The significant YTD decline in REXR's stock price is due to challenging market conditions in Southern California, which include high vacancy rates and declining rents. However, the stability of preferred shares and bonds, supported by strong cash flow and a conservative balance sheet, suggests that the company is well-positioned to weather the current downturn. The potential for long-term recovery due to geographic constraints and infrastructure activity provides a positive outlook, but the immediate impact on the stock price is likely negative.