Terms

Series

5.625% Series C Cumulative Redeemable Preferred Stock

Liquidation Preference

$25.00

Coupon Rate

5.625%

Rate Type

Fixed

Annual Dividend

$1.41

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

September 20, 2024

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Existing And Future Debt Obligations (Including Senior Guaranteed Notes, Unsecured Term Loan Facilities, Mortgage Debt), Any Future Capital Stock Designated As Senior To Series C Preferred; Pari Passu With: 5.875% Series A Cumulative Redeemable Preferred Stock, 5.875% Series B Cumulative Redeemable Preferred Stock, Any Future Capital Stock Designated As Parity; Senior To: Common Stock, Any Future Capital Stock Designated As Junior To Series C Preferred

Regulatory (Basel III) Call

No

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 5.625% Series C Cumulative Redeemable Preferred Stock at a $25.00 liquidation preference, generating an annual dividend of $1.40625 per share ($0.3516 quarterly), paid on or about the last day of March, June, September, and December. The stock is perpetual with no stated maturity and is callable at par beginning September 20, 2024. Critically, the Series C is cumulative — missed dividends accrue and must be paid in full before any distributions can be made to common stockholders, providing meaningful protection to preferred holders in periods of financial stress. The Series C preferred sits above common equity but below all of Rexford's existing and future debt obligations (~$761 million as of June 2019, including senior notes, unsecured term loans, and mortgage debt) in the capital stack. It ranks on parity with the Series A and Series B preferred (both at 5.875%) and junior to any future senior-designated preferred (none currently exist). Because this is a holding-company issuance, holders are structurally subordinated to obligations of operating subsidiaries. There is no bank regulatory capital trigger; however, the issuer may redeem early to preserve REIT status, and debt covenants can block dividend payments during an event of default — a practical subordination risk investors should weigh. At the $25.00 offering price, the Series C yields exactly 5.625% annually. Dividends do not qualify for the preferential 15%/20% qualified dividend income (QDI) rate available for most corporate dividends — as REIT distributions, they are taxed as ordinary income (though the 20% pass-through deduction under TCJA may reduce the effective rate to ~29.6% for individuals through 2025). Record dates are set between 10 and 35 days before each payment date at board discretion. The dividend stopper is a key risk: Rexford cannot pay common or parity dividends if Series C dividends are in arrears, but conversely, debt-facility events of default can suspend all equity distributions, potentially interrupting preferred dividend payments.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If Rexford has not paid full cumulative dividends on the Series C preferred for all past periods, it cannot declare or pay dividends on common stock or any junior/parity equity, nor repurchase such shares; additionally, events of default under debt facilities can block dividend payments entirely.

Other Preferreds from Rexford Industrial Realty Inc

Div Score Breakdown

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