LOS ANGELES, July 1, 2021 /PRNewswire/ -- Rexford
Industrial Realty, Inc. (the "Company") (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 that it has exercised the accordion option of the
Company's existing unsecured revolving credit facility and increased the
borrowing capacity by $200 million
from $500 million to $700 million. All other material terms and
conditions of the Company's unsecured revolving credit facility
remain unchanged.
Separately, the Company announced the successful repricing of
its $150 million unsecured term loan
facility maturing May 22, 2025.
Pricing was reduced by 60 basis points so that current pricing is
LIBOR plus a spread of 95 basis points, subject to the Company's
credit ratings, with all other material terms and conditions
unchanged.
"The increased capacity of our unsecured revolving credit facility expands our
substantial liquidity, further supporting our strong embedded
internal and external growth prospects within infill Southern California, the nation's strongest
industrial market," stated Laura
Clark, Chief Financial Officer of the Company. "We are committed to maintaining a
best-in-class, low-leverage balance sheet enabling Rexford to
maximize long-term shareholder value."
In connection with the increased borrowing capacity on the
Company's unsecured revolving credit facility, the syndicate of
lenders was expanded to include Goldman Sachs Bank USA, Mizuho
Bank, LTD. and The Bank of Nova Scotia.
Lenders for the $150 million
unsecured term loan facility maturing May
22, 2025, include Capital One, National Association, as
administrative agent and lead arranger, and Truist Bank.
About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on
creating value by investing in and operating industrial properties
throughout Southern California
infill markets, owns 266 properties with approximately 33.0 million
rentable square feet and manages an additional 20 properties with
approximately 1.0 million rentable square feet.
For additional information,
visit www.rexfordindustrial.com.
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 a further discussion of these and other 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 U.S. Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ended December 31, 2020 and the
Company's most recent Form 10-Q. 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:
Kosta Karmaniolas
310-691-5475
kkarmaniolas@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.