Rexford Industrial (NYSE:REXR) posted a GAAP loss of $0.30 per share in Q4 2025. The stock dropped over 5%. On the surface, that looks like a company in trouble.But Core FFO came in at $0.59 per share for the quarter and $2.40 for the full year — right at the high end of guidance. So either the business is falling apart or the GAAP figure is telling a different story than the operating one. I think the answer matters, but not for the reason most coverage suggests.For investors reacting to the headline loss, ...