05:00 PM EDT, 03/25/2024 (MT Newswires) -- Rexford Industrial Realty ( REXR ) late Monday said it plans to offer $1 billion of exchangeable senior notes maturing in three and five years through private placement.

The real estate investment trust plans the offering in two $500 million tranches of notes due in 2027 and in 2029. The company will also provide initial purchasers with 30-day options to buy up to $75 million of each series to cover potential overallotments.

Net proceeds from the notes offering will fund future acquisitions and other general corporate purposes.

Separately, Rexford disclosed plans to offer $840 million of common shares to an unnamed investor under a forward-sale agreement.

The long-only institutional investor has only made an expression of interest for the stock and the transaction could be above or below $840 million.

Rexford shares were more than 2% lower in extended hours.

Price: 49.32, Change: -1.25, Percent Change: -2.47