Rexford Industrial Issues A New Preferred

Rexford has very desirable properties and locations, a conservative balance sheet and e-commerce focused tenants, all characteristics that should continue to drive performance. While the new preferred is not the highest yield in the group, it is worth considering for income focused portfolios.

Summary

  • The Intelligent REIT Investor is the go-to source for REIT preferreds.
  • Today, we are providing details on a new issue.
  • The newest issuer is an industrial REIT, one of the more attractive sectors of the REIT market.

As most income investors are aware, REITs have been active issuers in the preferred stock market, taking advantage of lower yields to raise perpetual capital. The newest issuer is an industrial REIT, one of the more attractive sectors of the REIT market.

Rexford Industrial Realty (REXR) is a REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets. As of the beginning of this month, its consolidated portfolio consists of 146 properties with approximately 17.9 million rentable square feet. The company also manages an additional 19 properties with approximately 1.2 million rentable square feet.

The details of the new issue are:

The term sheet can be found here and the prospectus here.

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