Three data streams on REXR are now pointing the same direction. Call buyers have surged in. Short sellers continue to exit. The borrow market has loosened dramatically. Post-earnings, the picture looks notably more constructive than it did heading into Q2 results.
The put/call ratio collapsed to 0.889 on July 27. That is the lowest reading in 52 weeks. It sits 3.8 standard deviations below the 20-day mean of 1.19. For context, that mean had held in a tight band above 1.15 for months — the move to sub-0.9 is abrupt and significant. Rexford's Q2 earnings dropped on July 23-24 and the stock jumped more than 6% on the news. The options market appears to be pricing in continued momentum rather than fading the move.
SI now stands at 3.5% of free float, down 11% over the past week and 21% over the past month. This continues a trend flagged in our pre-earnings note: bears have been cutting exposure steadily since mid-June, when SI was closer to 5.3% of float. The retreat has accelerated since the earnings print. At 3.5%, SI is not at a level that creates squeeze dynamics — but the direction is unambiguous.
Availability has expanded sharply. It now stands at 2,719% — meaning more than 27 shares are available to borrow for every one currently borrowed. That is up nearly 39% week-on-week and sits well above the 52-week low of 549%. The lending market is loose. Cost to borrow is 0.35%, among the cheapest levels seen all year. There is no supply constraint forcing the short-seller retreat — this is discretionary covering, not a squeeze.
Evercore ISI raised its price target to $42 from $40 on July 27, maintaining Outperform. That puts it above the consensus mean of $39.19 and notably above the current price of $38.71. Barclays sits on the other side, holding Underweight with a $36 target. The divide is familiar — bulls point to 96.6% occupancy and upward FFO revisions; bears flag recession risk and Southern California demand headwinds. The post-earnings stock reaction (+6%) argues the near-term data is landing on the bull side.
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