-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：REXR公布第一季度营收为2.45亿美元（同比下降2.9%），超出市场预期200万美元；第一季度核心FFO为每股0.61美元（同比下降1.6%），超出预期0.02美元。第一季度主要业绩指标受到与Tireco续签的战略性租赁合同的显著影响，该合同涵盖110万平方英尺的办公空间，有效期至2030年4月。虽然此举巩固了与主要租户的关系，但也导致了负的租金差，掩盖了市场基本面的改善。管理层将2026财年FFO预期上调0.02美元至每股2.37-2.42美元，但这一增长完全归因于第一季度的股票回购活动，而非运营改善。若不计入Tireco的续租，净有效租金变动应为正5.5%，而非报告的-10.0%，这表明尽管当前市场面临不利因素，整体投资组合的租金仍在持续增长。我们注意到，第一季度通常是续租淡季，而5.5%的实际租金涨幅表明，即使较前几个季度有所下降，投资组合依然保持强劲势头。
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