Rexford Industrial Realty offering $75 million of cumulative redeemable preferred stock

By Stephanie N. Rotondo

Seattle, Aug. 8 – Rexford Industrial Realty Inc. plans to price $75 million of series A cumulative redeemable preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk is 6%, according to a market source.

BofA Merrill Lynch and Wells Fargo Securities LLC are the joint bookrunners.

Dividends will be payable on the last day of March, June, September and December, beginning Dec. 31. The preferreds cannot be redeemed until 2021 at par plus accrued dividends.

There is also a change-of-control feature.

The company plans to list the new securities on the New York Stock Exchange under the ticker symbol “REXRPA.”

The Los Angeles-based real estate investment trust will contribute proceeds to the operating partnership in exchange for series A preferred units. The operating partnership will then use the funds for potential acquisitions and for general corporate purposes.

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