LOS ANGELES—Rexford Industrial, a publicly traded REIT, has announced an offering of 15 million shares of common stock. The offering includes a 30-day underwriters option to purchase an additional 2,250,000 shares with the underwriters discount.
Rexford Industrial plans to use the capital gains from the offering to repay debt for its operating partnership. Rexford has recently been expanding its Southern California industrial portfolio. This year, the REIT has spent $196 million on industrial properties throughout Southern California. Its most recent acquisitions include a nine-property portfolio purchased for $88.9 million. The properties in the 817,166-square-foot portfolio are located in Los Angeles, Orange and San Diego Counties. The REIT also purchased a 100,500-square-foot property in the San Fernando Valley for $11 million.
The offering has five joint book runners—BofA Merrill Lynch, J.P. Morgan, Wells Fargo Securities, Citigroup and Jefferies. Rexford Industrial declined to comment on the offering due to SEC regulations.