1. Rexford Industrial is a focused Southern California REIT, leveraging management expertise to upscale properties and drive rent growth. 2. Management's deep industry experience and founder involvement ensure this focus on quality and valued added. 3. Rexford's valuation is attractive, trading at a significant discount compared to most peers, while its debt runway and potential for substantial future growth are unmatched. 4. Despite geographic concentration risks, Rexford's fundamentals and market positioning justify a Strong Buy rating.

1. Arbor Realty is a high-yield mortgage REIT with an experienced management team. 2. Recent negative headlines led to a stock price plunge, possibly due to investigation concerns. 3. Upside and downside risks are equally weighted, leading to a hold rating on the stock.