Rexford Industrial Realty down on pricing $750 mln share offering

Rexford Industrial Realty

11/05/2023 13:16

** Rexford Industrial Realty Inc's  REXR.N  shares down 3.3%
at $55.25 premarket after overnight follow-on prices
    ** Southern California-focused REIT late Weds announced 13.5
mln shares at $55.60 for $750.6 mln gross raise
    ** Offering priced at 2.7% discount to last sale
    ** Co enters into 18-mth forward sale agreements with
bookrunners Wells Fargo, Goldman Sachs, J.P. Morgan, Scotiabank
and Truist
    ** Upon settlement of agreements, co plans to use net
proceeds to fund potential acquisitions, repay debt, fund
development/redevelopment activities
    ** REXR has ~201 mln shares outstanding for ~$11.5 bln
market cap
    ** Stock up 4.6% YTD through Weds close

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-646-279-6380))