Angela Kleiman
About Angela L. Kleiman
Independent director of Rexford Industrial Realty, Inc. since December 2021; age 55. Kleiman is President & Chief Executive Officer of Essex Property Trust (NYSE: ESS), and previously served as COO (2021–2023) and CFO (2015–2020) at Essex, with earlier roles in institutional investment management and real estate investment banking. She holds a BS from Northwestern University and an MBA from Kellogg School of Management (Northwestern). Core credentials include real estate operations, finance, capital allocation, REIT governance, and she is designated an audit committee financial expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Essex Property Trust (ESS) | President & CEO | Apr 1, 2023–present | Led S&P 500 REIT; executive oversight across strategy, operations, capital allocation |
| Essex Property Trust (ESS) | Sr. EVP & COO | Jan 2021–Mar 2023 | Operations leadership |
| Essex Property Trust (ESS) | EVP & CFO | 2015–2020 | Finance leadership; capital markets, reporting |
| Essex Property Trust (ESS) | Managed Essex Private Equity platform | 2009–2015 | Investment leadership |
| Security Capital | Sr. Equity Analyst; VP IR | Prior to Essex | Institutional investment management |
| J.P. Morgan Real Estate & Lodging IB | Vice President | Prior to Essex | Investment banking |
| Real estate development management | Various | Began 1991 | Early operating experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Essex Property Trust (ESS) | President & CEO; Other public company directorships: ESS | 2023–present as CEO | Public REIT; S&P 500 constituent |
Board Governance
- Independence: Determined independent under NYSE standards; nominated for re-election as an independent director.
- Attendance: Each incumbent director attended 100% of regularly scheduled Board and committee meetings for 2024. Independent directors meet in executive session at every regular Board and committee meeting.
- Audit Committee “financial expert” designation.
- No compensation committee interlocks or insider participation since IPO.
| Committee | Role | 2024 Meetings | Attendance | Financial Expert? |
|---|---|---|---|---|
| Audit | Member | 4 | 100% | Yes |
| Compensation | Member | 7 | 100% | N/A |
Additional context on Compensation Committee responsiveness: Following a 62% 2024 Say‑on‑Pay support, the committee removed largest peers from the peer set, reduced LTI max from 300% to 275%, streamlined metrics to relative TSR and Core FFO/share growth (max 225% per metric) with an absolute TSR modifier, increased formulaic STI to 80% for 2025, and added a 1‑year post‑vest holding period on service‑vesting LTIP units starting 2025.
Fixed Compensation (Non‑Employee Director Pay)
| Year | Cash Fees ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2024 | 130,000 | 149,991 (3,357 RS shares) | 279,991 |
Program features:
- Annual cash retainers paid quarterly; 2024 equity grant value targeted at ~$150,000 in restricted stock.
- Director restricted stock vests in full at the earlier of the next annual meeting or the first anniversary of grant, subject to continued service.
Performance Compensation
- Directors do not receive performance-based cash or option awards; equity is time‑based restricted stock.
- 2024 grant: 3,357 restricted shares (grant-date value $149,991) on June 11, 2024; vest at next annual meeting or first anniversary.
- 2025 grant (after proxy record date): 13,925 restricted shares reported on Form 4 for June 3, 2025 grant; director stock award under non-employee program.
| Grant Date | Instrument | Shares | Vesting | Source |
|---|---|---|---|---|
| 2024-06-11 | Restricted Common Stock | 3,357 | Earlier of next annual meeting or 1‑year anniversary | Proxy; Director comp table |
| 2025-06-03 | Restricted Common Stock | 13,925 | Non-employee director stock award; standard vesting per program | Form 4 filing |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlocks / Notes |
|---|---|---|---|
| Essex Property Trust (ESS) | President & CEO; other public company directorship noted | Not disclosed | No compensation committee interlocks at REXR since IPO; committee comprised solely of independent directors. |
Expertise & Qualifications
- Extensive real estate, finance and operations experience; public REIT CEO; other public company board experience.
- Audit committee financial expert; financial literacy; capital allocation; human capital and compensation oversight.
- Education: BS, Northwestern; MBA, Kellogg (Northwestern).
Equity Ownership
| As of | Beneficial Ownership (Shares/Units) | % of Shares Outstanding | Notes |
|---|---|---|---|
| 2025-04-03 (record date) | 9,152 | <1% | Per beneficial ownership table; direct ownership |
| 2024-06-11 | +3,357 restricted shares granted | — | Time-based director award |
| 2025-06-03 | +13,925 restricted shares granted | — | Time-based director award |
Ownership alignment and policies:
- Director stock ownership guideline: 5x annual cash retainer; current non‑employee directors have until Dec 31, 2026 to comply (or five years from initial election for new directors). As of Apr 14, 2025, all non‑employee directors satisfied guidelines or had remaining time.
- Hedging and pledging of Company stock by officers and directors is prohibited.
Insider Trades (Form 4)
| Date (Period of Report) | Transaction | Amount | Ownership Form |
|---|---|---|---|
| 2024-06-11 | Director stock award grant | 3,357 | Direct (D) |
| 2025-06-03 | Director stock award grant | 13,925 | Direct (D) |
Related Parties & Conflicts
- Policy: Audit Committee reviews, approves and ratifies related party transactions; arm’s‑length requirement.
- Disclosures: Related party section identifies property management agreements with entities in which Co‑CEO Schwimmer owns interests; no transactions involving Kleiman are identified.
- Legal proceedings: None material involving directors disclosed.
Governance Assessment
- Strengths
- Independent director; dual committee service (Audit and Compensation) with 100% attendance and “audit committee financial expert” designation—supports board effectiveness in oversight of financial reporting and executive pay.
- Ownership alignment via recurring time‑based equity grants and stock ownership guidelines; hedging/pledging prohibited.
- Active on Compensation Committee during a period of shareholder feedback and responsive program changes following a lower 2024 Say‑on‑Pay outcome (62%), signaling engagement and alignment with investor expectations.
- Watch items
- External CEO role at another REIT (ESS) increases time demands; however, no REXR-related party transactions or compensation committee interlocks are disclosed.
- Director equity awards are time-based (no performance conditions), a common practice for directors but offers less direct performance linkage than PSU structures; mitigated by ownership guideline and prohibition on hedging/pledging.