Lanzer David E. 4
4 · Rexford Industrial Realty, Inc. · Filed Apr 28, 2026
Research Summary
AI-generated summary of this filing
Rexford (REXR) General Counsel David Lanzer Sells 33,299 Shares
What Happened
David E. Lanzer, General Counsel & Secretary of Rexford Industrial Realty (REXR), converted vested partnership/derivative units into common shares and sold 33,299 shares in an open-market transaction. The sale executed on 2026-04-28 generated proceeds of approximately $1,181,232 at a weighted-average price of $35.47 per share. The underlying conversions/exercises occurred on 2026-04-24 and reflected vested Performance Units and LTIP Units converting into Operating Partnership (OP) units, which were redeemed/exchanged into common stock.
Key Details
- Transaction dates: conversions/exercises on 2026-04-24; open-market sale on 2026-04-28.
- Sale price: weighted-average $35.47; individual trades ranged $35.40–$35.84 (footnote F2). Total proceeds ≈ $1,181,232.
- Derivative/convertible activity: 30,998 vested Performance Units converted to 30,998 OP Units (F3, F4); 2,301 vested LTIP Units converted to 2,301 OP Units (F7, F8); those OP Units (total 33,299) were exchanged into common stock (F1, F6) and sold.
- Transaction codes: C = conversion of derivative security; M = exercise/conversion of derivative; S = open-market sale. These conversions/exercises reported at $0.00 (no cash paid to exercise/convert).
- Shares owned after transaction: not specified in the Form 4 filing.
- Timeliness: filing dated 2026-04-28 for transactions on 2026-04-24 and 2026-04-28 — filing appears timely (Form 4 is generally due within two business days).
- Additional note: per footnote F2, the sale was done in multiple trades; a breakdown of quantities/prices per trade is available on request to the SEC staff, the issuer, or a security holder.
Context
This sequence reflects the conversion of compensation-related partnership units (Performance Units and LTIP Units) that had vested and achieved parity with OP Units, conversion into OP Units, exchange into common stock, and subsequent open-market sale. Such transactions are commonly routine compensation redemptions and do not by themselves indicate the insider’s future views on the company.
Insider Transaction Report
- Conversion
Common Stock, par value $0.01
[F1]2026-04-24+33,299→ 33,299 total - Sale
Common Stock, par value $0.01
[F2]2026-04-28$35.47/sh−33,299$1,181,232→ 0 total - Exercise/Conversion
Performance Units
[F3][F4][F5]2026-04-24−30,998→ 0 total→ Common Stock, par value $0.01 (30,998 underlying) - Exercise/Conversion
Operating Partnership Units
[F6][F4][F5]2026-04-24+30,998→ 30,998 total→ Common Stock, par value $0.01 (30,998 underlying) - Exercise/Conversion
LTIP Units
[F7][F8][F5]2026-04-24−2,301→ 62,944 total→ Common Stock, par value $0.01 (2,301 underlying) - Exercise/Conversion
Operating Partnership Units
[F6][F8][F5]2026-04-24+2,301→ 33,299 total→ Common Stock, par value $0.01 (2,301 underlying) - Conversion
Operating Partnership Units
[F6][F1][F5]2026-04-24−33,299→ 0 total→ Common Stock, par value $0.01 (33,299 underlying)
Footnotes (8)
- [F1]Represents common units of limited partnership interest ("OP Units") of Rexford Industrial Realty, L.P. (the "Operating Partnership") tendered by the Reporting Person for redemption and exchange into common stock of the Issuer in accordance with the terms of the Limited Partnership Agreement of the Operating Partnership.
- [F2]This transaction was executed in multiple trades at prices ranging from $35.40 to $35.84. The price reported above reflects the weighted average sale price. Full information regarding the number of shares sold at each price shall be provided upon request to the Staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer.
- [F3]Represents Performance Units, a class of limited partnership units in the Operating Partnership, granted pursuant to the Issuer's incentive compensation plan. Initially, the Performance Units do not have full parity with OP Units with respect to liquidating distributions. However, upon the occurrence of certain events described in the Operating Partnership's partnership agreement, the Performance Units can over time achieve full parity with the OP Units for all purposes. If such parity is reached, vested Performance 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. The 30,998 Performance Units referred to herein have vested and reached such parity.
- [F4]Reflects the conversion of 30,998 vested Performance Units into 30,998 OP Units.
- [F5]n/a
- [F6]Represents OP Units in the Operating Partnership. The Issuer is the general partner of the Operating Partnership. OP Units are redeemable for cash equal to the then-current market value of one share of common stock, or at the election of the Issuer, for shares of the Issuer's common stock on a one for-one basis.
- [F7]Represents LTIP Units, a class of limited partnership units in the Operating Partnership, granted pursuant to the Issuer's incentive compensation plan. Initially, the LTIP Units do not have full parity with 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. The 2,301 LTIP Units referred to herein have vested and reached such parity.
- [F8]Reflects the conversion of 2,301 vested LTIP Units into 2,301 OP Units.