Rexford Industrial Releases Environmental, Social and Governance Impact Report
- ESGimpact (ESGi) represents a holistic approach quantifying the positive environmental, societal and governance impacts enabled by Rexford Industrial's differentiated, value-driven business model
LOS ANGELES, May 30, 2024 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located throughout infill Southern California, today released its annual Environmental, Social and Governance Impact Report.
"Rexford's ESGi strategy creates positive impacts by revitalizing dysfunctional industrial buildings throughout infill Southern California and supporting our communities and exceptional Rexford team," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "Our purpose-driven business model, built upon a foundation of best-in-class corporate governance practices, maximizes resilience and the value we deliver to our team, community and stakeholders."
In 2023, Rexford Industrial generated significant value through the Company's ESGi approach, including:
- Environmental Value by preventing 40,456 tons of carbon emissions through a focus on recycling dysfunctional infill buildings, implementing green building strategies and collaborating with tenants to drive sustainable operations
- Societal Value by generating approximately $1.4 billion of positive societal impact by transforming buildings, engaging communities and fostering the success and well-being of the Rexford team
- Governance Value by upholding robust governance policies and practices, providing a foundation of transparency and accountability that enables long-term value creation
Rexford Industrial's 2023 ESGi selected milestones and goals include:
- Announced SBTi-validated emissions reduction targets and committed to net zero greenhouse gas emissions by 2045
- Earned first LEED Gold redevelopment and first LEED Certified repositioning, with approximately 7 million square feet of projects targeting LEED Certified, or higher, over the next five years
- Committed 8.2 megawatts (MW) of additional rooftop solar, bringing total installed or committed solar to over 17 MW, with a target of 60 MW by 2028
- Earned Gold Green Lease Leader designation for the second consecutive year and awarded Platinum Green Lease Leader in April 2024
- Partnered with over 25 charities actively supported by the Rexford Industrial team's 3,034 hours volunteered within the community
- Launched RexSocials, employee-formed resource groups centered around shared interests, and RexConnex, an interactive peer-recognition platform, driving engagement and productivity within a hybrid and flexible work structure
- Completed an average of 20 training hours per employee through dedicated Department of Professional Excellence
In 2024 and beyond, Rexford Industrial will continue to catalyze opportunities to create near- and long-term value through the Company's holistic ESGi approach, driving stakeholder satisfaction and advancing Environmental, Societal and Governance Value.
The full report can be found under the ESG section of the Company's website at https://www.rexfordindustrial.com/ESG.
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprises 422 properties with approximately 49.5 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of risks and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. In addition, non-financial information, such as that included in parts of this press release and the ESGi report, is subject to greater potential limitations than financial information, given the methods used for calculating or estimating such information. Please see the full report for additional information and methodologies and assumptions.
Contact:
Investorrelations@rexfordindustrial.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/rexford-industrial-releases-environmental-social-and-governance-impact-report-302160068.html
SOURCE Rexford Industrial Realty, Inc.
