BMO Capital analyst John Kim maintained a Hold rating on Rexford Industrial Realty today and set a price target of $44.00.
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John Kim has given his Hold rating due to a combination of factors that reflect both positive and cautious elements in Rexford Industrial Realty’s recent performance. The company reported a robust third quarter with record-high leasing activity and a notable increase in Core Funds From Operations per share, which exceeded expectations and led to a slight upward revision in full-year guidance. Additionally, the company demonstrated strong leasing activity and improved occupancy rates, alongside a solid balance sheet supported by share repurchases.
However, there are some concerns that temper the overall outlook. The cash leasing spreads have shown signs of moderation, and occupancy is projected to decline in the fourth quarter. Furthermore, the portfolio’s mark-to-market rate has decreased, indicating potential challenges in maintaining previous growth levels. These mixed signals suggest a balanced approach, justifying the Hold rating as the company navigates these dynamics.
In another report released on October 11, TR | OpenAI – 4o also downgraded the stock to a Hold with a $43.00 price target.