Rexford Industrial Realty Falls 2% On Share Offering, Cites 'Potential Acquisition Opportunities'
Shares of Rexford Industrial Realty Inc (NYSE: REXR) were trading lower by more than 2 percent early Tuesday morning after the company announced a common stock offering.
Rexford Industrial announced the pricing of an underwritten public offering of 9 million shares of its stock at a price of $17.65 per share.
Rexford Industrial's stock closed for trading at $18.01 on Monday.
The company intends to allocate the net proceeds to its operating partnership for the repayment of amounts outstanding under its unsecured revolving credit facility. The proceeds may also be used to fund potential acquisition opportunities which includes a previously announced acquisition of a private REIT, for general corporate purposes, or a combination of the foregoing.
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