Rexford greenshoe lifts 5.625% preferred shares to $86.25 million

By Wendy Van Sickle

Columbus, Ohio, Sept. 19 – Underwriters for Rexford Industrial Realty, Inc.’s $25-par series C 5.625% cumulative redeemable preferred stock exercised their $11.25 million greenshoe, lifting the total deal size to $86.25 million, according to an 8-K filing with the Securities and Exchange Commission.

The preferreds priced at par on Sept. 13.

BofA Securities, Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.

The preferreds are redeemable on or after Sept. 20, 2024 at par. Prior to that, they are redeemable within 120 days after a change of control at par.

Rexford will contribute the proceeds to its operating partnership, which plans to use them to fund future acquisitions, to fund its development or redevelopment activities and for general corporate purposes.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “REXRPrC.”

Rexford is a Los Angeles-based real estate investment trust.

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