- ESGi represents a holistic approach
quantifying the positive environmental, societal and governance
impacts enabled through Rexford Industrial's differentiated,
value-driven business model -
LOS
ANGELES, May 18, 2023 /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 2022 Environmental, Social
and Governance Impact (ESGi) Report.
"ESGi represents an evolutionary step in ESG
reporting by taking a holistic approach to quantifying the
environmental, societal and governance impacts resulting
from our operations and focused
business model driven by value creation. Our
ESGi report highlights key 2022 milestones and
forward-looking goals associated with our environmental, societal
and governance impact," said Laura Clark, Chief
Financial Officer of the Company.
"Rexford Industrial's impact is both comprehensive and
tangible. Our focus on repositioning and
recycling vintage, functionally- and energy-inefficient
buildings into high-value, highly-functional properties
adhering to high green standards delivers
strong financial returns and creates substantial
environmental value. Our purpose-driven business
model transforms local communities, enabling jobs growth,
community safety and welfare and increased local tax
revenue, driving meaningful societal
value. Rexford Industrial's deep commitment to
our team, prioritizing learning, growth and engagement, built
upon a foundation of mutual respect, excellence
and strong corporate governance practices maximize our
long-term impact and stakeholder satisfaction," stated Michael
Frankel and Howard Schwimmer, Co-Chief Executive Officers
of the Company.
In 2022, our team generated substantial ESGi
value, which includes:
- Environmental Value by preventing 11,275 tons of carbon
emissions as we transformed and recycled legacy urban buildings to
achieve high green standards and sustainable operations,
- Societal Value by generating approximately $1.05 billion of positive societal impact through
our industrial property redevelopment work, deep community
engagement and unwavering commitment to the success and well-being
of our employees, and
- Governance Value by focusing on robust governance policies and
practices, cultivating transparency and accountability in every
aspect of our business.
Rexford Industrial's 2022 ESGi selected milestones and
goals include:
- Earned LEED Silver for all ground-up developments and increased
portfolio to 20 LEED Certified (or higher) buildings with a plan to
grow to over 50 LEED Certified (or higher) buildings representing
approximately 6 million square feet over the next five years,
- Installed 5 megawatts (MW) of rooftop solar generation,
bringing our total renewable energy generation to over 9 MW,
targeting over 45 MW by 2027,
- Progressed development of Science Based Targets Initiative
(SBTi) emissions reduction targets and a net zero carbon footprint
commitment, to be published in 2023,
- Earned Gold Green Lease Leader designation,
- Expanded community partnerships to 29 charities actively
supported by the Rexford Industrial team's 2,136 volunteer hours
contributed within our community,
- Increased Diversity and Ethnicity of the Rexford Industrial
team to 53% from 48% and expanded gender diversity of the Board of
Directors to 38%,
- Innovated how we work through our continued focus on creating
an exceptional experience for the Rexford Industrial team by
optimizing relationships, engagement, productivity, learning and
growth within our hybrid and flexible work structure,
- Implemented an employee resource group supporting Women in Real
Estate ("WIRE") and established a dedicated Department of
Professional Excellence to promote team development and individual
growth,
- Completed an average of 20 training hours per employee,
and
- Expanded Board of Director oversight to include climate-related
risks, human capital management and overall ESG.
In 2023 and beyond, Rexford Industrial will
continue to create and capitalize upon opportunities to
maximize our impact and stakeholder satisfaction through
our holistic ESGi approach.
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 365 properties with approximately
44.2 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 example, the fact that the offering
described above has priced may imply that the offering will close,
but the closing is subject to conditions customary in transactions
of this type and the closing may be delayed or may not occur at
all. For a further discussion of these 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, 2022. 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.
Contact:
Investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.