Core Thesis - Rexford Industrial Realty, Inc. (REXR) is viewed as a high-potential investment opportunity, particularly following Elliott Management's acquisition of a substantial stake in the company [2][4]. Company Overview - REXR's shares were trading at $42.17 as of October 15th, with a trailing P/E ratio of 30.87 [1]. - The company owns approximately $20 billion in properties, indicating significant scale [2]. Investment Potential - REXR trades at a discount to private market valuations, despite owning desirable assets in strategic locations, with lease rates often below market, suggesting future upside potential [3]. - Elliott Management is expected to advocate for accelerated capital allocation strategies, including asset sales at private-market values to fund large-scale share buybacks, which would enhance both FFO and NAV per share [3][4]. Financial Strategy - The company has a historic low loan-to-value ratio of 25% and limited near-term debt maturities, allowing for modest leverage to amplify buybacks [4]. - Early buyback activity of $100 million year-to-date indicates initial progress, with expectations for a 5–10x expansion in buyback efforts to unlock shareholder value [4]. Market Sentiment - Activist-driven initiatives are likely to accelerate returns for REXR, leveraging its strong balance sheet and high-quality property portfolio [4].