Rexford Industrial Realty files for IPO of up to $300 mln
May 23 (Reuters) - Rexford Industrial Realty Inc, an owner and operator of industrial properties, filed with U.S. regulators on Thursday to raise up to $300 million in an initial public offer of its common stock.
The company, which plans to structure itself as a REIT focused on operating industrial properties in Southern California, did not say how many shares it planned to sell or their expected price. ()
Los Angeles-based Rexford Industrial Realty listed Merrill Lynch, Pierce, Fenner & Smith, Wells Fargo and FBR Capital Markets among underwriters to its offering and said it intends to list its common stock on the New York Stock Exchange.
Another REIT, Waypoint Homes Realty Trust Inc, filed for an IPO of up to $100 million, earlier this week. It listed Citigroup and Jefferies as underwriters and said it intends to list its common stock on the Nasdaq under the symbol "WAY." ()
Companies with large real estate assets eye a REIT structure as it helps reduce the tax burden on their rental income. Shareholders also stand to gain as REITs are required to distribute at least 90 percent of their profits as dividends.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
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