Rexford Industrial downgraded to Sector Perform at Scotiabank on SoCal softness

As previously reported, Scotiabank downgraded Rexford Industrial (REXR) to Sector Perform from Outperform with a price target of $48, down from $55. The firm expects additional modest rent deterioration in the infill Southern California market in the near-term as macro factors limit near-term leasing decisions and tenant demand and excess space is absorbed, the analyst tells investors. The stock will likely remain under pressure as Street estimates continue to fall after Rexford management backed away from its three-year FFOPS CAGR outlook, the analyst added.