Just saw that Sophron Capital Management dropped $7.2 million into Rexford Industrial Realty in Q4. Interesting move considering the stock is down 11% over the past year while the market's been up. But here's the thing - they're not betting the farm on it. The position is only 2.3% of their AUM, so it sits outside their top 10 holdings. Their biggest bets are still in other REITs like Essex and Equity Residential. What caught my eye though: Rexford's fundamentals actually look solid. They're pulling in nearly $559 million in Core FFO with 96% occupancy, and rents in Southern California industrial space jumped over 23% last year. So maybe this investor is seeing value in the weakness? Definitely feels like a contrarian play on supply-constrained logistics real estate rather than a major conviction bet.