Rexford Industrial Realty is downgraded to hold due to persistent softness in leasing spreads, occupancy, and net absorption in infill markets. REXR's current valuation offers no margin of safety, with shares trading at an 8.74% discount to invested capital, closely matching the justified discount. Management has shifted to a defensive posture, prioritizing occupancy, asset dispositions, and share repurchases over acquisitions amid a negative investment spread.