7121 Case Avenue	North Hollywood	1	Warehouse / Distribution	1969	20,273	—%	1	100.0%	$450,061	0.1%	$22.20
7149 Fair Avenue	North Hollywood	1	Warehouse / Distribution	1969	32,311	0.1%	2	100.0%	$422,146	—%	$13.07
9750-9770 San Fernando Road	Sun Valley	1	Industrial Outdoor Storage	1952	35,624	0.1%	1	100.0%	$984,278	0.1%	$27.63
11076-11078 Fleetwood Street	Sun Valley	1	Warehouse / Light Manufacturing	1974	25,878	0.1%	1	100.0%	$584,845	0.1%	$22.60
11308-11350 Penrose Street(6)	Sun Valley	1	Warehouse / Distribution	1974 / 2024	151,011	0.3%	3	52.6%	$1,502,652	0.2%	$18.91
11120 Sherman Way	Sun Valley	1	Warehouse / Distribution	1970	28,094	0.1%	1	100.0%	$655,647	0.1%	$23.34
11130 Sherman Way	Sun Valley	1	Warehouse / Light Manufacturing	1969	22,148	—%	1	100.0%	$511,353	0.1%	$23.09

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
11156 Sherman Way	Sun Valley	1	Warehouse / Distribution	1969	25,929		0.1%	1		100.0%	$326,400		—%	$12.59
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.	Sylmar	2	Warehouse / Distribution	1969, 2008 / 2016	134,030		0.3%	8		94.2%	$1,870,682		0.2%	$14.82
12772 San Fernando Road(6)	Sylmar	—	Redevelopment	1964 / 2013	—		—%	—		—%	$—		—%	$—
13943-13955 Balboa Blvd	Sylmar	1	Warehouse / Distribution	2000	208,749		0.4%	3		100.0%	$4,169,969		0.5%	$19.98
18310-18330 Oxnard St.	Tarzana	2	Warehouse / Light Manufacturing	1973	75,938		0.2%	22		94.6%	$1,559,687		0.2%	$21.72
28340 - 28400 Avenue Crocker	Valencia	1	Warehouse / Distribution	1987 / 2006 / 2015	90,722		0.2%	2		100.0%	$984,833		0.1%	$10.86
28901-28903 Avenue Paine	Valencia	1	Warehouse / Distribution	1999 / 2018, 2022	223,195		0.4%	2		100.0%	$2,387,899		0.3%	$10.70
29003 Avenue Sherman	Valencia	1	Warehouse / Distribution	2000 / 2019	68,123		0.1%	1		100.0%	$653,254		0.1%	$9.59
28454 Livingston Avenue	Valencia	1	Warehouse / Light Manufacturing	2007	134,287		0.3%	1		100.0%	$2,862,730		0.4%	$21.32
28510 Industry Drive	Valencia	1	Warehouse / Distribution	2017	46,778		0.1%	1		100.0%	$480,159		0.1%	$10.26
29010 Avenue Paine	Valencia	1	Light Industrial / Office	2000	100,157		0.2%	1		100.0%	$1,052,715		0.1%	$10.51
29010 Commerce Center Drive	Valencia	1	Light Industrial / Office	2002	117,151		0.2%	1		100.0%	$1,259,658		0.2%	$10.75
29120 Commerce Center Drive	Valencia	1	Warehouse / Light Manufacturing	2002	135,258		0.3%	1		100.0%	$2,596,954		0.3%	$19.20
29125 Avenue Paine	Valencia	1	Warehouse / Distribution	2006	175,897		0.3%	1		100.0%	$2,475,512		0.3%	$14.07
15041 Calvert St.	Van Nuys	1	Warehouse / Light Manufacturing	1971	81,282		0.2%	1		100.0%	$905,954		0.1%	$11.15
6701 & 6711 Odessa Ave.	Van Nuys	2	Warehouse / Light Manufacturing	1970-1972 / 2012	29,882		0.1%	2		100.0%	$595,185		0.1%	$19.92
Van Nuys Airport Industrial Center	Van Nuys	18	Warehouse / Distribution	1961 - 2007	464,456		0.9%	22		80.4%	$8,867,340		1.1%	$23.75
15385 Oxnard Street	Van Nuys	6	Warehouse / Distribution	1988	71,467		0.1%	2		100.0%	$923,271		0.1%	$12.92
8210-8240 Haskell Avenue	Van Nuys	3	Warehouse / Light Manufacturing	1962 - 1964 / 2023	26,705		0.1%	2		100.0%	$510,444		0.1%	$19.11
14243 Bessemer Street	Van Nuys	1	Warehouse / Distribution	1987	14,299		—%	1		100.0%	$276,958		—%	$19.37
7817 Haskell Avenue	Van Nuys	1	Industrial Outdoor Storage	1960	7,327		—%	1		100.0%	$645,840		0.1%	$88.15
Los Angeles – Greater San Fernando Valley Total	116			6,963,078		13.7%	181		93.7%	$107,701,057		13.9%	$16.51
Los Angeles – San Gabriel Valley
415-435 Motor Avenue	Azusa	1	Warehouse / Distribution	1956 / 2022	94,321		0.2%	1		100.0%	$1,545,142		0.2%	$16.38
720-750 Vernon Avenue	Azusa	3	Warehouse / Light Manufacturing	1950	71,692		0.1%	1		100.0%	$939,912		0.1%	$13.11
425 S. Hacienda Blvd.	City of Industry	1	Warehouse / Light Manufacturing	1997	51,823		0.1%	1		100.0%	$506,556		0.1%	$9.77
14955-14971 E Salt Lake Ave(6)	City of Industry	1	Warehouse / Distribution	1979	126,036		0.2%	4		63.6%	$1,297,880		0.2%	$16.20
15241 - 15277, 15317 - 15339 Don Julian Rd.	City of Industry	2	Warehouse / Distribution	1965, 2005 / 2003	241,248		0.5%	12		93.9%	$4,977,197		0.6%	$21.98
14421-14441 Bonelli Street	City of Industry	2	Warehouse / Distribution	1971	148,740		0.3%	1		100.0%	$1,787,807		0.2%	$12.02
16425 Gale Avenue	City of Industry	1	Warehouse / Distribution	1976	325,800		0.6%	2		100.0%	$2,608,213		0.3%	$8.01

Property Address	City	Number of Buildings	Asset Type	Year Built / Renovated(1)	Rentable Square Feet	Percentage of Rentable Square Feet(2)	Number of Leases	Occupancy	Annualized Base Rent(3)	Percentage of Total Annualized Base Rent(4)	Total Annualized Base Rent per Square Foot(5)
14748-14750 Nelson Avenue	City of Industry	2	Warehouse / Distribution	1969 / 2018	201,990	0.4%	14	100.0%	$4,767,448	0.6%	$23.60
13890 Nelson Avenue	City of Industry	1	Warehouse / Distribution	1982	256,993	0.5%	1	100.0%	$2,290,843	0.3%	$8.91
218 Turnbull Canyon	City of Industry	1	Warehouse / Distribution	1999	190,900	0.4%	1	100.0%	$1,295,915	0.2%	$6.79
15010 Don Julian Road(6)	City of Industry	—	Redevelopment	1963	—	—%	—	—%	$—	—%	$—
334 El Encanto Road	City of Industry	1	Warehouse / Light Manufacturing	1960	64,368	0.1%	1	100.0%	$1,094,433	0.1%	$17.00
17031-17037 Green Drive	City of Industry	1	Warehouse / Distribution	1968 / 2024	51,000	0.1%	2	100.0%	$663,240	0.1%	$13.00
14940 Proctor Road(6)	City of Industry	—	Redevelopment	1962	—	—%	—	—%	$—	—%	$—
1020 Bixby Drive(6)	City of Industry	1	Warehouse / Distribution	1977 / 2024	57,600	0.1%	—	—%	$—	—%	$—
15650 Don Julian Road	City of Industry	1	Warehouse / Distribution	2003	43,392	0.1%	1	100.0%	$661,294	0.1%	$15.24
15700 Don Julian Road	City of Industry	1	Warehouse / Distribution	2001	40,453	0.1%	1	100.0%	$592,232	0.1%	$14.64
17000 Gale Avenue	City of Industry	1	Warehouse / Distribution	2008	29,888	0.1%	—	—%	$—	—%	$—
20851 Currier Road	City of Industry	1	Warehouse / Distribution	1999 / 2023	59,412	0.1%	1	100.0%	$1,133,581	0.1%	$19.08
17705-17709 Valley Blvd	City Of Industry	1	Warehouse / Distribution	1985	32,000	0.1%	3	100.0%	$617,661	0.1%	$19.30
17745-17749 Valley Blvd	City Of Industry	1	Warehouse / Distribution	1985	40,095	0.1%	—	—%	$—	—%	$—
17755 Valley Blvd	City Of Industry	1	Warehouse / Distribution	1985	30,000	0.1%	1	—%	$—	—%	$—
620-628 Hambledon Avenue	City Of Industry	1	Warehouse / Distribution	1985	40,000	0.1%	3	100.0%	$727,518	0.1%	$18.19
630-634 Hambledon Avenue	City Of Industry	1	Warehouse / Distribution	1985	40,000	0.1%	3	100.0%	$815,124	0.1%	$20.38
10750-10826 Lower Azusa Road	El Monte	4	Warehouse / Light Manufacturing	1975	79,050	0.2%	16	83.0%	$1,213,484	0.2%	$18.49
15715 Arrow Highway	Irwindale	1	Light Manufacturing / Flex	1989	76,000	0.1%	1	100.0%	$1,824,000	0.2%	$24.00
15705, 15709 Arrow Highway & 5220 Fourth St.	Irwindale	3	Warehouse / Light Manufacturing	1987	69,592	0.1%	36	95.4%	$1,323,988	0.2%	$19.94
16321 Arrow Hwy.	Irwindale	3	Warehouse / Light Manufacturing	1955 / 2001	64,296	0.1%	1	100.0%	$742,793	0.1%	$11.55
4832-4850 Azusa Canyon Road	Irwindale	1	Warehouse / Distribution	2016	87,421	0.2%	2	47.3%	$718,495	0.1%	$17.38
4416 Azusa Canyon Road(6)	Irwindale	—	Redevelopment	1956	—	—%	—	—%	$—	—%	$—
2391-2393 Bateman Avenue	Irwindale	1	Warehouse / Light Manufacturing	2005	65,605	0.1%	1	100.0%	$977,189	0.1%	$14.90
14005 Live Oak Avenue	Irwindale	1	Light Industrial / Office	1992	56,510	0.1%	1	100.0%	$847,650	0.1%	$15.00
4500 Azusa Canyon Road	Irwindale	1	Warehouse / Excess Land	1950	77,266	0.1%	1	100.0%	$2,243,340	0.3%	$29.03
2395-2399 Bateman Avenue	Irwindale	3	Light Industrial / Office	2022	134,063	0.3%	3	100.0%	$2,563,524	0.3%	$19.12
15801 West 1st Street	Irwindale	1	Light Manufacturing / Flex	1977/1980	993,142	1.9%	1	100.0%	$7,058,907	0.9%	$7.11
16203-16233 Arrow Highway	Irwindale	4	Warehouse / Light Manufacturing	2022	134,542	0.3%	4	100.0%	$3,111,335	0.4%	$23.13
5000 & 5010 Azusa Canyon Rd	Irwindale	2	Warehouse / Distribution	2022	233,984	0.5%	2	100.0%	$4,594,550	0.6%	$19.64
14250-14278 Valley Blvd.	La Puente	8	Warehouse / Light Manufacturing	1974 / 2007	100,346	0.2%	27	94.8%	$1,721,486	0.2%	$18.09
421 Baldwin Park Blvd	La Puente	1	Warehouse / Distribution	1977	45,000	0.1%	1	100.0%	$474,064	0.1%	$10.53

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
433 Baldwin Park Blvd	La Puente	1	Warehouse / Distribution	1977	102,654		0.2%	1		100.0%	$2,390,278		0.3%	$23.28
437 Baldwin Park Blvd	La Puente	1	Warehouse / Distribution	1977	70,000		0.1%	1		100.0%	$756,342		0.1%	$10.80
1400 South Shamrock	Monrovia	1	Light Manufacturing / Flex	1957, 1962 / 2004	67,838		0.1%	1		100.0%	$1,650,906		0.2%	$24.34
280 West Bonita Avenue	Pomona	1	Warehouse / Distribution	1983	119,898		0.2%	1		100.0%	$1,211,617		0.2%	$10.11
2743 Thompson Creek Road	Pomona	1	Warehouse / Distribution	1983	245,961		0.5%	1		100.0%	$1,824,047		0.2%	$7.42
3880 West Valley Blvd.	Pomona	1	Warehouse / Distribution	1980 / 2017	108,550		0.2%	1		100.0%	$2,279,550		0.3%	$21.00
1601 Mission Blvd	Pomona	1	Warehouse / Distribution	1952	751,528		1.5%	1		32.9%	$2,300,249		0.3%	$9.29
11234 Rush Street(6)	South El Monte	—	Redevelopment	1960	—		—%	—		—%	$—		—%	$—
Los Angeles – San Gabriel Valley Total	68			5,920,997		11.6%	158		86.7%	$70,149,790		9.0%	$13.67
Los Angeles – Central
6020 Sheila St.	Commerce	1	Cold Storage / Distribution	2000	70,877		0.1%	1		100.0%	$1,276,202		0.2%	$18.01
5300 Sheila Street	Commerce	1	Warehouse / Distribution	1975	695,120		1.4%	1		100.0%	$5,685,820		0.7%	$8.18
6100 Sheila Street	Commerce	1	Cold Storage / Distribution	1960	80,091		0.2%	7		100.0%	$2,163,780		0.3%	$27.02
6277-6289 Slauson Avenue	Commerce	3	Warehouse / Distribution	1962 - 1977	315,719		0.6%	3		100.0%	$2,619,652		0.3%	$8.30
6687 Flotilla Street	Commerce	1	Warehouse / Light Manufacturing	1956	120,000		0.2%	1		100.0%	$2,376,000		0.3%	$19.80
6655 East 26th Street	Commerce	1	Warehouse / Light Manufacturing	1965	47,500		0.1%	1		100.0%	$783,750		0.1%	$16.50
6027 Eastern Avenue(6)	Commerce	—	Redevelopment	1946	47,088		0.1%	—		—%	$—		—%	$—
6996-7044 Bandini Blvd	Commerce	2	Warehouse / Light Manufacturing	1968	112,944		0.2%	2		100.0%	$2,405,888		0.3%	$21.30
6000-6052 & 6027-6029 Bandini Blvd	Commerce	2	Warehouse / Distribution	2016	182,782		0.4%	2		67.9%	$1,635,660		0.2%	$13.18
6700 S Alameda St.	Huntington Park	1	Cold Storage / Distribution	1990 / 2008	78,280		0.2%	1		100.0%	$1,409,499		0.2%	$18.01
679-691 S Anderson St.	Los Angeles	1	Warehouse / Light Manufacturing	1992 / 2017	47,491		0.1%	4		100.0%	$726,628		0.1%	$15.30
1825-1845 S Soto Street	Los Angeles	2	Warehouse / Light Manufacturing	1993	25,040		—%	1		100.0%	$392,304		0.1%	$15.67
1515 15th Street	Los Angeles	1	Warehouse / Light Manufacturing	1977	246,588		0.5%	1		100.0%	$2,782,258		0.4%	$11.28
2750 Alameda Street	Los Angeles	2	Warehouse / Light Manufacturing	1961 - 1980	164,026		0.3%	5		100.0%	$1,938,323		0.2%	$11.82
East 27th Street(6)	Los Angeles	4	Light Industrial / Office	1961 - 2004 / 2024	300,389		0.6%	3		57.9%	$2,916,380		0.4%	$16.78
2425-2535 East 12th Street	Los Angeles	4	Warehouse / Light Manufacturing	1988	254,281		0.5%	6		62.1%	$3,007,103		0.4%	$19.04
1501-1545 Rio Vista Avenue	Los Angeles	2	Warehouse / Distribution	2003	54,777		0.1%	5		100.0%	$1,078,431		0.1%	$19.69
8542 Slauson Avenue	Pico Rivera	1	Industrial Outdoor Storage	1964	24,679		—%	1		100.0%	$848,528		0.1%	$34.38
8315 Hanan Way	Pico Rivera	1	Warehouse / Distribution	1976	100,692		0.2%	1		100.0%	$894,522		0.1%	$8.88
1938-1946 E. 46th St.	Vernon	3	Warehouse / Light Manufacturing	1961, 1983 / 2008-2010	190,663		0.4%	2		58.6%	$1,594,351		0.2%	$14.27

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
2970 East 50th Street	Vernon	1	Warehouse / Distribution	1949	48,876		0.1%	1		100.0%	$807,197		0.1%	$16.52
Los Angeles – Central Total	35			3,207,903		6.3%	49		87.3%	$37,342,276		4.8%	$13.34
Los Angeles –- Mid-Counties
6635 Caballero Blvd	Buena Park	1	Light Industrial / Office	2003	92,395		0.2%	1		100.0%	$1,029,818		0.1%	$11.15
16221 Arthur St.	Cerritos	1	Warehouse / Distribution	1979 / 2021	61,372		0.1%	1		100.0%	$708,184		0.1%	$11.54
16010 Shoemaker Avenue	Cerritos	1	Warehouse / Distribution	1985	115,600		0.2%	1		100.0%	$1,170,979		0.2%	$10.13
16121 Carmenita Road	Cerritos	1	Warehouse / Distribution	1969/1983, 2020	105,477		0.2%	2		100.0%	$1,149,294		0.2%	$10.90
14100 Vine Place	Cerritos	1	Warehouse / Distribution	1979 / 2022	122,514		0.2%	1		100.0%	$2,446,360		0.3%	$19.97
12900 Alondra Blvd	Cerritos	1	Warehouse / Distribution	1977	82,660		0.2%	1		100.0%	$877,956		0.1%	$10.62
12932-12958 Midway Place	Cerritos	1	Warehouse / Distribution	1980	161,517		0.3%	2		100.0%	$1,203,077		0.2%	$7.45
9220-9268 Hall Rd.	Downey	1	Warehouse / Light Manufacturing	2008	176,405		0.3%	41		95.4%	$3,033,307		0.4%	$18.02
12200 Bellflower Blvd	Downey	1	Warehouse / Excess Land	1955	54,161		0.1%	1		100.0%	$1,306,765		0.2%	$24.13
9607-9623 Imperial Highway	Downey	1	Industrial Outdoor Storage	1974	7,466		—%	1		100.0%	$883,940		0.1%	$118.40
14407 Alondra Blvd	La Mirada	1	Warehouse / Distribution	1976	221,415		0.4%	3		100.0%	$2,682,899		0.3%	$12.12
14647-14667 Northam Street	La Mirada	1	Warehouse / Distribution	1978	140,000		0.3%	1		100.0%	$2,987,712		0.4%	$21.34
14680-14700 Alondra Blvd	La Mirada	1	Warehouse / Light Manufacturing	1977	96,000		0.2%	1		100.0%	$2,253,601		0.3%	$23.48
14710 Northam Street	La Mirada	1	Warehouse / Distribution	1979	45,000		0.1%	1		100.0%	$1,100,385		0.1%	$24.45
14720-14750 Alondra Blvd	La Mirada	1	Warehouse / Distribution	1977	100,000		0.2%	2		100.0%	$1,080,488		0.1%	$10.80
14725 Northam Street	La Mirada	1	Warehouse / Distribution	1978	80,000		0.2%	1		100.0%	$1,871,496		0.2%	$23.39
14730-14750 Northam Street	La Mirada	1	Warehouse / Distribution	1977	67,468		0.1%	2		100.0%	$1,447,322		0.2%	$21.45
14820-14830 Carmenita Road	Norwalk	3	Warehouse / Distribution	1970, 2000	198,845		0.4%	3		100.0%	$2,623,001		0.3%	$13.19
9615 Norwalk Blvd.(6)	Santa Fe Springs	—	Redevelopment	1975	—		—%	—		—%	$—		—%	$—
9641 - 9657 Santa Fe Springs Rd.	Santa Fe Springs	4	Warehouse / Distribution	1982 / 2009	107,891		0.2%	4		100.0%	$2,520,118		0.3%	$23.36
10701-10719 Norwalk Blvd.	Santa Fe Springs	2	Warehouse / Distribution	2004	58,056		0.1%	5		100.0%	$931,391		0.1%	$16.04
10950 Norwalk Blvd & 12241 Lakeland Rd.	Santa Fe Springs	1	Warehouse / Excess Land	1982	18,995		—%	1		100.0%	$541,472		0.1%	$28.51
12247 Lakeland Rd.	Santa Fe Springs	1	Warehouse / Excess Land	1971 / 2016	24,875		0.1%	1		100.0%	$404,600		0.1%	$16.27
12907 Imperial Highway	Santa Fe Springs	1	Warehouse / Distribution	1997 / 2024	101,080		0.2%	1		100.0%	$2,231,846		0.3%	$22.08
14944, 14946, 14948 Shoemaker Ave.	Santa Fe Springs	3	Warehouse / Light Manufacturing	1978 / 2012	85,975		0.2%	19		72.0%	$1,179,880		0.2%	$19.07
10747 Norwalk Blvd	Santa Fe Springs	1	Warehouse / Distribution	1999	52,691		0.1%	—		—%	$—		—%	$—
11600 Los Nietos Road	Santa Fe Springs	1	Warehouse / Distribution	1976 / 2022	106,251		0.2%	1		100.0%	$2,424,959		0.3%	$22.82
12133 Greenstone Avenue	Santa Fe Springs	—	Industrial Outdoor Storage	1967 / 2023	—		—%	1		100.0%	$1,239,813		0.2%	$—
12211 Greenstone Avenue	Santa Fe Springs	—	Industrial Outdoor Storage	N/A	—		—%	1		100.0%	$909,773		0.1%	$—

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
9920-10020 Pioneer Blvd(6)	Santa Fe Springs	3	Light Industrial / Office	1973 - 1978 / 2024	163,435		0.3%	—		—%	$—		—%	$—
12118 Bloomfield Avenue(6)	Santa Fe Springs	—	Redevelopment	1955	—		—%	—		—%	$—		—%	$—
12017 Greenstone Avenue	Santa Fe Springs	—	Industrial Outdoor Storage	n/a	—		—%	1		100.0%	$1,399,669		0.2%	$—
12027 Greenstone Avenue	Santa Fe Springs	1	Industrial Outdoor Storage	1975	7,780		—%	1		100.0%	$120,000		—%	$15.42
13711 Freeway Drive	Santa Fe Springs	1	Warehouse / Distribution	1963	82,092		0.2%	2		100.0%	$725,070		0.1%	$8.83
13535 Larwin Circle	Santa Fe Springs	1	Warehouse / Distribution	1987	56,011		0.1%	1		100.0%	$493,611		0.1%	$8.81
9400-9500 Santa Fe Springs Road	Santa Fe Springs	2	Warehouse / Distribution	1980/1990	595,304		1.2%	2		100.0%	$11,007,939		1.4%	$18.49
10712-10748 Bloomfield Avenue	Santa Fe Springs	1	Warehouse / Distribution	1990	75,960		0.2%	2		59.6%	$796,529		0.1%	$17.61
9028 Dice Road	Santa Fe Springs	1	Warehouse / Light Manufacturing	1978	96,000		0.2%	1		100.0%	$1,864,361		0.2%	$19.42
Gateway Pointe	Whittier	4	Warehouse / Distribution	2005 - 2006	989,195		2.0%	4		100.0%	$11,596,343		1.5%	$11.72
Los Angeles – Mid-Counties Total	48			4,549,886		9.0%	114		93.9%	$70,243,958		9.1%	$16.45
Los Angeles – South Bay
750 Manville Street	Compton	1	Warehouse / Distribution	1977	59,996		0.1%	1		100.0%	$667,697		0.1%	$11.13
1065 E. Walnut Ave.	Carson	1	Cold Storage / Distribution	1974	172,420		0.3%	2		100.0%	$2,842,117		0.4%	$16.48
18118-18120 S. Broadway	Carson	3	Warehouse / Distribution	1957 / 1989, 2017	78,183		0.2%	5		100.0%	$1,322,227		0.2%	$16.91
17000 Kingsview Ave/800 Sandhill Ave(6)	Carson	1	Warehouse / Distribution	1984	100,121		0.2%	1		76.6%	$673,001		0.1%	$8.77
263-321 Gardena Blvd	Carson	2	Industrial Outdoor Storage	1977 - 1982 / 2024	55,238		0.1%	2		100.0%	$1,978,738		0.3%	$35.82
18115 Main Street	Carson	1	Warehouse / Excess Land	1988	42,270		0.1%	1		100.0%	$418,689		—%	$9.91
1055 Sandhill Avenue(6)	Carson	1	Light Manufacturing / Flex	1973 / 2024	127,775		0.3%	—		—%	$—		—%	$—
701-751 Kingshill Place	Carson	6	Warehouse / Light Manufacturing	1979 / 2020	171,056		0.3%	7		100.0%	$2,579,073		0.3%	$15.08
256 Alondra Blvd	Carson	1	Industrial Outdoor Storage	1954	2,456		—%	1		100.0%	$675,305		0.1%	$274.96
17011-17027 Central Avenue	Carson	3	Warehouse / Distribution	1979	52,561		0.1%	1		100.0%	$1,014,571		0.1%	$19.30
21022 & 21034 Figueroa Street	Carson	1	Warehouse / Distribution	2002	51,185		0.1%	1		100.0%	$1,085,941		0.1%	$21.22
2130-2140 Del Amo Blvd	Carson	2	Warehouse / Distribution	1980	99,064		0.2%	2		100.0%	$2,067,192		0.3%	$20.87
20455 Reeves Avenue	Carson	1	Warehouse / Distribution	1982	110,075		0.2%	1		100.0%	$2,785,937		0.4%	$25.31
1420 Mckinley Avenue	Compton	1	Warehouse / Distribution	2017	136,685		0.3%	1		100.0%	$3,923,406		0.5%	$28.70
2020 Central Avenue	Compton	1	Light Industrial / Office	1972	30,233		0.1%	1		100.0%	$420,732		—%	$13.92
17909 & 17929 Susana Road(6)	Compton	—	Warehouse / Light Manufacturing	1970 - 1973	—		—%	—		—%	$—		—%	$—
3131 Harcourt Street & 18031 Susana Road(6)	Compton	2	Warehouse / Excess Land	1970	34,000		0.1%	—		—%	$—		—%	$—
2501 Rosecrans Avenue	Compton	1	Warehouse / Light Manufacturing	1987	300,217		0.6%	1		100.0%	$6,664,817		0.9%	$22.20

Property Address	City	Number of Buildings	Asset Type	Year Built / Renovated(1)	Rentable Square Feet	Percentage of Rentable Square Feet(2)	Number of Leases	Occupancy	Annualized Base Rent(3)	Percentage of Total Annualized Base Rent(4)	Total Annualized Base Rent per Square Foot(5)
13225 Western Avenue	Gardena	1	Warehouse / Light Manufacturing	1955	21,010	—%	1	100.0%	$367,087	—%	$17.47
400 Rosecrans Avenue	Gardena	—	Warehouse / Distribution	1967	—	—%	—	—%	$—	—%	$—
422 Rosecrans Avenue	Gardena	—	Warehouse / Distribution	1968	—	—%	—	—%	$—	—%	$—
1715 West 132nd Street	Gardena	1	Warehouse / Distribution	1971	20,168	—%	—	—%	$—	—%	$—
11832-11954 La Cienega Blvd	Hawthorne	4	Light Industrial / Office	1999	63,462	0.1%	9	100.0%	$1,406,596	0.2%	$22.16
2205 126th Street	Hawthorne	1	Warehouse / Distribution	1998	63,532	0.1%	4	100.0%	$1,209,861	0.2%	$19.04
240 W Ivy Avenue	Inglewood	1	Warehouse / Distribution	1981	46,974	0.1%	3	100.0%	$1,018,903	0.1%	$21.69
687 Eucalyptus Avenue	Inglewood	1	Warehouse / Distribution	2017	143,436	0.3%	1	100.0%	$2,575,749	0.3%	$17.96
4175 Conant Street	Long Beach	1	Warehouse / Light Manufacturing	2015	142,593	0.3%	1	100.0%	$2,330,639	0.3%	$16.34
1580 Carson Street	Long Beach	1	Warehouse / Distribution	1982 / 2018	43,787	0.1%	1	100.0%	$670,047	0.1%	$15.30
Long Beach Business Park	Long Beach	4	Warehouse / Light Manufacturing	1973 - 1976	123,532	0.2%	32	88.0%	$1,829,512	0.2%	$16.84
3901 Via Oro Avenue	Long Beach	1	Light Industrial / Office	1983	53,817	0.1%	1	100.0%	$1,432,507	0.2%	$26.62
2500 Thompson Street	Long Beach	1	Warehouse / Light Manufacturing	1970	174,691	0.3%	1	100.0%	$1,242,600	0.2%	$7.11
1661 240th St.	Los Angeles	1	Warehouse / Distribution	1975 / 1995	96,616	0.2%	2	100.0%	$1,089,681	0.1%	$11.28
11120, 11160, 11200 Hindry Ave	Los Angeles	3	Warehouse / Distribution	1992 / 1994	63,654	0.1%	14	84.8%	$1,337,751	0.2%	$24.78
15601 Avalon Blvd	Los Angeles	1	Warehouse / Excess Land	1984 / 2023	86,879	0.2%	1	100.0%	$2,027,547	0.3%	$23.34
15650-15700 Avalon Blvd	Los Angeles	2	Warehouse / Distribution	1962 - 1978 / 2022	98,259	0.2%	1	100.0%	$3,069,363	0.4%	$31.24
514 East C Street	Los Angeles	1	Industrial Outdoor Storage	2019	3,436	—%	1	100.0%	$564,503	0.1%	$164.29
17907-18001 Figueroa Street(6)	Los Angeles	—	Redevelopment	1954 - 1960	—	—%	—	—%	$—	—%	$—
8911 Aviation Blvd	Los Angeles	1	Light Manufacturing / Flex	1971	100,000	0.2%	1	100.0%	$1,612,700	0.2%	$16.13
2500 Victoria Street	Los Angeles	—	Industrial Outdoor Storage	n/a	—	—%	1	100.0%	$11,675,266	1.5%	$—
18455 Figueroa Street	Los Angeles	2	Light Industrial / Office	1978	146,765	0.3%	1	100.0%	$2,802,654	0.4%	$19.10
620 Anaheim Street	Los Angeles	1	Warehouse / Excess Land	1984	34,555	0.1%	2	100.0%	$1,063,233	0.1%	$30.77
14434-14527 San Pedro Street(6)	Los Angeles	1	Warehouse / Excess Land	1971	58,094	0.1%	—	—%	$—	—%	$—
13301 Main Street	Los Angeles	1	Warehouse / Light Manufacturing	1989	106,969	0.2%	1	100.0%	$2,404,972	0.3%	$22.48
14400 Figueroa Street	Los Angeles	4	Warehouse / Distribution	1967	121,062	0.2%	—	—%	$—	—%	$—
9000 Airport Blvd	Los Angeles	1	Industrial Outdoor Storage	1981	38,680	0.1%	1	100.0%	$8,249,280	1.1%	$213.27
950 West 190th Street	Los Angeles	1	Light Industrial / Office	1980	188,545	0.4%	1	100.0%	$3,120,000	0.4%	$16.55
2588 & 2605 Industry Way	Lynwood	2	Warehouse / Light Manufacturing	1969 / 1971	164,662	0.3%	1	100.0%	$1,709,808	0.2%	$10.38
7110 Rosecrans Ave.	Paramount	1	Warehouse / Distribution	1972 / 2015, 2019	74,856	0.1%	2	100.0%	$1,110,866	0.1%	$14.84

Property Address	City	Number of Buildings	Asset Type	Year Built / Renovated(1)	Rentable Square Feet	Percentage of Rentable Square Feet(2)	Number of Leases	Occupancy	Annualized Base Rent(3)	Percentage of Total Annualized Base Rent(4)	Total Annualized Base Rent per Square Foot(5)
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E Pacifica Place; 20001-20021 Rancho Way	Rancho Dominguez	6	Warehouse / Distribution	1989 / 2021	1,099,374	2.2%	11	76.7%	$11,319,880	1.5%	$13.43
19402 Susana Road	Rancho Dominguez	1	Warehouse / Excess Land	1957	15,433	—%	1	100.0%	$318,537	—%	$20.64
19100 Susana Road	Rancho Dominguez	1	Warehouse / Excess Land	1956	52,714	0.1%	1	100.0%	$1,326,276	0.2%	$25.16
2757 Del Amo Blvd	Rancho Dominguez	1	Warehouse / Excess Land	1967	57,300	0.1%	1	100.0%	$1,179,922	0.1%	$20.59
3150 Ana Street	Rancho Dominguez	1	Warehouse / Light Manufacturing	1957	105,970	0.2%	1	100.0%	$2,663,768	0.3%	$25.14
19007 Reyes Avenue	Rancho Dominguez	—	Industrial Outdoor Storage	1969 / 2021	—	—%	1	100.0%	$1,372,401	0.2%	$—
19431 Santa Fe Avenue	Rancho Dominguez	3	Industrial Outdoor Storage	1963 / 2023	1,855	—%	1	100.0%	$2,040,574	0.3%	$1,100.04
20304 Alameda Street	Rancho Dominguez	2	Warehouse / Light Manufacturing	1974	77,758	0.2%	2	100.0%	$735,144	0.1%	$9.45
2880 Ana Street	Rancho Dominguez	—	Industrial Outdoor Storage	1970 / 2024	—	—%	1	100.0%	$1,751,544	0.2%	$—
19301 Santa Fe Avenue(6)	Rancho Dominguez	3	Light Industrial / Office	1954/1989	7,065	—%	—	—%	$—	—%	$—
2910 Pacific Commerce Drive East	Rancho Dominguez	1	Warehouse / Distribution	1985	150,000	0.3%	1	100.0%	$2,733,420	0.3%	$18.22
2410-2420 Santa Fe Avenue	Redondo Beach	1	Light Industrial / Office	1977	112,000	0.2%	1	100.0%	$1,723,157	0.2%	$15.39
2601-2641 Manhattan Beach Blvd	Redondo Beach	6	Light Industrial / Office	1978	126,726	0.3%	30	97.3%	$2,801,423	0.4%	$22.72
2400 Marine Avenue	Redondo Beach	2	Light Industrial / Office	1964	50,000	0.1%	2	40.0%	$560,902	0.1%	$28.05
20920-20950 Normandie Ave.	Torrance	2	Warehouse / Light Manufacturing	1989	49,519	0.1%	28	97.6%	$1,037,413	0.1%	$21.47
24105 Frampton Avenue	Torrance	1	Warehouse / Distribution	1974 / 2016	49,841	0.1%	1	100.0%	$515,199	0.1%	$10.34
1500-1510 W. 228th St.	Torrance	8	Warehouse / Light Manufacturing	1963 / 1968, 2017	87,890	0.2%	10	83.8%	$1,216,962	0.2%	$16.53
3100 Fujita Street	Torrance	1	Warehouse / Light Manufacturing	1970	91,516	0.2%	1	100.0%	$1,619,026	0.2%	$17.69
960-970 Knox Street	Torrance	1	Light Industrial / Office	1976	39,400	0.1%	4	100.0%	$902,819	0.1%	$22.91
1300, 1301, 1315, 1320-13330, 1347 Storm Parkway; 1338 W. 288th St.; 23021-23023 Normandie Ave.; 22815 & 23023 Normandie Ave.; 22815 & 22831 Frampton Ave.	Torrance	8	Warehouse / Distribution	1982 - 2008 / 2024	267,503	0.5%	11	74.6%	$3,530,566	0.5%	$17.69
19951 Mariner Avenue	Torrance	1	Light Industrial / Office	1986	89,272	0.2%	1	100.0%	$1,663,260	0.2%	$18.63
3100 Lomita Blvd	Torrance	5	Light Industrial / Office	1967 - 1998	525,076	1.0%	7	99.8%	$12,230,339	1.6%	$23.34
21515 Western Avenue(6)	Torrance	—	Redevelopment	1991	—	—%	—	—%	$—	—%	$—
4240 190th Street	Torrance	1	Warehouse / Distribution	1966	307,487	0.6%	3	100.0%	$3,491,736	0.4%	$11.36
19475 Gramercy Place	Torrance	1	Light Industrial / Office	1982 / 2022	47,712	0.1%	1	100.0%	$1,136,214	0.1%	$23.81
20900 Normandie Avenue	Torrance	1	Warehouse / Distribution	2001	74,038	0.1%	2	50.2%	$600,199	0.1%	$16.14
3547-3555 Voyager Street	Torrance	3	Light Industrial / Office	1986	60,248	0.1%	13	41.9%	$459,573	0.1%	$18.21

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
19145 Gramercy Place	Torrance	1	Warehouse / Distribution	1977	102,143		0.2%	1		100.0%	$1,861,728		0.2%	$18.23
3520 Challenger Street	Torrance	1	Light Industrial / Office	1990	49,336		0.1%	1		100.0%	$954,338		0.1%	$19.34
301-445 Figueroa Street	Wilmington	1	Warehouse / Distribution	1972 / 2018	133,650		0.3%	10		81.3%	$2,051,776		0.3%	$18.88
444 Quay Avenue & 508 East E Street	Wilmington	1	Warehouse / Excess Land	1992 / 2024	29,760		0.1%	1		100.0%	$3,250,848		0.4%	$109.24
1800 Lomita Blvd	Wilmington	—	Industrial Outdoor Storage	n/a	—		—%	4		100.0%	$4,442,542		0.6%	$—
920 Pacific Coast Highway	Wilmington	1	Warehouse / Distribution	1954	148,186		0.3%	1		100.0%	$4,484,314		0.6%	$30.26
Los Angeles – South Bay Total	135			7,912,341		15.6%	266		88.8%	$161,016,368		20.8%	$22.92
Orange County – North
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.	Anaheim	6	Warehouse / Light Manufacturing	1972 / 1990 / 2013	121,669		0.2%	21		100.0%	$2,229,747		0.3%	$18.33
5235 East Hunter Ave.	Anaheim	1	Warehouse / Light Manufacturing	1987	120,127		0.2%	3		100.0%	$1,922,830		0.2%	$16.01
1210 N Red Gum St	Anaheim	1	Warehouse / Distribution	1985 / 2020	64,570		0.1%	1		100.0%	$732,555		0.1%	$11.35
1190 Stanford Court	Anaheim	1	Warehouse / Distribution	1979	34,494		0.1%	1		100.0%	$489,174		0.1%	$14.18
900 East Ball Road	Anaheim	1	Warehouse / Excess Land	1956 / 2022	62,607		0.1%	1		100.0%	$1,473,622		0.2%	$23.54
3071 Coronado Street(6)	Anaheim	1	Warehouse / Distribution	1973 / 2024	105,173		0.2%	—		—%	$—		—%	$—
600-708 Vermont Avenue	Anaheim	4	Light Manufacturing / Flex	1960	133,836		0.3%	1		100.0%	$3,565,200		0.5%	$26.64
1212 Howell Avenue	Anaheim	1	Warehouse / Distribution	1992	25,962		0.1%	1		100.0%	$384,141		—%	$14.80
1222 Howell Avenue	Anaheim	1	Warehouse / Distribution	1968	81,325		0.2%	2		100.0%	$1,320,784		0.2%	$16.24
404-430 Berry Way	Brea	3	Warehouse / Excess Land	1964 - 1967	120,250		0.2%	2		15.7%	$1,043,208		0.1%	$55.28
2300-2386 East Walnut Ave.	Fullerton	3	Warehouse / Distribution	1985-1986 / 2005	163,898		0.3%	14		89.8%	$2,758,026		0.4%	$18.73
1600 Orangethorpe & 1335-1375 Acacia	Fullerton	5	Warehouse / Distribution	1968 / 1985	346,445		0.7%	10		100.0%	$5,141,232		0.7%	$14.84
1901 Via Burton(6)	Fullerton	1	Warehouse / Light Manufacturing	1960 / 2024	139,449		0.3%	—		—%	$—		—%	$—
1500 Raymond Avenue(6)	Fullerton	—	Redevelopment	n/a	—		—%	—		—%	$—		—%	$—
1500 Walnut Avenue	Fullerton	1	Warehouse / Distribution	2022	121,615		0.2%	2		100.0%	$3,118,878		0.4%	$25.65
1901 Rosslynn Avenue	Fullerton	1	Warehouse / Light Manufacturing	1989	278,572		0.5%	1		100.0%	$5,570,448		0.7%	$20.00
4141 Palm Street	Fullerton	1	Warehouse / Light Manufacturing	1981	100,000		0.2%	1		100.0%	$1,665,316		0.2%	$16.65
5593-5595 Fresca Drive	La Palma	1	Warehouse / Light Manufacturing	1973	115,200		0.2%	2		100.0%	$1,490,182		0.2%	$12.94
1581 Main Street	Orange	1	Warehouse / Distribution	1994	40,637		0.1%	1		100.0%	$380,746		—%	$9.37
445-449 Freedom Avenue	Orange	1	Warehouse / Distribution	1980	92,647		0.2%	2		100.0%	$1,573,260		0.2%	$16.98
560 Main Street	Orange	1	Warehouse / Light Manufacturing	1973	17,000		—%	1		100.0%	$134,930		—%	$7.94
2401-2421 Glassell Street	Orange	4	Light Industrial / Office	1987	191,127		0.4%	5		100.0%	$3,674,891		0.5%	$19.23
2390-2444 American Way(6)	Orange	1	Warehouse / Light Manufacturing	2024	100,483		0.2%	—		—%	$—		—%	$—

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
200 Boysenberry Lane	Placentia	1	Warehouse / Light Manufacturing	1985	198,275		0.4%	1		100.0%	$4,163,775		0.5%	$21.00
22895 Eastpark Drive	Yorba Linda	1	Light Industrial / Office	1986	34,950		0.1%	1		100.0%	$418,396		0.1%	$11.97
Orange County – North Total	43			2,810,311		5.5%	74		83.5%	$43,251,341		5.6%	$18.43
Orange County – West
5630 Cerritos Avenue	Cypress	1	Light Industrial / Office	1989	76,032		0.2%	1		100.0%	$1,448,963		0.2%	$19.06
12131 Western Avenue	Garden Grove	1	Warehouse / Distribution	1987 / 2007, 2017	207,953		0.4%	1		100.0%	$2,234,761		0.3%	$10.75
12622-12632 Monarch Street	Garden Grove	2	Warehouse / Distribution	1967	121,225		0.2%	3		100.0%	$1,928,015		0.2%	$15.90
12752-12822 Monarch Street	Garden Grove	1	Warehouse / Distribution	1971 / 2023	272,898		0.5%	3		84.2%	$4,366,267		0.6%	$19.00
12821 Knott Street	Garden Grove	1	Warehouse / Distribution	1971 / 2023	165,171		0.3%	1		100.0%	$3,822,635		0.5%	$23.14
17311 Nichols Ln.	Huntington Beach	1	Warehouse / Light Manufacturing	1993 / 2014, 2024	104,182		0.2%	1		100.0%	$1,787,763		0.2%	$17.16
5421 Argosy Avenue	Huntington Beach	1	Warehouse / Light Manufacturing	1976	35,321		0.1%	1		100.0%	$426,102		0.1%	$12.06
7612-7642 Woodwind Drive	Huntington Beach	3	Warehouse / Light Manufacturing	2001	62,377		0.1%	3		100.0%	$955,800		0.1%	$15.32
1700 Saturn Way	Seal Beach	1	Warehouse / Light Manufacturing	2006	184,000		0.4%	1		100.0%	$2,485,123		0.3%	$13.51
14650 Hoover Street	Westminster	1	Warehouse / Distribution	2001	59,679		0.1%	—		—%	$—		—%	$—
Orange County – West Total	13			1,288,838		2.5%	15		92.0%	$19,455,429		2.5%	$16.40
Orange County – South
9 Holland	Irvine	1	Warehouse / Distribution	1980 / 2013	180,981		0.4%	2		100.0%	$2,882,139		0.4%	$15.93
20531 Crescent Bay Dr.	Lake Forest	1	Warehouse / Distribution	1998	48,873		0.1%	1		100.0%	$837,319		0.1%	$17.13
20 Icon	Lake Forest	1	Warehouse / Distribution	1999 / 2015	102,299		0.2%	1		100.0%	$1,731,651		0.2%	$16.93
25781 Atlantic Ocean Drive	Lake Forest	1	Light Industrial / Office	1996	28,254		—%	1		100.0%	$561,073		0.1%	$19.86
20481 Crescent Bay Drive	Lake Forest	1	Warehouse / Light Manufacturing	1996	88,355		0.2%	1		100.0%	$960,638		0.1%	$10.87
20472 Crescent Bay	Lake Forest	1	Warehouse / Distribution	1998	31,020		0.1%	5		100.0%	$609,260		0.1%	$19.64
20492 Crescent Bay	Lake Forest	1	Warehouse / Distribution	1998	46,642		0.1%	3		100.0%	$792,691		0.1%	$17.00
20512 Crescent Bay	Lake Forest	1	Warehouse / Distribution	1998	29,285		0.1%	5		100.0%	$566,490		0.1%	$19.34
20532 Crescent Bay	Lake Forest	1	Warehouse / Distribution	1998	24,127		—%	3		100.0%	$486,698		0.1%	$20.17
25172 Arctic Ocean Drive	Lake Forest	1	Warehouse / Distribution	1998	52,024		0.1%	5		100.0%	$1,142,297		0.1%	$21.96
Orange County – South Total	10			631,860		1.3%	27		100.0%	$10,570,256		1.4%	$16.73
Orange County – Airport
18250 Euclid Street	Fountain Valley	1	Warehouse / Light Manufacturing	1974	62,838		0.1%	1		100.0%	$831,723		0.1%	$13.24
1601 Alton Pkwy.	Irvine	1	Light Manufacturing / Flex	1974 / 2018	124,741		0.3%	4		100.0%	$2,811,016		0.4%	$22.53
16752 Armstrong Avenue	Irvine	1	Warehouse / Excess Land	1970/2012	81,600		0.2%	2		100.0%	$2,311,885		0.3%	$28.33
3441 West MacArthur Blvd.	Santa Ana	1	Warehouse / Distribution	1973 / 2022	124,102		0.2%	1		100.0%	$1,965,108		0.2%	$15.83

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
600-650 South Grand Ave.	Santa Ana	6	Warehouse / Light Manufacturing	1988	101,389		0.2%	52		89.3%	$1,750,306		0.2%	$19.34
2610 & 2701 S. Birch Street	Santa Ana	1	Warehouse / Distribution	1965 / 2016	98,379		0.2%	3		100.0%	$1,441,893		0.2%	$14.66
1801 St Andrew Place	Santa Ana	1	Light Industrial / Office	1987	370,374		0.7%	2		100.0%	$6,271,921		0.8%	$16.93
1217 Saint Gertrude Place	Santa Ana	1	Warehouse / Light Manufacturing	1961	106,604		0.2%	2		100.0%	$1,272,196		0.2%	$11.93
15777 Gateway Circle	Tustin	1	Warehouse / Light Manufacturing	2005	37,592		0.1%	1		100.0%	$795,747		0.1%	$21.17
15771 Red Hill Avenue	Tustin	1	Light Industrial / Office	1979 / 2016	98,970		0.2%	3		100.0%	$3,372,576		0.4%	$34.08
Orange County – Airport Total	15			1,206,589		2.4%	71		99.1%	$22,824,371		2.9%	$19.09
Riverside / San Bernardino - Inland Empire West
13971 Norton Avenue	Chino	1	Warehouse / Distribution	1990	103,297		0.2%	1		100.0%	$1,611,433		0.2%	$15.60
5002-5018 Lindsay Court	Chino	1	Warehouse / Distribution	1986	64,960		0.1%	1		50.7%	$525,426		0.1%	$15.97
13925 Benson Avenue	Chino	1	Light Industrial / Office	1989	38,143		0.1%	1		100.0%	$1,497,600		0.2%	$39.26
4115 Schaefer Avenue	Chino	1	Warehouse / Distribution	2001	33,500		0.1%	1		100.0%	$753,449		0.1%	$22.49
340-344 Bonnie Circle	Corona	1	Warehouse / Distribution	1994	98,000		0.2%	1		100.0%	$1,822,800		0.2%	$18.60
1168 Sherborn Street	Corona	1	Warehouse / Distribution	2004	79,515		0.2%	1		100.0%	$883,293		0.1%	$11.11
755 Trademark Circle	Corona	1	Warehouse / Distribution	2001	34,427		0.1%	1		100.0%	$600,288		0.1%	$17.44
The Merge	Eastvale	6	Warehouse / Distribution	2020	333,544		0.7%	5		74.1%	$3,145,338		0.4%	$12.72
6245 Providence Way	Eastvale	1	Warehouse / Distribution	2018	27,636		—%	1		100.0%	$378,060		—%	$13.68
Merge-West	Eastvale	6	Warehouse / Distribution	2022	1,057,419		2.1%	6		100.0%	$17,864,516		2.3%	$16.89
13231 Slover Avenue	Fontana	1	Warehouse / Distribution	1990	109,463		0.2%	1		100.0%	$2,606,752		0.3%	$23.81
10509 Business Drive	Fontana	1	Warehouse / Distribution	1989	130,788		0.3%	2		100.0%	$2,613,748		0.3%	$19.98
15996 Jurupa Avenue	Fontana	1	Warehouse / Distribution	2015	212,660		0.4%	1		100.0%	$2,147,185		0.3%	$10.10
11127 Catawba Avenue	Fontana	1	Warehouse / Distribution	2015	145,750		0.3%	1		100.0%	$1,337,826		0.2%	$9.18
10156 Live Oak Avenue	Fontana	1	Warehouse / Distribution	2020	236,912		0.5%	1		100.0%	$2,174,593		0.3%	$9.18
10694 Tamarind Avenue	Fontana	1	Warehouse / Distribution	2020	99,999		0.2%	1		100.0%	$972,430		0.1%	$9.72
13369 Valley Blvd	Fontana	1	Light Industrial / Office	2005	105,041		0.2%	1		100.0%	$2,294,095		0.3%	$21.84
15850 Slover Avenue	Fontana	1	Warehouse / Distribution	2020	60,127		0.1%	1		100.0%	$662,280		0.1%	$11.01
13512 Marlay Avenue	Fontana	1	Warehouse / Distribution	1960	199,363		0.4%	1		100.0%	$1,723,275		0.2%	$8.64
13700-13738 Slover Avenue	Fontana	1	Warehouse / Excess Land	1982	17,862		—%	1		100.0%	$180,000		—%	$10.08
10131 Banana Avenue	Fontana	—	Industrial Outdoor Storage	n/a	—		—%	2		100.0%	$1,014,642		0.1%	$—
14874 Jurupa Avenue	Fontana	1	Warehouse / Distribution	2019	158,119		0.3%	1		100.0%	$2,751,271		0.4%	$17.40
10660 Mulberry Avenue	Fontana	1	Warehouse / Distribution	1990	49,530		0.1%	1		100.0%	$401,826		0.1%	$8.11
10545 Production Avenue	Fontana	1	Warehouse / Distribution	2006	1,101,840		2.2%	1		100.0%	$19,251,348		2.5%	$17.47
13201 Dahlia Street	Fontana	1	Warehouse / Light Manufacturing	1989	278,650		0.5%	1		100.0%	$3,845,370		0.5%	$13.80

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
4225 Etiwanda Avenue	Jurupa Valley	1	Warehouse / Distribution	1998	134,500		0.3%	3		100.0%	$1,217,400		0.2%	$9.05
4325 Etiwanda Avenue	Jurupa Valley	1	Warehouse / Distribution	1998	124,258		0.2%	—		—%	$—		—%	$—
4039 State Street	Montclair	1	Warehouse / Distribution	2020	139,000		0.3%	1		100.0%	$1,276,520		0.2%	$9.18
5160 Richton Street	Montclair	1	Light Industrial / Office	2004	94,976		0.2%	5		100.0%	$1,403,357		0.2%	$14.78
1400 S. Campus Ave.	Ontario	2	Warehouse / Light Manufacturing	1964-1966, 1973, 1987	107,861		0.2%	1		100.0%	$1,112,257		0.1%	$10.31
601-605 S. Milliken Ave.	Ontario	3	Light Industrial / Office	1987 / 1988	128,313		0.2%	24		98.5%	$2,389,406		0.3%	$18.90
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.	Ontario	5	Light Industrial / Office	1985	113,812		0.2%	19		73.2%	$1,405,150		0.2%	$16.86
710 South Dupont Avenue & 4051 Santa Ana Street	Ontario	2	Warehouse / Distribution	2001	111,890		0.2%	4		66.5%	$1,601,844		0.2%	$21.53
Safari Business Center(7)	Ontario	16	Warehouse / Distribution	1989	1,142,042		2.2%	82		94.2%	$18,960,568		2.4%	$17.62
3002-3008, 3022-3030, 3042-3050 & 3062-3072 Inland Empire Boulevard	Ontario	4	Warehouse / Distribution	1981	218,407		0.4%	11		100.0%	$3,640,139		0.5%	$16.67
302 Rockefeller Avenue	Ontario	1	Warehouse / Distribution	2000	99,282		0.2%	1		100.0%	$1,382,005		0.2%	$13.92
4355 Brickell Street	Ontario	1	Warehouse / Distribution	2004	95,644		0.2%	1		100.0%	$1,897,883		0.2%	$19.84
1900 Proforma Avenue	Ontario	1	Warehouse / Distribution	1989	135,360		0.3%	14		100.0%	$2,536,586		0.3%	$18.74
4621 Guasti Road	Ontario	1	Warehouse / Distribution	1988	64,512		0.1%	1		100.0%	$844,683		0.1%	$13.09
1555 Cucamonga Avenue	Ontario	2	Warehouse / Light Manufacturing	1973	107,023		0.2%	2		100.0%	$2,252,817		0.3%	$21.05
500 Dupont Avenue	Ontario	1	Warehouse / Light Manufacturing	1987 / 2024	274,885		0.5%	1		100.0%	$3,727,441		0.5%	$13.56
5772 Jurupa Street	Ontario	1	Warehouse / Distribution	1992	360,000		0.7%	1		100.0%	$2,604,193		0.3%	$7.23
1010 Belmont Street	Ontario	1	Warehouse / Distribution	1987	61,824		0.1%	1		100.0%	$1,195,923		0.2%	$19.34
1550-1600 Champagne Avenue	Ontario	2	Warehouse / Distribution	1989	124,243		0.2%	2		100.0%	$1,141,764		0.1%	$9.19
1154 Holt Blvd	Ontario	1	Warehouse / Distribution	2021	35,033		0.1%	1		100.0%	$655,818		0.1%	$18.72
1172 Holt Blvd	Ontario	1	Warehouse / Distribution	2021	44,004		0.1%	1		100.0%	$607,255		0.1%	$13.80
4422 Airport Drive	Ontario	1	Warehouse / Distribution	1978	88,283		0.2%	2		100.0%	$1,675,203		0.2%	$18.98
9160 - 9220 Cleveland Ave., 10860 6th St.	Rancho Cucamonga	3	Light Manufacturing / Flex	1988-1989 / 2006	129,309		0.3%	5		100.0%	$2,627,230		0.3%	$20.32
9805 6th St.	Rancho Cucamonga	2	Warehouse / Distribution	1986	81,377		0.2%	4		100.0%	$1,503,192		0.2%	$18.47
10700 Jersey Blvd.	Rancho Cucamonga	7	Light Industrial / Office	1988-1989	107,568		0.2%	59		100.0%	$2,082,473		0.3%	$19.36
11190 White Birch Drive	Rancho Cucamonga	1	Warehouse / Distribution	1986	201,035		0.4%	2		100.0%	$1,767,375		0.2%	$8.79
12320 4th Street	Rancho Cucamonga	2	Warehouse / Distribution	1997/2003	284,676		0.6%	1		100.0%	$1,392,345		0.2%	$4.89
2520 Baseline Road	Rialto	1	Warehouse / Distribution	2020	156,586		0.3%	1		100.0%	$1,353,467		0.2%	$8.64
Riverside / San Bernardino – Inland Empire West Total	100			9,542,248		18.8%	286		96.0%	$137,313,138		17.7%	$14.99
San Bernardino – Inland Empire East

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
6750 Unit B - 6780 Central Ave.	Riverside	2	Warehouse / Light Manufacturing	1978	33,258		0.1%	1		100.0%	$660,443		0.1%	$19.86
San Bernardino – Inland Empire East Total	2			33,258		0.1%	1		100.0%	$660,443		0.1%	$19.86
Ventura County
300 South Lewis Rd.	Camarillo	1	Warehouse / Distribution	1960-1963 / 2006	215,128		0.4%	11		100.0%	$2,619,826		0.3%	$12.18
3233 Mission Oaks Blvd	Camarillo	2	Warehouse / Distribution	1980-1982 / 2014, 2018, 2019	409,217		0.8%	14		86.5%	$4,787,010		0.6%	$13.52
2328 Teller Road	Newbury Park	1	Light Manufacturing / Flex	1970 / 2018	126,317		0.2%	12		100.0%	$2,126,042		0.3%	$16.83
201 Rice Ave. & 2400-2420 Celsius	Oxnard	3	Warehouse / Light Manufacturing	2008	137,785		0.3%	21		86.4%	$1,675,976		0.2%	$14.07
610-760 W Hueneme Rd & 5651-5721 Perkins Rd	Oxnard	2	Warehouse / Light Manufacturing	1985	87,181		0.2%	18		83.2%	$1,138,645		0.2%	$15.70
1800 Eastman Ave	Oxnard	1	Warehouse / Light Manufacturing	2009	33,332		0.1%	1		100.0%	$315,130		—%	$9.45
2220-2260 Camino del Sol	Oxnard	1	Warehouse / Distribution	2005	69,891		0.1%	2		100.0%	$751,498		0.1%	$10.75
3000 Paseo Mercado, 3120-3150 Paseo Mercado	Oxnard	5	Warehouse / Light Manufacturing	1988	132,187		0.2%	22		88.9%	$1,501,352		0.2%	$12.77
701 Del Norte Blvd.	Oxnard	1	Warehouse / Light Manufacturing	2000	125,514		0.2%	16		84.4%	$1,519,357		0.2%	$14.35
2950 Madera Rd.	Simi Valley	1	Warehouse / Distribution	1988 / 2005	136,065		0.3%	1		100.0%	$1,942,580		0.3%	$14.28
21-29 West Easy St.	Simi Valley	5	Warehouse / Light Manufacturing	1991 / 2006	102,440		0.2%	18		100.0%	$1,690,605		0.2%	$16.50
2390 Ward Avenue	Simi Valley	1	Warehouse / Distribution	1989	138,700		0.3%	2		100.0%	$1,871,537		0.2%	$13.49
1998 Surveyor Avenue	Simi Valley	1	Warehouse / Distribution	2018	56,306		0.1%	—		—%	$—		—%	$—
2280 Ward Avenue	Simi Valley	1	Warehouse / Distribution	1995	242,101		0.5%	5		78.6%	$2,183,650		0.3%	$11.47
Meggitt Simi Valley	Simi Valley	3	Warehouse / Light Manufacturing	1984 / 2005	285,750		0.6%	1		100.0%	$2,619,235		0.3%	$9.17
3935-3949 Heritage Oak Court	Simi Valley	1	Warehouse / Distribution	1999	186,726		0.4%	2		100.0%	$2,108,492		0.3%	$11.29
851 Lawrence Drive	Thousand Oaks	1	Warehouse / Distribution	1968 / 2021	90,773		0.2%	3		100.0%	$1,373,797		0.2%	$15.13
2405, 2430, 2455, 2500, 2535, 2570, 2585, 2595,& 2615 Conejo Spectrum St.	Thousand Oaks	9	Warehouse / Distribution	2018 / 2020	531,378		1.0%	9		92.0%	$6,969,689		0.9%	$14.26
Ventura County Total	40			3,106,791		6.1%	158		91.2%	$37,194,421		4.8%	$13.13
San Diego – North County
6200 & 6300 Yarrow Dr.	Carlsbad	2	Warehouse / Light Manufacturing	1977-1988 / 2006	151,433		0.3%	3		100.0%	$2,006,111		0.3%	$13.25
2431-2465 Impala Dr.	Carlsbad	7	Light Manufacturing / Flex	1983 / 2006	90,091		0.2%	11		100.0%	$1,827,871		0.2%	$20.29
6231 & 6241 Yarrow Dr.	Carlsbad	2	Warehouse / Light Manufacturing	1977 / 2006	80,525		0.2%	6		92.6%	$1,200,411		0.2%	$16.09
6131-6133 Innovation Way	Carlsbad	2	Warehouse / Distribution	2017	114,786		0.2%	4		100.0%	$1,864,167		0.2%	$16.24

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
2270 Camino Vida Roble	Carlsbad	1	Light Industrial / Office	1981	106,311		0.2%	17		95.1%	$1,946,043		0.2%	$19.24
1332-1340 Rocky Point Drive	Oceanside	3	Warehouse / Distribution	2009 / 2019	73,748		0.1%	1		30.7%	$426,589		0.1%	$18.82
4039 Calle Platino(6)	Oceanside	1	Warehouse / Distribution	1991 / 2024	143,663		0.3%	5		79.1%	$1,736,640		0.2%	$15.29
1402 Avenida Del Oro	Oceanside	1	Warehouse / Excess Land	2016	311,995		0.6%	1		100.0%	$4,311,948		0.6%	$13.82
2843 Benet Road	Oceanside	1	Warehouse / Distribution	1987	35,000		0.1%	1		100.0%	$484,227		0.1%	$13.84
660-664 Twin Oaks Valley Road	San Marcos	2	Warehouse / Distribution	1978 - 1988	96,993		0.2%	2		100.0%	$1,087,950		0.1%	$11.22
980 Rancheros Drive	San Marcos	1	Warehouse / Distribution	1982	48,878		0.1%	1		100.0%	$611,389		0.1%	$12.51
929, 935, 939 & 951 Poinsettia Ave.	Vista	4	Warehouse / Light Manufacturing	1989 / 2007	115,355		0.2%	10		100.0%	$1,737,443		0.2%	$15.06
2575 Pioneer Ave.	Vista	1	Warehouse / Light Manufacturing	1988 / 2006	68,935		0.1%	8		100.0%	$1,142,077		0.1%	$16.57
2455 Ash Street	Vista	1	Warehouse / Light Manufacturing	1990	42,508		0.1%	1		100.0%	$612,115		0.1%	$14.40
San Diego – North County Total	29			1,480,221		2.9%	71		93.8%	$20,994,981		2.7%	$15.13
San Diego – Central
12720-12860 Danielson Ct.	Poway	6	Warehouse / Light Manufacturing	1999	111,860		0.2%	16		100.0%	$2,125,361		0.3%	$19.00
8902-8940 Activity Rd	San Diego	5	Light Industrial / Office	1987 / 1997 / 2024	112,896		0.2%	34		97.6%	$2,410,547		0.3%	$21.88
6970-7170 & 7310-7374 Convoy Ct.	San Diego	13	Warehouse / Distribution	1971	187,893		0.4%	53		100.0%	$4,221,996		0.5%	$22.47
9340 Cabot Drive	San Diego	1	Warehouse / Distribution	1975 / 1976	86,564		0.2%	3		100.0%	$1,549,265		0.2%	$17.90
9404 Cabot Drive	San Diego	1	Warehouse / Distribution	1975 / 1976	46,846		0.1%	1		100.0%	$591,581		0.1%	$12.63
9455 Cabot Drive	San Diego	1	Warehouse / Distribution	1975 / 1976	99,403		0.2%	2		100.0%	$1,307,869		0.2%	$13.16
9755 Distribution Ave.	San Diego	1	Warehouse / Distribution	1974 / 2024	48,011		0.1%	2		100.0%	$984,021		0.1%	$20.50
9855 Distribution Ave	San Diego	1	Warehouse / Distribution	1983	61,075		0.1%	2		100.0%	$1,263,834		0.2%	$20.69
10439-10477 Roselle St.	San Diego	10	Warehouse / Light Manufacturing	1970 / 2007	97,834		0.2%	45		98.0%	$2,294,157		0.3%	$23.94
8525 Camino Santa Fe	San Diego	1	Warehouse / Distribution	1986	59,399		0.1%	3		76.0%	$1,032,201		0.1%	$22.86
13550 Stowe Drive	San Diego	1	Warehouse / Distribution	1991	112,000		0.2%	1		100.0%	$1,425,850		0.2%	$12.73
9190 Activity Road	San Diego	1	Warehouse / Distribution	1986	83,520		0.2%	1		100.0%	$1,771,960		0.2%	$21.22
10015 Waples Court	San Diego	1	Warehouse / Distribution	1988 / 2020	106,412		0.2%	1		100.0%	$1,652,794		0.2%	$15.53
8985 Crestmar Point(6)	San Diego	1	Warehouse / Light Manufacturing	1988	57,086		0.1%	—		—%	$—		—%	$—
5725 Eastgate Drive	San Diego	1	Industrial Outdoor Storage	1995	27,267		0.1%	1		100.0%	$626,008		0.1%	$22.96
8745-8775 Production Avenue	San Diego	2	Light Industrial / Office	1974 / 2021	46,820		0.1%	4		100.0%	$731,732		0.1%	$15.63
8888-8992 Balboa Avenue(6)	San Diego	1	Warehouse / Distribution	1967 / 2024	123,492		0.2%	—		—%	$—		—%	$—
4181 Ruffin Road	San Diego	1	Light Industrial / Office	1987	150,144		0.3%	6		49.8%	$1,508,450		0.2%	$20.19
9223 Balboa Avenue	San Diego	3	Light Industrial / Office	2020	248,579		0.5%	2		100.0%	$9,217,309		1.2%	$37.08

Property Address · City · Number of Buildings · Asset Type · Year Built / Renovated(1) · Rentable Square Feet · Percentage of Rentable Square Feet(2) · Number of Leases · Occupancy · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Total Annualized Base Rent per Square Foot(5)
9323 Balboa Avenue	San Diego	1	Light Industrial / Office	1978-1980	200,155		0.4%	1		100.0%	$—		—%	$—
4285 Ponderosa Avenue	San Diego	1	Light Industrial / Office	1969	66,648		0.1%	1		100.0%	$1,892,231		0.2%	$28.39
San Diego – Central Total	54			2,133,904		4.2%	179		87.1%	$36,607,166		4.7%	$19.69
Consolidated Portfolio - Total / Weighted Average	425 Properties	708			50,788,225		100.0%	1,650		91.3%	$775,324,995		100.0%	$16.71

(1)Year renovated reflects the most recent year in which a material upgrade, alteration or addition to building systems was completed, resulting in increased marketability of the property.

(2)Calculated as rentable square feet for such property divided by rentable square feet for the total consolidated portfolio as of December 31, 2024.

(3)Calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12. Excludes tenant reimbursements.

(4)Calculated as annualized base rent for such property divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.

(5)Calculated as annualized base rent for such property divided by occupied square feet for such property as of December 31, 2024.

(6)This property is undergoing repositioning, redevelopment, or lease-up as of December 31, 2024.

(7)Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street.

Property Diversification

The following table sets forth information relating to diversification by property type in our portfolio based on total annualized base rent as of December 31, 2024.

Property Type · Number of Properties · Occupancy(1) · Building Square Feet · Percentage of Total Building Square Feet · Land Square Feet · Coverage(2) · Annualized Base Rent(3) · Percentage of Total Annualized Base Rent(4) · Annualized Base Rent per Building Square Foot(5)
Warehouse / Distribution	210	91.2%	30,931,283	60.9%	65,500,682	47.2%	$423,154	54.6%	$15.00
Warehouse / Light Manufacturing	105	93.1%	10,788,127	21.2%	24,023,364	44.9%	161,565	20.8%	$16.09
Light Industrial / Office(6)	43	89.3%	5,115,095	10.1%	12,423,948	41.2%	91,145	11.8%	$19.96
Industrial Outdoor Storage	19	100.0%	211,808	0.4%	7,934,866	2.7%	41,422	5.3%	$5.22	(7)
Light Manufacturing / Flex	10	93.5%	1,969,049	3.9%	5,846,264	33.7%	25,104	3.2%	$13.63
Warehouse / Excess Land	22	84.0%	1,324,107	2.6%	5,654,457	23.4%	25,243	3.3%	$22.70
Cold Storage / Distribution	4	100.0%	401,668	0.8%	798,855	50.3%	7,692	1.0%	$19.15
Redevelopment(8)	12	—%	47,088	0.1%	3,271,604	(8)	—	—%	$—
Total / Weighted Average	425	91.3%	50,788,225	100.0%	125,454,040	40.5%	$775,325	100.0%	$16.71

(1)Calculated as the average occupancy at such properties as of December 31, 2024, based on building square feet.

(2)Calculated as building square feet divided by land square feet.

(3)Calculated for each property as the monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12, and then aggregated by property type. Excludes tenant reimbursements. Amounts in thousands.

(4)Calculated for each property type as annualized base rent for such property type divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.

(5)Calculated for each property type as annualized base rent for such property type divided by occupied building square feet for such property type as of December 31, 2024, unless otherwise noted.

(6)Includes 901 West Alameda Avenue with 45,690 building square feet that is classified as Creative Office.

(7)Calculated for “Industrial Outdoor Storage” as annualized base rent for such property type divided by land square feet.

(8)Represents current redevelopment properties, as of December 31, 2024, that will have an estimated combined 1.5 million of rentable square feet at completion, or coverage of 46.9%.

Uncommenced Leases

Uncommenced leases as of December 31, 2024, reflect signed new and renewal leases that had not yet commenced as of December 31, 2024. Differences between our occupancy rates and leased rates as disclosed throughout this Annual Report on Form 10-K, are attributed to our uncommenced leases. The following table sets forth information relating to our uncommenced leases as of December 31, 2024.

Market	Uncommenced Renewal Leases: Leased Square Feet(1)	Uncommenced New Leases: Leased Square Feet(2)	Percent Leased(3)	Annualized Base Rent(4)	Annualized Base Rent: Uncommenced Leases(5)	Annualized Base Rent (Commenced and Uncommenced Leases)(6)	Annualized Base Rent (Commenced and Uncommenced Leases) per Leased Square Foot(7)
Los Angeles County	556,284	33,065	90.3%	$446,453	$145	$446,598	$17.32
Orange County	153,197	—	90.3%	96,101	199	96,300	$17.96
Riverside / San Bernardino County	24,582	—	96.0%	137,974	134	138,108	$15.02
San Diego County	139,655	—	89.8%	57,602	745	58,347	$17.97
Ventura County	23,578	—	91.2%	37,195	70	37,265	$13.15
Total/Weighted Average	897,296	33,065	91.4%	$775,325	$1,293	$776,618	$16.73

(1)Represents the square footage of renewal leases that had been signed but had not yet commenced as of December 31, 2024.

(2)Represents the square footage of new leases that had been signed but had not yet commenced as of December 31, 2024.

(3)Calculated as square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2024, divided by total rentable square feet.

(4)Represents annualized base rent for leases that had commenced as of December 31, 2024, at each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.

(5)Annualized base rent from uncommenced leases includes: (i) $0.6 million of annualized base rent under uncommenced new leases (calculated by multiplying the first full month of contractual base rents (before rent abatements) to be received under uncommenced new leases, by 12) and (ii) $0.7 million of incremental annualized base rent under uncommenced renewal leases (calculated as the difference between (a) the first full month of contractual base rents (before rent abatements) to be received under uncommenced renewal leases and (b) the monthly contracted base rents under commenced leases (for the same space) as of December 31, 2024, multiplied by 12.). Amounts in thousands.

(6)Calculated by adding annualized base rent for commenced leases (as described in note (4) above) and annualized base rent from uncommenced leases (as described in note (5) above). Amounts in thousands.

(7)Calculated by dividing annualized base rent from commenced leases and uncommenced leases (as described in note (6) above), by leased square footage under commenced and uncommenced leases (net of renewal space) as of December 31, 2024.

Geographic Diversification

The following table sets forth information relating to geographic diversification by county and submarket in our portfolio based on total annualized base rent as of December 31, 2024.

Market	Number of Properties	Occupancy(1)	Rentable Square Feet	Percentage of Total Rentable Square Feet	Annualized Base Rent(2)	Percentage of Total Annualized Base Rent(3)	Annualized Base Rent per Square Foot(4)
Los Angeles County
Central LA	21	87.3%	3,207,903	6.3%	$37,342	4.8%	$13.34
Greater San Fernando Valley	74	93.7%	6,963,078	13.7%	107,701	13.9%	$16.51
Mid-Counties	39	93.9%	4,549,886	9.0%	70,244	9.1%	$16.45
San Gabriel Valley	47	86.7%	5,920,997	11.6%	70,150	9.0%	$13.67
South Bay	82	88.8%	7,912,341	15.6%	161,017	20.8%	$22.92
Subtotal / Weighted Average	263	90.2%	28,554,205	56.2%	$446,454	57.6%	$17.34
Orange County
North Orange County	25	83.5%	2,810,311	5.5%	$43,251	5.6%	$18.43
OC Airport	10	99.1%	1,206,589	2.4%	22,824	2.9%	$19.09
South Orange County	10	100.0%	631,860	1.3%	10,570	1.4%	$16.73
West Orange County	10	92.0%	1,288,838	2.5%	19,455	2.5%	$16.40
Subtotal / Weighted Average	55	90.3%	5,937,598	11.7%	$96,100	12.4%	$17.93
Riverside / San Bernardino County
Inland Empire East	1	100.0%	33,258	0.1%	$661	0.1%	$19.86
Inland Empire West	53	96.0%	9,542,248	18.8%	137,313	17.7%	$14.99
Subtotal / Weighted Average	54	96.0%	9,575,506	18.9%	$137,974	17.8%	$15.00
Ventura County
Ventura	18	91.2%	3,106,791	6.1%	$37,195	4.8%	$13.13
Subtotal / Weighted Average	18	91.2%	3,106,791	6.1%	$37,195	4.8%	$13.13
San Diego County
Central San Diego	21	87.1%	2,133,904	4.2%	$36,607	4.7%	$19.69
North County San Diego	14	93.8%	1,480,221	2.9%	20,995	2.7%	$15.13
Subtotal / Weighted Average	35	89.8%	3,614,125	7.1%	$57,602	7.4%	$17.74
Consolidated Portfolio - Total / Weighted Average	425	91.3%	50,788,225	100.0%	$775,325	100.0%	$16.71

(1)Calculated as the average occupancy at such properties as of December 31, 2024.

(2)Represents annualized base rent for each property (calculated as monthly contracted base rent (before rent abatements) per the terms of the lease(s) at such property, as of December 31, 2024, multiplied by 12), aggregated by market. Excludes tenant reimbursements. Amounts in thousands.

(3)Calculated as annualized base rent for such market divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.

(4)Calculated as annualized base rent for such market divided by occupied square feet for such market as of December 31, 2024.

Industry Diversification

The following table sets forth information relating to tenant diversification by industry in our portfolio based on total annualized base rent as of December 31, 2024.

Industry · Numberof Leases(1) · OccupiedSquare Feet · Percentage ofTotal OccupiedSquare Feet · AnnualizedBase Rent(2) · Percentage ofTotal AnnualizedBase Rent(3) · AnnualizedBase Rent perSquare Foot(4)
Manufacturing	288	12,167,305	26.2%	$181,926	23.5%	$14.95
Wholesale Trade	386	10,834,388	23.4%	171,380	22.1%	$15.82
Transportation and Warehousing	266	9,322,287	20.1%	157,050	20.3%	$16.85
Professional, Scientific, and Technical Services	134	4,187,942	9.0%	75,516	9.7%	$18.03
Retail Trade	116	2,935,291	6.3%	42,227	5.4%	$14.39
Real Estate and Rental and Leasing	38	772,182	1.7%	23,826	3.1%	$30.86
Construction	119	1,229,413	2.6%	21,551	2.8%	$17.53
Administrative and Support and Waste Management and Remediation Services	71	1,118,263	2.4%	17,097	2.2%	$15.29
Arts, Entertainment, and Recreation	29	931,086	2.0%	15,026	1.9%	$16.14
Mining, Quarrying, and Oil and Gas Extraction(5)	5	44,295	0.1%	12,368	1.6%	$279.22	(5)
Health Care and Social Assistance	30	639,916	1.4%	11,792	1.5%	$18.43
Other Services (except Public Administration)	42	528,947	1.1%	11,310	1.5%	$21.38
Public Administration	15	362,693	0.8%	9,506	1.2%	$26.21
Information	49	457,755	1.0%	8,821	1.1%	$19.27
Educational Services	12	342,896	0.7%	5,337	0.7%	$15.56
Finance and Insurance	8	210,010	0.5%	3,873	0.5%	$18.44
Accommodation and Food Services	14	165,119	0.4%	3,574	0.5%	$21.64
Miscellaneous	28	137,230	0.3%	3,145	0.4%	$22.92
Total / Weighted Average	1,650	46,387,018	100.0%	$775,325	100.0%	$16.71

(1)A single lease may cover space in more than one building.

(2)Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by industry. Excludes tenant reimbursements. Amounts in thousands.

(3)Calculated as annualized base rent for tenants in such industry divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.

(4)Calculated as annualized base rent for tenants in such industry divided by occupied square feet for tenants in such industry as of December 31, 2024.

(5)Includes a tenant leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.7 million or $3.34 per land square foot. Excluding this tenant, annualized base rent per square foot is $15.64.

Tenants

Our portfolio of properties has a stable and diversified tenant base. As of December 31, 2024, our consolidated properties were 91.4% leased to tenants in a variety of industries, with no single tenant accounting for more than 2.5% of our total annualized in-place base rent. Our average lease size is approximately 29,000 square feet, and approximately 32% of our total leased square feet consists of leases that are less than 50,000 square feet each. Our 10 largest tenants combined accounted for 14.1% of our annualized base rent as of December 31, 2024. We intend to continue to maintain a diversified mix of tenants in order to limit our exposure to any single tenant or industry.

The following table sets forth information about the 10 largest tenants in our portfolio based on total annualized base rent as of December 31, 2024.

Tenant · Submarket · Occupied Square Feet · Percentage of Total Occupied Square Feet · Annualized Base Rent(1) · Percentage of Total Annualized Base Rent(2) · Annualized Base Rent per Square Foot(3) · Lease Expirations
TIRECO, Inc.	Inland Empire West	1,101,840		2.4%	$19,251		2.5%	$17.47		1/31/2027
L3 Technologies, Inc.	Multiple Submarkets (4)	595,267		1.3%	12,825		1.7%	$21.54		9/30/2031(4)
Zenith Energy West Coast Terminals LLC	South Bay	—		—%	11,675		1.5%	See Note (5)	9/29/2041
Cubic Corporation	Multiple Submarkets (6)	515,382		1.1%	11,110		1.4%	$21.56		3/31/2038(6)
IBY, LLC	San Gabriel Valley	1,178,021		2.5%	10,981		1.4%	$9.32		4/5/2031(7)
Federal Express Corporation	Multiple Submarkets(8)	527,861		1.1%	10,382		1.3%	$19.67		11/30/2032 (8)
GXO Logistics Supply Chain, Inc.	Mid-Counties	411,034		0.9%	8,730		1.1%	$21.24		11/30/2028
Best Buy Stores, L.P.	Inland Empire West	501,649		1.1%	8,529		1.1%	$17.00		6/30/2029
The Hertz Corporation	South Bay	38,680		0.1%	8,249		1.1%	See Note (9)	3/31/2026
Orora Packaging Solutions	Multiple Submarkets(10)	476,065		1.0%	7,845		1.0%	$16.48		9/30/2028(10)
Top 10 Tenants	5,345,799		11.5%	109,577		14.1%
All Other Tenants	41,041,219		88.5%	665,748		85.9%
Total Consolidated Portfolio	46,387,018		100.0%	$775,325		100.0%

(1)Calculated for each tenant as the monthly contracted base rent (before rent abatements) per the terms of such tenant’s lease as of December 31, 2024, multiplied by 12. Excludes tenant reimbursements. Amounts in thousands.

(2)Calculated as annualized base rent for such tenant divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.

(3)Calculated as annualized base rent for such tenant divided by occupied square feet for such tenant as of December 31, 2024.

(4)Includes (i) 133,836 rentable square feet in North Orange County expiring December 31, 2024 and (ii) 461,431 rentable square feet in LA-South Bay expiring September 30, 2031.

(5)The tenant is leasing an 80.2 acre industrial outdoor oil storage site with annualized base rent of $11.7 million or $3.34 per land square foot.

(6)Includes (i) 200,155 rentable square feet expiring March 31, 2026 and (ii) 315,227 rentable square feet expiring March 31, 2038.

(7)Includes (i) 184,879 RSF expiring April 30, 2028 and (ii) 993,142 RSF expiring April 5, 2031.

(8)Includes (i) one land lease in LA-Mid-Counties expiring July 31, 2025, (ii) one land lease in North Orange County expiring October 31, 2026, (iii) 30,160 rentable square feet in Ventura expiring September 30, 2027, (iv) one land lease in LA-Mid-Counties expiring June 30, 2029, (v) 42,270 rentable square feet in LA-South Bay expiring October 31, 2030, (vi) 311,995 rentable square feet in North County San Diego expiring February 28, 2031, and (vii) 143,436 rentable square feet in LA-South Bay expiring November 30, 2032.

(9)The tenant is leasing 18.4 acres of land with ABR of $8.2 million or $10.30 per land square foot.

(10)Includes (i) 96,993 rentable square feet in North County San Diego expiring September 30, 2026, (ii)100,500 rentable square feet in Greater San Fernando Valley expiring September 30, 2027, and (iii) 278,572 RSF in North Orange County expiring September 30, 2028.

Leases

Overview

Triple net lease. In our triple net leases, the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term. The landlord may have responsibility under the lease to perform or pay for certain capital repairs or replacements to the roof, structure or certain building systems, such as heating and air conditioning and fire suppression. The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease. As of December 31, 2024, there were 609 triple net leases in our consolidated portfolio, representing approximately 79.2% of our total annualized base rent.

Modified gross lease. In our modified gross leases, the landlord is responsible for some property-related expenses during the lease term, but a significant amount of the expenses is passed through to the tenant for reimbursement to the landlord. Modified gross leases often include base year amounts, and expense increases over these amounts are recoverable. The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease. As of December 31, 2024, there were 862 modified gross leases in our consolidated portfolio, representing approximately 15.9% of our total annualized base rent.

Gross lease. In our gross leases, the landlord is responsible for all aspects of and costs related to the property and its operation during the lease term. The tenant may have the right to terminate the lease or abate rent due to a major casualty or condemnation affecting a significant portion of the property or due to the landlord’s failure to perform its obligations under the lease. As of December 31, 2024, there were 179 gross leases in our consolidated portfolio, representing approximately 4.9% of our total annualized base rent.

The following table provides information regarding our lease segmentation by size as of December 31, 2024:

Square Feet · Number of Leases · Occupied Building Square Feet · Building/Land Square Feet · Percentage of Total Occupied Building Square Feet · Annualized Base Rent(1) · Percentage of Total Annualized Base Rent(2) · Annualized Base Rent per Square Foot(3)
Building:
<4,999	615	1,480,399		1,608,364			3.2%			$30,803		3.9%		$20.81
5,000 - 9,999	231	1,644,362		1,824,134			3.6%			31,042		4.0%		$18.88
10,000 - 24,999	324	5,192,041		5,976,722			11.2%			95,130		12.3%		$18.32
25,000 - 49,999	169	6,248,170		7,329,958			13.5%			105,337		13.6%		$16.86
50,000 - 99,999	123	8,984,920		9,726,402			19.5%			146,392		18.9%		$16.29
>100,000	121	22,588,586		24,074,105			49.0%			321,733		41.5%		$14.24
Building Subtotal / Weighted Average	1,583	46,138,478	(4)	50,539,685		(4)	100.0%		(4)	$730,437		94.2%		$15.83
Land/IOS(5)	26		8,382,470		(6)			42,412			5.5%		$5.06
Other(5)	41						2,476			0.3%
Total	1,650						$775,325			100.0%

(1)Calculated for each lease as the monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by building square feet (if applicable). Excludes tenant reimbursements. Amounts in thousands.

(2)Calculated as annualized base rent for such leases divided by annualized base rent for the total consolidated portfolio as of December 31, 2024.

(3)For building leases, calculated as annualized base rent for such leases divided by occupied building square feet for such leases as of December 31, 2024. For “Land/IOS” leases, calculated as annualized base rent for such leases divided by land square feet for such leases as of December 31, 2024.

(4)Excludes 248,540 building square feet that are associated with “Land/IOS”.

(5)“Land/IOS” includes leases for improved land sites and industrial outdoor storage (IOS) sites. “Other” includes amounts related to cellular tower, solar and parking lot leases.

(6)Reflects land square feet for “Land/IOS” leases.

Lease Expirations

As of December 31, 2024, our weighted average in-place remaining lease term was approximately 4 years. The following table sets forth a summary schedule of lease expirations for leases in place as of December 31, 2024, plus available space, for each of the 10 full calendar years commencing December 31, 2024 and thereafter in our portfolio. The information set forth in the table assumes that tenants exercise no renewal options and no early termination rights.

Year of Lease Expiration	Number of Leases Expiring	Total Rentable Square Feet(1)	Percentage of Total Owned Square Feet	Annualized Base Rent(2)	Percentage of Total Annualized Base Rent(3)	Annualized Base Rent per Square Foot(4)
Vacant(5)	—	1,913,120	3.8%	$—	—%	$—
Repositioning/Redevelopment(6)	—	2,488,087	4.9%	—	—%	$—
MTM Tenants	7	112,357	0.2%	1,699	0.2%	$15.12
2024	20	412,675	0.8%	6,262	0.8%	$15.17
2025	403	7,322,027	14.4%	114,963	14.8%	$15.70
2026	403	8,672,955	17.1%	126,708	16.4%	$14.61
2027	315	7,209,620	14.2%	123,709	16.0%	$17.16
2028	180	6,307,466	12.4%	118,097	15.2%	$18.72
2029	155	5,085,557	10.0%	93,060	12.0%	$18.30
2030	64	3,126,847	6.1%	48,182	6.2%	$15.41
2031	31	3,993,284	7.9%	59,237	7.6%	$14.83
2032	22	1,352,018	2.7%	25,515	3.3%	$18.87
2033	10	386,007	0.8%	7,426	1.0%	$19.24
Thereafter	40	2,406,205	4.7%	50,467	6.5%	$20.97
Total Consolidated Portfolio	1,650	50,788,225	100.0%	$775,325	100.0%	$16.71

(1)Represents the contracted square footage upon expiration.

(2)Calculated as monthly contracted base rent (before rent abatements) per the terms of such lease, as of December 31, 2024, multiplied by 12, and then aggregated by year of lease expiration. Excludes tenant reimbursements. Amounts in thousands.

(3)Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of December 31, 2024.

(4)Calculated as annualized base rent for such leases divided by the occupied square feet for such leases as of December 31, 2024.

(5)Represents vacant space (not under repositioning/redevelopment) as of December 31, 2024. Includes leases aggregating 33,065 rentable square feet that had been signed but had not yet commenced as of December 31, 2024. Adjusting for such leases, we had 1,880,055 of available vacant space representing 3.7% of our total owned square feet as of December 31, 2024.

(6)Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”), redevelopment or lease-up as of December 31, 2024. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Factors That May Influence Future Results of Operations – Acquisitions and Value-Add Repositioning and Redevelopment of Properties,” of this Annual Report on Form 10-K for additional details related to these properties.

Historical Tenant Improvements and Leasing Commissions

The following table sets forth certain historical information regarding leasing related tenant improvement and leasing commission costs for tenants at the properties in our portfolio as follows:

	Year Ended December 31,
2024 · 2023 · 2022
Cost (1) · Square Feet · PSF(2) · Cost (1) · Square Feet · PSF(2) · Cost (1) · Square Feet · PSF(2)
Tenant Improvements
New Leases – First Generation(3)(4)	$1,718	957,290	$1.79		$1,572	1,400,053		$1.12	$1,528	834,106	$1.83
New Leases – Second Generation(3)(5)	314	141,274	$2.22		113	90,902		$1.24	494	491,933	$1.00
Renewal Leases	349	444,014	$0.79		826	536,858		$1.54	855	933,596	$0.92
Total Tenant Improvements	$2,381	1,542,578	$1.54		$2,511	2,027,813		$1.24	$2,877	2,259,635	$1.27
Leasing Commissions
New Leases – First Generation(3)(4)	$9,166	2,000,568	$4.58		$9,488	1,171,683		$8.10	$7,357	876,485	$8.39
New Leases – Second Generation(3)(5)	6,953	1,939,960	$3.58		7,652	1,832,823		$4.17	9,190	1,359,424	$6.76
Renewal Leases	9,904	3,384,808	$2.93		10,308	3,530,689		$2.92	5,025	1,852,256	$2.71
Total Leasing Commissions	$26,023	7,325,336	$3.55		$27,448	6,535,195		$4.20	$21,572	4,088,165	$5.28
Total Tenant Improvements & Leasing Commissions	$28,404			$29,959			$24,449

(1)Cost is reported in thousands. Costs of tenant improvements include contractual tenant allowances.

(2)Per square foot (“PSF”) amounts calculated by dividing the aggregate tenant improvement and/or leasing commission cost by the aggregate square footage of the leases in which we incurred such costs, excluding new/renewal leases in which there were no tenant improvements and/or leasing commissions.

(3)New leases represent all leases other than renewal leases.

(4)Tenant improvements and leasing commissions related to our initial leasing of vacant space in acquired properties or leasing of a space that has been vacant for more than 12 months, are considered first generation costs.

(5)Tenant improvements and leasing commissions related to leasing of a space that has been previously occupied by a tenant during the prior 12 months, are considered second generation costs.

Historical Capital Expenditures

The following table sets forth certain historical information regarding non-recurring and recurring capital expenditures at the properties in our portfolio as follows:

	Year Ended December 31,
2024 · 2023 · 2022
Cost(1) · SquareFeet(2) · PSF(3) · Cost(1) · SquareFeet(2) · PSF(3) · Cost(1) · SquareFeet(2) · PSF(3)
Non-Recurring Capital Expenditures(4)	$313,187	36,624,828	$8.55		$222,709	32,392,200		$6.88	$111,112	26,002,606	$4.27
Recurring Capital Expenditures(5)	19,661	49,255,581	$0.40		26,798	44,002,786		$0.61	8,675	39,561,722	$0.22
Total Capital Expenditures	$332,848			$249,507			$119,787

(1)Cost is reported in thousands.

(2)For non-recurring capital expenditures, reflects the aggregate square footage of the properties in which we incurred such capital expenditures. For recurring capital expenditures, reflects the weighted average square footage of our consolidated portfolio for the period.

(3)PSF amounts calculated by dividing the aggregate capital expenditure costs by the square footage as defined in (1) and (2) above.

(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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