- 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.
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.
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.