Fitch rates Rexford Industrial preferreds BB

Fitch Ratings said it affirmed Rexford Industrial Realty, Inc.’s and operating subsidiary Rexford Industrial, LP's long-term issuer default ratings at BBB- and assigned a BB rating to Rexford Industrial Realty’s announced preferred stock issuance.

The outlook is stable.

Fitch said Rexford Industrial’s credit strengths include its focused, in-fill Southern California (SoCal) industrial portfolio strategy, transparent business model with limited ground-up development and off balance sheet joint ventures and credit protection metrics that are appropriate for the rating and are supported by portfolio rents that the agency believes are 10% to 15% below market, on average.

Rexford Industrial Realty also has a strong near- to medium-term liquidity profile that is supplemented by good contingent liquidity available from its sizeable unencumbered property portfolio, the agency said.

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