Rexford to price cumulative redeemable preferreds via two banks

By Devika Patel

Knoxville, Tenn., Nov. 6 – Rexford Industrial Realty, Inc. is offering series B cumulative redeemable preferred stock, according to a 424B5 filed with the Securities and Exchange Commission.

The liquidation preference is $25.00 per preferred.

BofA Merrill Lynch and Morgan Stanley & Co. LLC are the joint bookrunners.

Dividends will be payable quarterly on the last day of March, June, September and December. The preferreds become redeemable in November 2022 at par plus accrued dividends.

The company plans to list the new preferreds on the New York Stock Exchange under the ticker symbol “REXR Pr B.”

Proceeds will be used for acquisitions, repaying outstanding debt under Rexford’s revolving credit facility or other debt obligations, development or redevelopment activities and general corporate purposes.

Rexford is a Los Angeles-based real estate investment trust focused on industrial properties in southern California.

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