Rexford Industrial Realty offers a discounted, stable investment in Southern California industrial real estate.

Rexford Industrial Realty (REXR) presents a rare investment opportunity focused on Southern California's infill industrial real estate, benefiting from ongoing supply-demand imbalances. The stock trades at a 14% discount to fair value, reflecting slower near-term earnings growth but strong long-term fundamentals. Despite some rental and occupancy challenges, Rexford expects 5%-10% re-leasing spreads and maintains a stable BBB+ credit rating. It offers a 4.7% dividend yield with potential for 3%-4% annual dividend growth, making it attractive for long-term investors seeking steady income and capital appreciation.