Terms

Series

5.875% Series B Cumulative Redeemable Preferred Stock

Liquidation Preference

$25.00

Coupon Rate

5.875%

Rate Type

Fixed

Annual Dividend

$1.47

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

November 13, 2022

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Existing And Future Debt Obligations, Any Capital Stock Expressly Designated As Senior (None Currently Exist); Pari Passu With: 5.875% Series A Cumulative Redeemable Preferred Stock, Any Future Capital Stock Expressly Designated As Ranking On Parity; Senior To: Common Stock, Any Capital Stock Expressly Designated As Junior To The Series B Preferred Stock

Regulatory (Basel III) Call

Yes

Tax Classification

Reit Passthrough

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

3,000,000

Prospectus Summary

Rexford Industrial Realty, Inc. (a Southern California industrial REIT) is offering 3,000,000 shares of its 5.875% Series B Cumulative Redeemable Preferred Stock at a $25.00 liquidation preference, generating $1.46875 per share annually paid quarterly on or about the last day of March, June, September, and December. The stock is callable at par on or after November 13, 2022 and has no stated maturity. It is cumulative, meaning any missed dividends accrue and must be paid in full before any distributions can be made to common stockholders. The Series B Preferred ranks senior to Rexford's common stock and pari passu with its existing Series A Preferred Stock. It is junior to all of Rexford's debt obligations — approximately $667 million of consolidated indebtedness as of September 2017, including senior notes, unsecured term loans, a revolving credit facility, and mortgage debt. As a holding company issue, it is also structurally subordinated to obligations at the operating partnership level. There is a REIT-preservation redemption right allowing early redemption prior to November 13, 2022 if necessary to maintain REIT status — a low-probability but notable issuer option. At par, the Series B Preferred yields 5.875%. Importantly, as a REIT-sourced dividend, distributions do not qualify for the preferential 15%/20% qualified dividend income (QDI) tax rate available to individual investors, nor for the corporate dividends-received deduction (DRD) — they are taxed as ordinary income. Dividends are paid quarterly with a record date set between 10 and 35 days before each payment date. The dividend stopper prevents any common stock or junior/parity equity distributions if Series B cumulative dividends are in arrears; additionally, an event of default under the issuer's debt facilities could block preferred dividend payments entirely.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If the issuer has not paid all accrued cumulative dividends on the Series B Preferred Stock, it cannot pay dividends on or repurchase its common stock or any junior/parity capital stock; additionally, an event of default under the issuer's debt facilities would block dividend payments on the preferred stock.

Other Preferreds from Rexford Industrial Realty Inc

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 42 (Average)