Frankel Michael S. 4
4 · Rexford Industrial Realty, Inc. · Filed Feb 23, 2026
Research Summary
AI-generated summary of this filing
Rexford Industrial (REXR) Co-CEO Michael Frankel Receives Award
What Happened
Michael S. Frankel, Co-CEO, Co‑President and director of Rexford Industrial Realty, received a grant of 61,058 LTIP Units (reported as a derivative award) on February 19, 2026. The filing shows no per‑unit price or total cash value (N/A). The LTIP Units are asserted to be fully vested and nonforfeitable as of the grant date.
Key Details
- Transaction type/date: Award/Grant (derivative LTIP Units) on 2026-02-19 (Form 4 filed 2026-02-23).
- Amount: 61,058 LTIP Units; price/value reported as N/A.
- Shares owned after transaction: 583,538 shares of Rexford common stock (unchanged by this award); Reporting Person also holds 612,967 Performance Units.
- Footnote highlights: LTIP Units are limited partnership units that can achieve parity with OP Units and, if parity is reached, may be converted one‑for‑one into OP Units; OP Units are redeemable for shares or cash at the issuer’s election. The LTIP Units granted are fully vested and nonforfeitable as of Feb 19, 2026.
- No indication in the filing of a 10b5‑1 plan, tax withholding sale, or late filing flag.
Context
This was an equity award (not a purchase or sale) and therefore does not directly signal buying/selling intent. LTIP Units are a derivative interest in the operating partnership that can convert into common‑equivalent units under specified conditions; conversion or redemption would be the step that creates common shares or cash value for the holder.
Insider Transaction Report
- Award
LTIP Units
[F1][F2][F3]2026-02-19+61,058→ 753,991 total→ Common Stock, par value $0.01 (61,058 underlying)
Footnotes (3)
- [F1]LTIP Units are a class of limited partnership units in Rexford Industrial Realty, L.P. (the "Operating Partnership"). Initially, the LTIP Units do not have full parity with common limited partnership units of the Operating Partnership ("OP Units") with respect to liquidating distributions. However, upon the occurrence of certain events described in the Operating Partnership's partnership agreement, the LTIP Units can over time achieve full parity with the OP Units for all purposes. If such parity is reached, vested LTIP Units may be converted into an equal number of OP Units on a one for one basis at any time at the request of the Reporting Person or the general partner of the Operating Partnership. OP Units are redeemable by the holder for an equivalent number of shares of the Issuer's common stock ("Shares") or for the cash value of such shares, at the Issuer's election.
- [F2](Continued from Footnote 1) The LTIP Units issued pursuant to the Third Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan are fully vested and nonforfeitable as of February 19, 2026.
- [F3]The Reporting Person also owns 583,538 Shares and 612,967 Performance Units, a class of limited partnership units in the Operating Partnership.