Citi Reiterates Neutral Rating on Rexford Industrial Realty (REXR)

Citi analyst Craig Mailman reiterated a Neutral rating and $50.00 price target on Rexford Industrial Realty (NYSE: REXR).

The analyst comments "REXR’s 3Q24 earnings was a mixed bag. On the one hand, 3Q24 FFO beat consensus by 1c (1c miss vs. Citi) and 2024 FFO guidance was increased 1c at the midpoint due to acquisitions. In addition, REXR has another $200M of deals in the acquisition pipeline. On the other hand, REXR’s rent spreads and MTM decelerated and the SS occupancy and SSNOI growth assumptions underlying guidance were reduced at the midpoints given the expected vacate by LL Flooring at REXR’s 4th largest space, which offset the benefit of continued rent from a tenant on a cash basis of accounting. Separately, we suspect there could be some focus on the deceleration in the 3Q24 cash rent spreads (~27%) vs. prior quarters; however, management noted on the 2Q24 call that reduced FY24 spreads were driven by expected decel in 2H24 due to a mix of smaller tenants with more recent lease vintages."

For an analyst ratings summary and ratings history on Rexford Industrial Realty click here. For more ratings news on Rexford Industrial Realty click here.

Shares of Rexford Industrial Realty closed at $49.41 yesterday.

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