Frankel Michael S. 4

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.