Form 4: REXR Co-CEO Converts Performance Units to Stock

Rexford Industrial Realty Co-CEO Michael S. Frankel converted 80,250 performance units into common stock, increasing his direct ownership.

Summary

• Michael S. Frankel, Co-CEO and Co-President of Rexford Industrial Realty, Inc. (REXR), reported a change in his beneficial ownership.
• On November 21, 2025, 80,250 vested Performance Units were converted into an equal number of Operating Partnership Units (OP Units).
• Subsequently, these 80,250 OP Units were redeemed and exchanged for 80,250 shares of Rexford Industrial Realty, Inc.'s common stock.
• Following these transactions, Mr. Frankel's direct beneficial ownership of Common Stock increased to 640,656 shares.
• His direct beneficial ownership of Performance Units is now 532,871, and the specific 80,250 OP Units involved in this transaction are no longer held directly.

Sentiment

Score: 7

Explanation: The conversion of performance units into common stock by a Co-CEO is generally viewed positively as it indicates achievement of performance targets and increased alignment of management's interests with shareholders. It's a routine, non-sale transaction.

Positives

• The conversion of performance units into common stock indicates the vesting and achievement of performance targets by the Co-CEO.
• Increased direct ownership of common stock by a Co-CEO enhances the alignment of management's interests with those of shareholders.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• NA

Industry Context

NA

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders: Increased alignment of management's interests with shareholders due to higher direct common stock ownership.
• Management: Michael S. Frankel's performance units vested, indicating successful achievement of compensation targets.

Next Steps

• NA

Key Dates

Recommendation

The conversion of performance units into common stock by a Co-CEO is a positive signal of management's alignment with shareholder interests and the achievement of performance milestones. However, as a routine equity compensation event, it does not fundamentally alter the company's financial outlook or strategic position to warrant a change from a 'hold' recommendation based solely on this filing.

Keywords

Rexford Industrial Realty, REXR, Michael S. Frankel, Form 4, Insider Transaction, Common Stock, Performance Units, Operating Partnership Units, Equity Conversion, Beneficial Ownership