Rexford Industrial Realty drops on $644 mln stock offering

Rexford Industrial Realty

11/11/2022 12:37

** Rexford Industrial Realty Inc's  REXR.N  stock down 3.8%
at $55.82 premarket after overnight follow-on prices
    ** Southern California-focused REIT late Thurs announced
11.5 mln shares at $56, 3.5% discount to last sale, for $644 mln
gross raise
    ** Co enters into 18-mth forward sale agreements with
bookrunners Goldman Sachs, BofA, J.P. Morgan and Mizuho
    ** Upon settlement of agreements, co plans to use net
proceeds to fund potential acquisitions, repay debt, fund
development/redevelopment activities
    ** REXR has ~183.5 mln shares outstanding for ~$10.7 bln
market cap
    ** REXR's shares on Thurs jumped 8.3% amid sharp market
gains. But they have lost ~28% YTD amid surging interest rates
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))