Rexford Industrial Realty, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Rexford Industrial Realty, Inc. on December 21, 2017, reporting events that occurred on December 15, 2017. The filing addresses Item 5.02 regarding the approval of compensatory arrangements for certain officers by the Compensation Committee of the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation grants rather than financial performance results.
Material Changes and Executive Compensation
On December 15, 2017, the Compensation Committee approved grants of Long-Term Incentive Plan (LTIP) Units and Performance Units under the 2013 Incentive Award Plan to four executives. The terms are materially consistent with awards granted on December 15, 2015.
| Executive Name | Total LTIP Units | Total Performance Units | Absolute TSR Base Units | Relative TSR Base Units |
|---|---|---|---|---|
| Howard Schwimmer | 44,147 | 73,950 | 27,500 | 41,250 |
| Michael Frankel | 44,147 | 73,950 | 27,500 | 41,250 |
| Adeel Khan | 22,891 | 26,900 | 10,000 | 15,000 |
| David Lanzer | 11,446 | 13,450 | 5,000 | 7,500 |
Performance Units include distribution equivalent units that vest based on the vesting of absolute and relative Total Shareholder Return (TSR) base units.
Guidance, Outlook, and Risks
The filing does not contain guidance, outlook, management commentary on operations, or specific risk factors. The description of the awards is subject to the terms of the Time-Based LTIP Unit Agreement and OPP Performance Unit Agreement filed as exhibits to the December 21, 2015 Form 8-K.
Key Facts for Investor Verification
- Verify the specific vesting schedules and performance hurdles for the LTIP and Performance Units by reviewing the agreements filed as Exhibit 10.2 and 10.3 in the December 21, 2015 Form 8-K.
- Confirm the total number of units granted to each executive: Howard Schwimmer and Michael Frankel received equal grants, while Adeel Khan and David Lanzer received smaller allocations.
- Note that the Performance Units are split between absolute TSR and relative TSR components, with additional distribution equivalent units contingent on the vesting of the base units.