Jefferies reiterated a Buy rating on Rexford Industrial Realty (NYSE: REXR), and raised the price target to $22.00 (from $21.00), following the company's 1Q earnings report. REXR reported Core FFO of $0.22, which beat the street estimates of $0.21. Management increased 2016 FFO guidance to $0.85-0.88, from $0.83-0.86. The beat relative to estimates was due to higher rental revenue and tenant reimbursements.

Analyst Jonathan Petersen commented, "1Q16 Core FFO/sh of $0.22 was 2/1c ahead of JEF/Street estimates. Management raised FFO/sh guidance by 2c at both ends to a new range of $0.85-0.88, which is primarily due to accretion from the recent portfolio acquisition. Internal growth remains strong in REXR's in fill LA portfolio as SS NOI increased +8.2% in the quarter. We are increasing our PT to $22, from $21, and we maintain our Buy rating."

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Shares of Rexford Industrial Realty closed at $19.37 yesterday.