Rexford stock hits 52-week low at $39.83 amid market shifts

In a notable shift within the real estate sector, Rexford Industrial Realty, Inc. (REXR) stock has touched a 52-week low, dipping to $39.83. The $9.2 billion industrial REIT maintains a solid 4.18% dividend yield and has raised its dividend for 12 consecutive years, according to InvestingPro data. This movement reflects a broader trend of market volatility that has impacted various industries, with the industrial real estate investment trust not being immune. Over the past year, Rexford has seen a significant downturn in its stock value, with a 1-year change showing a decline of -29.3%. Despite market challenges, the company maintains an impressive 18% revenue growth and a "GOOD" Financial Health Score. Investors are closely monitoring the company's performance as it navigates through the challenging economic landscape, which has been marked by rising interest rates and a cooling real estate market. InvestingPro subscribers can access 8 additional key insights about REXR's valuation and growth prospects.

In other recent news, Rexford Industrial Realty reported a 5.4% year-over-year increase in funds from operations (FFO) for the third quarter, reaching $0.59 per share. The company also raised its full-year 2023 FFO guidance to between $2.33 and $2.35 per share, indicating a 7% year-over-year growth. Despite a 7.5% year-over-year drop in market rents, Rexford projects $222 million in internal cash NOI growth over the next three years.

Rexford Industrial recently appointed Michael Fitzmaurice as Chief Financial Officer and promoted Laura Clark to Chief Operating Officer. On the analyst front, BofA Securities downgraded Rexford's stock from Buy to Neutral, reducing the price target to $49.00 due to slower-than-expected demand recovery in the Los Angeles market. Conversely, Evercore ISI maintained an Outperform rating for Rexford, albeit with a reduced price target of $55.00.

Baird reiterated a Neutral rating on Rexford Industrial Realty shares, maintaining the $52.00 price target. The firm's stance comes amidst a recent downturn in the stock, which analysts see as a potential trading opportunity. The firm's analyst highlighted that the market seems to have factored in an overly pessimistic scenario, not accounting for the inherent value that could be unlocked from Rexford's redevelopment initiatives and the potential for the company to realize gains from adjusting rents to market rates within its core portfolio.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.