Capital One analyst Chris Lucas cuts Rexford Industrial Realty (REXR -2.1%) to Equalweight from Overweight as its tenants may not benefit from the Paycheck Protection Program because more of their costs are driven by liability insurance and rent, rather than employee compensation.

Trims price target to Street-low of $40 vs. $50.

Lucas's analysis highlights REXR's exposure to educational services, non-essential medical practices, fitness, entertainment, employment agencies, personal grooming, food service, and retail.

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