Bank of America Securities analyst Camille Bonnel maintained a Buy rating on Rexford Industrial Realty (REXR – Research Report) yesterday and set a price target of $68.00.
Camille Bonnel has given her Buy rating due to a combination of factors that highlight Rexford Industrial Realty’s strong performance and promising attributes. In her analysis, she points out the company’s robust year-over-year core funds from operations (FFO) growth of 14%, which aligns with expectations. Furthermore, Bonnel emphasizes Rexford’s consistent cash same store net operating income (NOI) growth and high same store occupancy rates, signaling a stable and efficient management of assets. The infill portfolio’s higher quality, along with embedded growth opportunities and a solid balance sheet, reinforce the positive outlook, justifying the Buy rating.
Despite Rexford introducing a 2024 core FFO guidance that is below the expectations of the Street, Bonnel believes there are risks to the upside. She acknowledges the exclusion of future acquisitions and the stabilization of unleased repositioning assets in the guidance, suggesting that actual performance may outpace forecasts. Bonnel also notes Rexford’s leasing metrics, which continue to surpass broader market trends, with significant leasing spreads and a premium rent over the Southern California market’s average. Coupled with ongoing investment activities and a healthy balance sheet characterized by low leverage and high liquidity, these factors contribute to the potential for upward revisions in guidance, further supporting the Buy recommendation.
In another report released yesterday, Colliers Securities also maintained a Buy rating on the stock with a $60.00 price target.
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Rexford Industrial Realty (REXR) Company Description:
Rexford Industrial Realty, Inc. is a self-administered and self-managed real estate investment trust, which engages in owning, operating, and acquiring industrial properties. The company was founded on January 18, 2013 and is headquartered in Los Angeles, CA.
Read More on REXR:
- Rexford Industrial Realty Releases Quarterly Earnings Data
- Rexford Industrial Announces Fourth Quarter and Full Year 2023 Financial Results
- Rexford Industrial Announces 10 Percent Increase in Quarterly Common Stock Dividend
- Rexford Industrial raises quarterly dividend 10% to 41.75c per share
- Is REXR a Buy, Before Earnings?
