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Scotiabank analyst Nicholas Yulico lowered the firm’s price target on Rexford Industrial (REXR) to $47 from $48 and keeps a Sector Perform rating on the shares. The firm is providing updated thoughts on the recent NYC Office sale comparables and commercial mortgage-backed securities, CMBS, issuance, which has led to changes to the ratings of the U.S. Real Estate & REITs in its coverage, the analyst tells investors.

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