other material
confidence high
sentiment neutral
materiality 0.85
Rexford Industrial announces $1B notes offering, $840M stock offering, and $1.3B acquisition pipeline
Rexford Industrial Realty, Inc.
- Proposed $500M exchangeable notes due 2027 and $500M due 2029; greenshoe options up to $75M each.
- $840M common stock offering via forward sale to a West Coast long-only investor at NYSE closing price.
- Completed one acquisition for $84M YTD; pipeline of $1.3B under contract/accepted offer.
- Estimated initial cash NOI yield ~5.0%, stabilized ~5.7%, incremental NOI ~$75M.
- Repositioning pipeline estimated $455M over three years, $300M expected in 2024.