RTTNews | May 25, 2021 11:27AM EDT

11:27 Tuesday, May 25, 2021 (RTTNews.com) - Shares of real estate investment trust Rexford Industrial Realty, Inc. (REXR) are trading down 3 percent on Tuesday. The company announced that it has priced a public offering of 9 million shares.

The company said that it has priced the public offering for expected gross proceeds of around $500.4 million.

Rexford Industrial said it will not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates. The company intends to contribute any cash proceeds that it receives upon settlement of the forward sale agreements to its operating partnership in exchange for common units, and its operating partnership intends to use such proceeds to fund future acquisitions, fund development or redevelopment activities and for general corporate purposes.

The stock is currently trading at $55.17, down $1.54 or 3% on the NYSE.

REXR has traded between $38.61 and $57.23 during the past 52 weeks.

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