May 23 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.