LOS ANGELES, Aug. 4, 2021 /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 in
Southern California infill
markets, today announced that its operating partnership, Rexford
Industrial Realty, L.P. (the "operating partnership"), has priced a
public offering of $400 million
aggregate principal amount of 2.150% senior notes due 2031 (the
"Notes"). The Notes were priced at 99.014% of the principal amount
and will mature on September 1, 2031.
The offering is expected to settle on August
9, 2021, subject to the satisfaction of customary closing
conditions. The Notes will be fully and unconditionally guaranteed
by the Company.
The operating partnership intends to allocate an amount equal to
the net proceeds from the offering to investments in recently
completed or future green building, energy and resource efficiency
and renewable energy projects, including the development and
redevelopment of such projects. Pending the allocation of an amount
equal to the net proceeds from the offering to eligible green
projects, the operating partnership intends to use the net proceeds
from the offering to repay borrowings outstanding under the
operating partnership's $225 million
term loan facility, fund the redemption of all shares of the
Company's 5.875% Series A Cumulative Redeemable Preferred Stock and
for general management activities that may include funding future
acquisitions, funding development or redevelopment activities or
the repayment of other outstanding indebtedness.
J.P. Morgan, Citigroup, BofA Securities, Goldman Sachs & Co.
LLC and Truist Securities acted as joint book-running managers;
Capital One Securities, PNC Capital Markets LLC and US Bancorp
acted as senior co-managers and Mizuho Securities, Regions
Securities LLC, Scotiabank, Stifel and Roberts & Ryan acted as
co-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 and the operating
partnership 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, 383 Madison Avenue, New
York, New York 10179, Attention: Investment Grade Syndicate
Desk, 3rd Floor, telephone collect at (212) 834-4533; or Citigroup
Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York
11717, telephone: 1-800-831-9146 or email: prospectus@citi.com.
About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on
owning and operating industrial properties throughout Southern California infill markets, owns
interests in 269 properties with approximately 33.1 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. 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, 2020 and other filings
with the Securities and Exchange Commission. 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.