Truist lowered the firm’s price target on Rexford Industrial to $53 from $57 and keeps a Buy rating on the shares as part of a broader research note updating the firm’s model based on the REIT’s Q4 results, recent events, adjusted revenue growth and expense assumptions. The company has also recently announced that it will acquire $1B of assets located in SoCal infill at a 4.7% initial yield, but given the limited information about the $1.4B of acquisition pipeline, the firm is neutral on the deal, stating that while the economics make sense, it is unclear how much upside Rexford is giving up to attain these assets.
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