S&P rates Rexford BBB, preferreds BB+

S&P said it assigned BBB issuer ratings to Rexford Industrial Realty, Inc. and its operating partnership Rexford Industrial Realty LP. The agency also gave a BB+ rating to Rexford’s publicly traded preferred stock.

“Rexford is the only industrial REIT solely focused on infill properties in Southern California. This is one of the most fragmented yet best-performing industrial markets in the U.S. because its benefits from strong demand and high barriers to entry, which restricts new supply,” S&P said in a press release.

The outlook is stable. “The stable outlook reflects our expectation for solid operating performance over the next two years, supported by highly productive assets with strong re-leasing spreads, healthy occupancy, and good potential for embedded growth despite headwinds from the Covid-19 pandemic and recession,” the agency said.

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