Rexford Industrial Realty CFO Departs; Interim Appointed

TL;DR

Rexford's CFO is out, interim in. No drama cited.

AI Summary

On March 25, 2024, Rexford Industrial Realty, Inc. filed an 8-K report detailing the resignation of its Chief Financial Officer, Michael L. K. Frankel, effective March 22, 2024. The company also announced the appointment of Patrick J. Donohue as interim CFO. No disagreements with management were cited regarding Frankel's departure.

Why It Matters

The unexpected departure of a CFO can signal internal changes or strategic shifts within a company, potentially impacting investor confidence and operational continuity.

Risk Assessment

Risk Level: medium — A CFO departure, even without stated disagreements, can introduce uncertainty regarding financial strategy and leadership stability.

Key Players & Entities

• Rexford Industrial Realty, Inc. (company) — Registrant
• Michael L. K. Frankel (person) — Resigning Chief Financial Officer
• Patrick J. Donohue (person) — Interim Chief Financial Officer
• March 25, 2024 (date) — Date of Report
• March 22, 2024 (date) — Effective date of CFO resignation

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value REXR New York Stock Excha
• $84.0 m — ngs, for an aggregate purchase price of $84.0 million, and we are actively monitoring a
• $1.3 billion — s. As of March 25, 2024, we have over $1.3 billion of acquisitions under contract or accep
• $455 million — imate that we will spend an incremental $455 million repositioning and redeveloping such pro
• $300 million — h properties over the next three years, $300 million of which is expected to be spent in 202
• $75 million — ons in our pipeline to be approximately $75 million. Anticipated initial full year cash N

Filing Documents

• d797783d8k.htm (8-K) — 52KB
• d797783dex991.htm (EX-99.1) — 10KB
• d797783dex992.htm (EX-99.2) — 12KB
• g797783g38f41.jpg (GRAPHIC) — 6KB
• 0001193125-24-076503.txt ( ) — 257KB
• rexr-20240325.xsd (EX-101.SCH) — 4KB
• rexr-20240325_def.xml (EX-101.DEF) — 14KB
• rexr-20240325_lab.xml (EX-101.LAB) — 23KB
• rexr-20240325_pre.xml (EX-101.PRE) — 15KB
• d797783d8k_htm.xml (XML) — 7KB

Forward Looking Statements

Forward Looking Statements This Current Report on Form 8-K contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward looking statements include statements related to our acquisition pipeline, the anticipated initial full year unlevered cash NOI yield, the anticipated stabilized unlevered NOI yield and the anticipated initial full year incremental NOI. When used, the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "result" and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We do not guarantee that the transactions and events described in this Current Report on Form 8-K will happen as described (or that they will happen at all). While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a further discussion of these and other factors that could impact our future results, performance, liquidity or transactions, see our reports and other filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023. Item9.0

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release, dated March 25, 2024. 99.2 Press Release, dated March 25, 2024. 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Rexford Industrial Realty, Inc. March 25, 2024 By: /s/ Michael S. Frankel Michael S. Frankel Co-Chief Executive Officer (Principal Executive Officer) March 25, 2024 By: /s/ Howard Schwimmer Howard Schwimmer Co-Chief Executive Officer (Principal Executive Officer)

View Full Filing

View this 8-K filing on SEC EDGAR