LOS ANGELES, Dec. 1, 2020 /PRNewswire/ -- Rexford
Industrial Realty, Inc. (the "Company" or "Rexford Industrial")
(NYSE: REXR), a real estate investment trust focused on creating
value by investing in and operating industrial properties located
in Southern California infill
markets, today announced the pricing of an underwritten public
offering of 6,000,000 shares of its common stock for expected gross
proceeds of approximately $284.4
million, before deducting estimated offering expenses. The
shares may be offered by the underwriters from time to time to
purchasers directly or through agents, or through brokers in
brokerage transactions on the NYSE, or to dealers in negotiated
transactions or in a combination of such methods of sale, at a
fixed price or prices, which may be changed, or at market prices
prevailing at the time of sale, at prices related to such
prevailing market prices or at negotiated prices. The Company has
granted the underwriters a 30-day option to purchase up to an
additional 900,000 shares of its common stock. Settlement of the
offering is subject to customary closing conditions and is expected
to occur on December 4, 2020.
The Company intends to contribute the net proceeds from this
offering to its operating partnership, which intends to use the net
proceeds from the offering to fund future acquisitions, fund
development or redevelopment activities and for general corporate
purposes.
J.P. Morgan and Goldman Sachs & Co. LLC are acting as joint
book-running managers of this offering.
This offering is being made pursuant to an effective shelf
registration statement and prospectus and related preliminary
prospectus supplement filed by the Company with the Securities and
Exchange Commission. This press release shall not constitute an
offer to sell or the solicitation of any offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
Copies of the prospectus supplement and related prospectus for
this offering can be obtained, when available, from J.P. Morgan
Securities LLC, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Broadridge
Financial Solutions, by telephone at 1-866-803-9204, or by email at
prospectus eq_fi@jpmchase.com; or Goldman Sachs & Co. LLC, 200
West Street, New York, New York
10282, Attention: Prospectus Department, by telephone at (866)
471-2526, or by email at prospectus-ny@ny.email.gs.com.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on
creating value by investing in and operating industrial properties
in Southern California infill
markets. The Company owns interests in 235 properties with
approximately 29.5 million rentable square feet and manages an
additional 20 properties with approximately 1.0 million rentable
square feet.
Forward Looking Statements:
This press release may contain forward-looking statements within
the meaning of the federal securities laws, which are based on
current expectations, forecasts and assumptions that involve risks
and uncertainties that could cause actual outcomes and results to
differ materially. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts," or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters.
While forward-looking statements reflect the Company's good faith
beliefs, assumptions and expectations, they are not guarantees of
future performance. For example, the fact that the offering
described above has priced may imply that the offering will close,
but the closing is subject to conditions customary in transactions
of this type and the closing may be delayed or may not occur at
all. In addition, the fact that the Company granted the
underwriters an option to purchase additional shares may imply that
this option will be exercised. However, the underwriters are not
under any obligation to exercise any such option, or any portion of
it, and they may not do so. For a further discussion of the factors
that could cause the Company's future results to differ materially
from any forward-looking statements, see the reports and other
filings by the Company with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ended December 31, 2019 and Quarterly
Report on Form 10-Q for the quarter ended September 30, 2020. The Company disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
of new information, data or methods, future events or other
changes.
Contact:
Investor Relations:
Stephen Swett
424 256 2153 ext. 401
investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.