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.
