BMO Capital analyst John Kim maintained a Hold rating on Rexford Industrial Realty today and set a price target of $38.00.
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John Kim has given his Hold rating due to a combination of factors that balance REXR’s positives against a still-soft operating backdrop. The company posted a modest earnings beat and lifted full-year guidance, supported by strong leasing volumes and sizable share repurchases, all while maintaining a conservative leverage profile that underpins balance sheet strength.
At the same time, key operating indicators deteriorated, including a decline in same-store cash NOI, lower occupancy levels, and negative cash leasing spreads, signaling pressure on underlying fundamentals. With the portfolio’s embedded rent growth potential narrowing, Kim views the stock as fairly valued at present, warranting a neutral stance rather than a more constructive rating.
In another report released on April 9, Mizuho Securities also maintained a Hold rating on the stock with a $38.00 price target.