Rexford Industrial Realty, a REIT focused on owning and operating industrial properties in Southern California, announced terms for its IPO on Tuesday. The Los Angeles, CA-based company plans to raise $224 million by offering 16 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Rexford Industrial Realty would command a market value of $353 million.
Rexford Industrial Realty, which was founded in 2013 and booked $35 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol REXR. The company initially filed confidentially on March 7, 2013. BofA Merrill Lynch, Wells Fargo Securities, FBR Capital Markets and J.P. Morgan are the joint bookrunners on the deal.
