Rexford Industrial Realty Inc. priced a public offering of 3.0 million shares of its 5.625% series C cumulative redeemable preferred stock for gross proceeds of about $75.0 million.
The industrial real estate investment trust has granted a 30-day overallotment option for the underwriters to acquire up to 450,000 additional shares.
The offering is set to close Sept. 20. The REIT plans to list the preferred stock on the NYSE under the symbol REXR Pr C.
Net proceeds from the offering will be funneled to the company's operating partnership, which will use the funds for future acquisitions, developments or redevelopment activities, and general corporate purposes.
BofA Merrill Lynch and Morgan Stanley are acting as joint book-running managers for the offering.
