Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-16

Rexford Industrial Realty, Inc. (REXR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$25,892,687
Howard Schwimmer total, FY2025
50th
CEO pay percentile vs peers
169:1
CEO-to-median pay ratio
88.32%
Say-on-pay support, latest vote
Companies that benchmark against REXR
14 companies name REXR as a compensation peer

Each company listed discloses REXR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named REXR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Howard Schwimmer$1,000,000$0$24,856,439$0$0$0$36,248$25,892,687
Former Co-Chief Executive Officer
Michael Frankel1,000,000024,856,43900016,74825,873,187
Former Co-Chief Executive Officer
Laura Clark700,00007,380,28401,200,1510216,7489,497,183
Chief Executive Officer
Michael Fitzmaurice600,00002,323,83401,028,7010217,8564,170,391
Chief Financial Officer
David Lanzer565,00001,783,5060950,472021,7483,320,726
General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Howard Schwimmer$25,892,687$13,143,105$13,850,545+12,749,582
Michael Frankel25,873,18713,143,105+12,730,082
Laura Clark9,497,1835,673,2425,370,784+3,823,941
Michael Fitzmaurice4,170,391661,795+3,508,596
David Lanzer3,320,7263,426,0573,437,760−105,331

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Howard SchwimmerDirector2026-04-09D281,813$34$9,660,550Common, indirectForm 4 ↗
Michael S. FrankelDirector2026-04-09D281,813349,660,550CommonForm 4 ↗
David LanzerGeneral Counsel & Secretary2026-04-24A2,30100Derivative, Class A CommonForm 4 ↗
David LanzerGeneral Counsel & Secretary2026-04-24A33,29900CommonForm 4 ↗
David LanzerGeneral Counsel & Secretary2026-04-24D30,99800Derivative, Class A CommonForm 4 ↗
David LanzerGeneral Counsel & Secretary2026-04-24A30,99800Derivative, Class A CommonForm 4 ↗
David LanzerGeneral Counsel & Secretary2026-04-24D33,29900Derivative, Class A CommonForm 4 ↗
David LanzerGeneral Counsel & Secretary2026-04-24D2,30100Derivative, Class A CommonForm 4 ↗
David LanzerGeneral Counsel & Secretary2026-04-24D33,299351,181,232Common, open-market saleForm 4 ↗
Tyler H. RoseDirector2026-05-19A4,85500CommonForm 4 ↗
Debra L. MorrisDirector2026-05-19A4,85500CommonForm 4 ↗
David P. StockertDirector2026-05-19A4,85500CommonForm 4 ↗
Robert L. AntinDirector2026-05-19A4,85500CommonForm 4 ↗
Angela L. KleimanDirector2026-05-19A4,85500CommonForm 4 ↗
Diana J. IngramDirector2026-05-19A4,85500CommonForm 4 ↗
John NahasChief Operating Officer2026-06-13D127354,456CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David LanzerRSU2025-12-1914,913$540,294
Howard SchwimmerRSU2025-11-17560,40622,589,966
Laura ClarkRSU2025-12-1959,8732,169,183
Michael FrankelRSU2025-11-17560,40622,589,966
Laura ClarkRSU2025-03-066,134219,911
Michael FitzmauriceRSU2025-12-1919,431703,980
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Lanzer$540,294$0$00.0%
Howard Schwimmer22,589,966000.0%
Laura Clark2,389,094000.0%
Michael Frankel22,589,966000.0%
Michael Fitzmaurice703,980000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael FitzmauriceRSU8,586$332,450
David LanzerRSU5,593216,561
Michael FitzmauriceRSU19,431752,368
Michael FitzmauriceRSU7,287282,153
Laura ClarkRSU20,232783,383
Laura ClarkRSU22,452869,341
Howard SchwimmerRSU22,665877,589
Laura ClarkRSU7,645296,014
Laura ClarkRSU28,0631,086,599
David LanzerRSU14,913577,431
David LanzerRSU15,202588,621
David LanzerRSU4,137160,185
David LanzerRSU27,6561,070,840
Laura ClarkRSU59,8732,318,283
Laura ClarkRSU61,2062,369,896
David LanzerRSU10,949423,945
Laura ClarkRSU4,089158,326
Howard SchwimmerRSU83,1073,217,903
Howard SchwimmerRSU151,2135,854,967
Howard SchwimmerRSU560,40621,698,920
Howard SchwimmerRSU59,9852,322,619
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program is designed to reward superior corporate performance as well as individual NEO contributions to the Company's annual and long-term goals. The objectives of the Company's executive compensation program are as follows: (1) Market Competitiveness and Retention: Motivate, attract and retain qualified executives who drive the Company's mission, performance and culture; Provide market-based and competitive levels of compensation that reflect individual performance, overall role and responsibility and company performance. (2) Pay for Performance: Balance cash and equity compensation, with a significant portion at-risk and tied to the achievement of performance-based objectives; Design our annual cash incentive awards based on clearly defined metrics aligned with our annual operating plan, with challenging targets intended to differentiate payout outcomes based on the degree of achievement; Design our long-term equity awards to vest based on relative and absolute total shareholder return performance, reinforcing long-term value creation. (3) Stockholder Alignment: Align the interests of the NEOs with the long-term interests of our stockholder by paying a significant portion of compensation to our executive officers in equity with long-term vesting, subject to post-vesting holding requirements on time-based awards.

CEO STI target (% of salary)175%
CEO LTI target (% of salary)
Independent consultantFPC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-19182,079,35224,078,83276,19688.32%Passed
20252025-06-03185,057,41229,480,70987,85686.26%Passed
20242024-06-11125,703,53676,432,51669,83862.19%Passed
20232023-06-05151,559,73233,432,67451,15381.93%Passed
20222022-06-13134,587,11511,392,11737,95092.2%Passed
20212021-06-17104,650,08320,066,73544,68183.88%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1988.32%a
20252025-06-0386.26%b
20242024-06-1162.19%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote, although they will be considered present for the purpose of determining the presence of a quorum.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote, although th ally at the Annual Meeting, you must obtain a "legal proxy" from your bank, broker or other nominee, and you must submit the legal proxy from your broker or other nominee as the record holder and a letter from your broker or other nominee showing that you were the beneficial owner of your shares on the record date to Equiniti Trust on or before 5:00 p.m., Eastern Time, on May 27, 2025, in order to vote electronically at the virtual Annual Meeting.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote, although they will be considered present for the purpose of determining the presence of a quorum.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)169 : 1
CEO total compensation$25,892,687
Median employee compensation$153,533
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Tyler H. RoseIndependent · Board Chair · Audit (Chair) · Nominating and Corporate Governance$193,915$169,967$0$0$0$363,882
Diana J. IngramIndependent · Nominating and Corporate Governance (Chair) · Audit142,500169,967000312,467
Debra L. MorrisIndependent · Compensation · Nominating and Corporate Governance140,000169,967000309,967
Angela L. KleimanIndependent · Audit · Compensation130,000169,967000299,967
Robert L. AntinIndependent · Compensation (Chair)122,500169,967000292,467
Richard ZimanIndependent · Audit · Compensation · Departed during FY74,51900074,519
Laura ClarkEmployee director · Partial-year service · Newly elected00000
Howard SchwimmerEmployee director · Not standing for re-election00000
Michael S. FrankelEmployee director · Not standing for re-election00000
David P. StockertIndependent · Audit · Partial-year service · Newly elected0
09

Board fee structure and ownership guideline

Annual cash retainer$120,000
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 40,000
Stock ownership guideline5x annual cash retainer ($600,000)
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$803,434
Equity awards (grant-date value)$849,835
All other compensation$0
Total cost of the board$1,653,269

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Rexford Industrial Realty, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Rexford Industrial Realty, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Rexford Industrial Realty, Inc.2025Howard Schwimmer$1,000,000$24,856,439$0$0$25,892,687
2W.P. Carey Inc.2025Jason Fox1,000,0007,986,68601,770,00010,786,686
3Healthpeak Properties, Inc.2025Scott Brinker825,0007,208,68801,986,15610,072,994

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Rexford Industrial Realty, Inc.227%PSU 60 · RSU 40Yes — Relative TSR vs. Dow Jones U.S. Equity REIT IndexFPC
Healthpeak Properties, Inc.127%PSU 60 · RSU 40Yes — 3-Year Relative TSR PerformanceFerguson Partners Consulting
W.P. Carey Inc.118.0%PSU 60 · RSU 40Yes — TSR relative to the constituents of the MSCI US REIT IndexFrederic W. Cook & Co., Inc.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Rexford Industrial Realty, Inc. in fiscal 2025?
Howard Schwimmer, Former Co-Chief Executive Officer, was the highest-paid executive with total compensation of $25,892,687.
How does Rexford Industrial Realty, Inc.'s chief executive pay compare to its disclosed peer group?
The CEO's pay was at the 50th percentile of the disclosed peer group.
What is Rexford Industrial Realty, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was 169:1.
How did shareholders vote on Rexford Industrial Realty, Inc.'s executive compensation?
Shareholders approved the executive compensation plan with 88.32% support.
How much does Rexford Industrial Realty, Inc. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $1,653,269.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Howard SchwimmerDEF 14A2026-04-080001571283-26-000012Section “Summary Compensation Table”. As printed: 25,892,687. Filing ↗machine: span 956405–956415
2Section 01, Michael FrankelDEF 14A2026-04-080001571283-26-000012Section “Summary Compensation Table”. As printed: 25,873,187. Filing ↗machine: span 964443–964453
3Section 01, Laura ClarkDEF 14A2026-04-080001571283-26-000012Section “Summary Compensation Table”. As printed: 9,497,183. Filing ↗machine: span 972479–972488
4Section 01, Michael FitzmauriceDEF 14A2026-04-080001571283-26-000012Section “Summary Compensation Table”. As printed: 4,170,391. Filing ↗machine: span 980486–980495
5Section 01, David LanzerDEF 14A2026-04-080001571283-26-000012Section “Summary Compensation Table”. As printed: 3,320,726. Filing ↗machine: span 986589–986598
6Section 03, David Lanzer RSUDEF 14A2026-04-080001571283-26-000012Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t154 · r4 · c3 · span 833066–833073
7Section 03, Howard Schwimmer RSUDEF 14A2026-04-080001571283-26-000012Section “Grants Of Plan-Based Awards For 2025” · grants of plan-based awards table. Filing ↗machine: t178 · r3 · c26 · span 1012059–1012069
8Section 03, Laura Clark RSUDEF 14A2026-04-080001571283-26-000012Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t154 · r2 · c3 · span 831009–831018
9Section 03, Michael Frankel RSUDEF 14A2026-04-080001571283-26-000012Section “Grants Of Plan-Based Awards For 2025” · grants of plan-based awards table. Filing ↗machine: t178 · r6 · c26 · span 1020902–1020912
10Section 03, Laura Clark RSUDEF 14A2026-04-080001571283-26-000012Section “Grants Of Plan-Based Awards For 2025” · grants of plan-based awards table. Filing ↗machine: t178 · r9 · c26 · span 1029736–1029743
11Section 03, Michael Fitzmaurice RSUDEF 14A2026-04-080001571283-26-000012Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t154 · r3 · c3 · span 831970–831977
12Section 07, pay ratioDEF 14A2026-04-080001571283-26-000012Section “CEO Pay Ratio”. As printed: 169 : 1. Filing ↗machine: span 1323080–1323089
13Section 08, Tyler H. RoseDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 363,882. Filing ↗machine: t91 · r6 · c8 · span 509648–509655
14Section 08, Diana J. IngramDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 312,467. Filing ↗machine: t91 · r3 · c8 · span 505085–505092
15Section 08, Debra L. MorrisDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 309,967. Filing ↗machine: t91 · r5 · c8 · span 508129–508136
16Section 08, Angela L. KleimanDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 299,967. Filing ↗machine: t91 · r4 · c8 · span 506608–506615
17Section 08, Robert L. AntinDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 292,467. Filing ↗machine: t91 · r2 · c8 · span 503566–503573
18Section 08, Richard ZimanDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 74,519. Filing ↗machine: t91 · r7 · c2 · span 510600–510606
19Section 08, Laura ClarkDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 0. Filing ↗
20Section 08, Howard SchwimmerDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 0. Filing ↗
21Section 08, Michael S. FrankelDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: 0. Filing ↗
22Section 08, David P. StockertDEF 14A2026-04-080001571283-26-000012Section “Director Compensation”. As printed: —. Filing ↗
23Section 02, Howard Schwimmer 2026-04-09Form 42026-04-130001581296-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Michael S. Frankel 2026-04-09Form 42026-04-130001581342-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, David Lanzer 2026-04-24Form 42026-04-280001670779-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, David Lanzer 2026-04-24Form 42026-04-280001670779-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, David Lanzer 2026-04-24Form 42026-04-280001670779-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, David Lanzer 2026-04-24Form 42026-04-280001670779-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, David Lanzer 2026-04-24Form 42026-04-280001670779-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, David Lanzer 2026-04-24Form 42026-04-280001670779-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, David Lanzer 2026-04-24Form 42026-04-280001670779-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Tyler H. Rose 2026-05-19Form 42026-05-210001571283-26-000032Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Debra L. Morris 2026-05-19Form 42026-05-210001571283-26-000031Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, David P. Stockert 2026-05-19Form 42026-05-210001571283-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Robert L. Antin 2026-05-19Form 42026-05-210001571283-26-000029Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Angela L. Kleiman 2026-05-19Form 42026-05-210001654413-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Diana J. Ingram 2026-05-19Form 42026-05-210001571283-26-000033Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, John Nahas 2026-06-13Form 42026-06-160002127969-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
39Section 06, 2026 voteForm 8-K2026-05-210001571283-26-000023Item 5.07 · say-on-pay result. As reported: 88.32% (votes for as printed: 182,079,352). Filing ↗
40Section 06, 2025 voteForm 8-K2025-06-030001571283-25-000031Item 5.07 · say-on-pay result. As reported: 86.26% (votes for as printed: 185,057,412). Filing ↗
41Section 06, 2024 voteForm 8-K2024-06-130001571283-24-000024Item 5.07 · say-on-pay result. As reported: 62.19% (votes for as printed: 125,703,536). Filing ↗
42Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
43Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
44Section 09b board cost (computed)ComputedcomputedCash 803,434 + equity 849,835 + all other 0 = 1,653,269, summed across the director compensation table rows.machine: formula: Σ = 1,653,269
45Rexford Industrial Realty, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-080001571283-26-000012CEO total compensation as printed in Rexford Industrial Realty, Inc.'s own proxy. As printed: 25,892,687. Filing ↗machine: span 956405–956415
46W.P. Carey Inc., Section 10b CEO totalDEF 14A2026-03-270001025378-26-000063CEO total compensation as printed in W.P. Carey Inc.'s own proxy. As printed: 10,786,686. Filing ↗machine: r4 · c21 · span 810394–810404
47Healthpeak Properties, Inc., Section 10b CEO totalDEF 14A2026-03-120001104659-26-027086CEO total compensation as printed in Healthpeak Properties, Inc.'s own proxy. As printed: 10,072,994. Filing ↗machine: t197 · r7 · c18 · span 1414974–1414984
48Section 10a, W.P. Carey Inc. reciprocityDEF 14A0001025378-26-000063W.P. Carey Inc. names Rexford Industrial Realty, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Healthpeak Properties, Inc. reciprocityDEF 14A0001104659-26-027086Healthpeak Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Rexford Industrial Realty, Inc.. Filing ↗