UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | OTHER EVENTS |
The following discussion provides information with respect to certain recent developments of Rexford Industrial Realty, Inc. (the “Company”). Unless otherwise expressly stated or the context otherwise requires, “we,” “us” and “our” refer collectively to the Company, Rexford Industrial Realty, L.P. and the Company’s other subsidiaries.
As of May 24, 2021, during the second quarter of 2021, we have completed acquisitions of five industrial properties, comprised of an aggregate of 144,761 square feet, for an aggregate purchase price of approximately $65.5 million. During the same period we have completed the disposition of one industrial property comprised of 29,730 square feet, for a price of approximately $8.2 million.
As of May 24, 2021, during the second quarter of 2021, we entered into a forward sale agreement with a financial institution acting as a forward purchaser under the Company’s $750 million at-the-market equity program with respect to 282,270 shares of our common stock at an initial forward sale price of $55.36 per share. We did not receive any proceeds from the sale of shares of common stock by the forward purchaser (or its affiliate). We currently expect to physically settle the forward sale agreement and receive cash proceeds upon one or more settlement dates, at our discretion, prior to the final settlement date on April 28, 2022, at which time we expect to receive aggregate net cash proceeds at settlement equal to $15.4 million before adjustments under the forward sale agreement. The forward sale price that we expect to receive upon physical settlement of the agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement. We have not settled any portion of this forward sale agreement as of May 24, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| Rexford Industrial Realty, Inc. | ||||||
| Date: May 24, 2021 | /s/ Michael S. Frankel |
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| Michael S. Frankel | ||||||
| Co-Chief Executive Officer | ||||||
| (Principal Executive Officer) | ||||||
| Rexford Industrial Realty, Inc. | ||||||
| Date: May 24, 2021 | /s/ Howard Schwimmer |
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| Howard Schwimmer | ||||||
| Co-Chief Executive Officer | ||||||
| (Principal Executive Officer) | ||||||