Moody’s upgrades Agnico Eagle’s rating to A3 on debt reduction
Rexford Industrial Realty, Inc. (NYSE:REXR), an $8.6 billion market cap industrial REIT with a "GOOD" InvestingPro Financial Health score, has entered into a Fifth Amended and Restated Credit Agreement, as reported in a recent SEC filing. The company has maintained consistent dividend payments for 13 consecutive years, currently offering a 4.9% yield. The agreement, effective May 30, 2025, includes a senior unsecured revolving credit facility of $1.25 billion and a senior unsecured term loan facility of $700 million. According to InvestingPro data, the company maintains a healthy debt-to-capital ratio of 0.27 and a current ratio of 1.1, suggesting prudent balance sheet management. Discover more detailed financial metrics and exclusive insights with an InvestingPro subscription.
The term loan facility is divided into two tranches: a $300 million Term Loan A-1 Facility maturing on May 26, 2027, and a $400 million Term Loan A-2 Facility maturing on May 30, 2030. The revolving credit facility is set to mature on May 30, 2029, with two six-month extension options.
Interest rates under the agreement are based on the Borrower’s choice of Term SOFR, Daily Simple SOFR, or the applicable base rate, each with an additional margin. The margin is determined by the company’s and the borrower’s debt ratings. The agreement also includes a sustainability-linked pricing adjustment, which can modify the applicable margin and credit facility fee based on specific sustainability performance targets.
The credit agreement is not secured by Rexford’s properties or equity interests in its subsidiaries. It includes financial covenants requiring the maintenance of specific financial ratios, such as a total indebtedness to total asset value ratio not exceeding 60%, and an adjusted EBITDA to fixed charges ratio of at least 1.50 to 1.0. With last twelve months EBITDA of $642.2 million and strong revenue growth of 18%, the company appears well-positioned to maintain these covenants. For comprehensive analysis of Rexford’s financial position, including Fair Value estimates and growth projections, visit InvestingPro.
Additionally, the agreement allows for voluntary prepayments and includes customary events of default, such as payment defaults and insolvency events. If a default occurs, the outstanding principal and accrued interest may become immediately due.
This information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Rexford Industrial Realty reported a strong first quarter for 2025, exceeding analyst expectations with an earnings per share (EPS) of $0.30, compared to the forecasted $0.27. The company’s revenue also surpassed projections, reaching $252.29 million against an expected $244.36 million. Rexford’s robust leasing activity included 1.2 million square feet of executed leases, with rental rates on new and renewal leases increasing by 17% on a net effective basis. The company also sold a multi-tenant industrial building in San Diego for $31 million, achieving an 11.9% unlevered internal rate of return. Evercore ISI analysts adjusted their financial outlook for Rexford, lowering the stock’s price target to $40 from $43, while maintaining an Outperform rating. The adjustment reflects updated assumptions about renewal rates and leasing volumes, with the 2026 Funds From Operations (FFO) estimate reduced to $2.48. Despite the lowered price target, Evercore ISI expressed optimism about Rexford’s valuation, citing attractive assessments based on multiple and net asset value (NAV). The company remains focused on its strategy of value creation and asset management in Southern California’s industrial market.
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