Form 4: REXR Co-CEO Sells Shares Under 10b5-1 Plan

Rexford Industrial Realty Co-CEO Michael S. Frankel sold 18,750 shares of common stock for approximately $40.06 per share under a pre-arranged trading plan.

Summary

• Michael S. Frankel, Co-CEO, Co-President, and Director of Rexford Industrial Realty, Inc. (REXR), reported a sale of common stock.
• The transaction involved the disposition of 18,750 shares of common stock.
• The shares were sold on December 8, 2025, at a weighted average price of $40.0579 per share.
• The sale was executed pursuant to a Rule 10b5-1(c) trading plan, indicating it was pre-scheduled.
• Following the transaction, Michael S. Frankel directly owns 583,538 shares of common stock.
• Additionally, he holds 692,933 LTIP Units and 532,871 Performance Units in Rexford Industrial Realty, L.P., the operating partnership of the Issuer.

Sentiment

Score: 5

Explanation: Neutral. The sale is a routine insider transaction under a 10b5-1 plan, which typically indicates personal financial planning rather than a negative outlook on the company. The amount sold is a small percentage of total holdings.

Positives

• The transaction was conducted under a Rule 10b5-1 trading plan, which suggests a pre-scheduled sale for personal financial management rather than a reaction to new, non-public information.

Negatives

• An insider sale, even under a 10b5-1 plan, reduces the direct equity stake of a key executive in the company.

Industry Context

This is a routine insider transaction for a Real Estate Investment Trust (REIT) executive. Such sales, especially when conducted under a 10b5-1 plan, are typically part of an executive's personal financial planning and generally do not reflect a change in the company's operational performance or the broader industry outlook.

Stakeholder Impact

• Shareholders: A minor reduction in direct insider ownership, but mitigated by the 10b5-1 plan, suggesting minimal impact on investor sentiment regarding company fundamentals.

Key Dates

Recommendation

The insider sale by Co-CEO Michael S. Frankel, while a reduction in direct ownership, was executed under a pre-arranged Rule 10b5-1 trading plan. This suggests the transaction is for personal financial planning and not indicative of a change in the company's fundamentals or management's outlook. The executive retains a substantial stake in the company through direct shares, LTIP Units, and Performance Units. Therefore, this specific transaction alone does not warrant a change in investment thesis, leading to a 'hold' recommendation.

Keywords

Rexford Industrial Realty, REXR, Insider Trading, Form 4, Michael S. Frankel, Stock Sale, 10b5-1 Plan, Director Transaction, CEO Stock Sale, Real Estate Investment Trust