Business Context and Reporting Period
Rexford Industrial Realty, Inc. filed this Form 8-K on November 6, 2017, to disclose a material corporate event. The filing relates to an underwritten public offering of preferred stock.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or debt levels. The primary financial metric disclosed is the issuance of 3,000,000 shares of 5.875% Series B Cumulative Redeemable Preferred Stock with a par value of $0.01 per share.
Material Changes
The material change is the execution of an Underwriting Agreement on November 6, 2017, with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC as representatives. The Company and its operating partnership subsidiary entered into this agreement to sell the Series B Preferred Stock pursuant to an effective Form S-3 registration statement.
Guidance, Outlook, and Risks
The Offering is expected to close on November 13, 2017, subject to customary closing conditions. The Underwriting Agreement includes customary representations, warranties, and indemnification provisions under which the Company agrees to indemnify underwriters against certain liabilities, including those under the Securities Act of 1933. No specific forward-looking guidance or risk factors beyond standard underwriting terms are detailed in this text.
Investor Verification Checklist
- Verify the final closing date of the offering, currently expected to be November 13, 2017.
- Confirm the total proceeds from the sale of 3,000,000 shares of Series B Preferred Stock once the offering closes.
- Review the full Underwriting Agreement (Exhibit 1.1) for specific redemption terms and covenants associated with the 5.875% Series B Preferred Stock.
- Check subsequent filings for the actual closing of the transaction and any changes to the offering terms.