S&P lifts Rexford

S&P said it upgraded its issuer ratings for Rexford Industrial Realty Inc. and Rexford Industrial Realty LP to BBB+ from BBB. Additionally, the agency raised the ratings on the company's unsecured debt to BBB+ and preferred stock to BBB-.

“We expect good internal growth at existing properties and contributions from acquisitions to support strong EBITDA growth in Rexford's portfolio over the next two years. Rexford reported solid results in the second quarter of 2022, with same-property net operating income (NOI) increasing 7% and 10.1% year-over-year on a generally accepted accounting principles (GAAP) and cash basis, respectively,” S&P said in a press release.

“Rexford's occupancy remains structurally high (99.1% average same-property portfolio occupancy) with leasing spreads far exceeding its peers' (signed comparable rental rates for new and renewal leases were 83% and 61.5% higher than prior rents on a GAAP and cash basis in the second quarter of 2022), driven by robust demand for well-located properties within infill markets,” the agency added.

The outlook is stable.

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