–Rexford Industrial Commits to Net-Zero Emissions
by 2045–
–Rexford Industrial's Value-Driven Business
Model Drives Positive ESGi Impacts and Value Creation–
LOS
ANGELES, Oct. 23, 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 announced the validation of its
emissions reduction targets by the Science Based Targets
initiative (SBTi), reaffirming the Company's commitment to
creating value through a comprehensive ESGi approach.
ESGi represents a holistic approach quantifying the
positive environmental, societal and governance impacts enabled
through Rexford Industrial's differentiated, value-driven business
model.
The Science Based Targets initiative (SBTi) validated Rexford
Industrial's target to reach net-zero greenhouse
gas emissions across scope 1, 2 and 3 by 2045, as
well as the Company's near-term science-based target to reduce
absolute scope 1 and 2 emissions by 42% by 2030 from a 2022
baseline, aligned with SBTi's 1.5-degree Celsius pathway.
"Rexford Industrial is committed to mitigating
climate-related risks for all stakeholders by actively
addressing the changing climate through our holistic
ESGi approach," stated Michael
Frankel and Howard Schwimmer, Co-Chief Executive Officers
of the Company. "Our focus on repositioning and
recycling vintage, energy-inefficient buildings into
highly functional properties adhering to green
standards creates substantial Environmental
Value. Together with our tenants, partners and Rexford team,
we are developing sustainable operating strategies
which position the Company to continue to deliver
Environmental and Societal Value by reducing our carbon
footprint and revitalizing our broader
community. Rexford Industrial's alignment with
SBTi strengthens our fundamental, transparent governance
practices and will maximize our impact as we strive to achieve our
science-based net-zero target."
Primary strategies to achieve Rexford Industrial's
science-based targets include:
- Collaborating with tenants for energy and carbon reduction
measures, including LED lighting conversions, high-efficiency HVAC
upgrades, conversion of gas systems to electric
alternatives and cool roof installations
- Adhering to high green building standards
- Achieve LEED Silver (or higher) for all ground up
developments
- Upgrade to high-efficiency energy and water systems when
repositioning assets
- Prioritize the use of construction techniques and materials
with lower embodied carbon emissions
- Maximizing investment in on-site renewable energy across the
portfolio
The Company will continue to prioritize direct decarbonization
and the neutralization of all residual emissions in line with SBTi
criteria before reaching net-zero emissions.
Rexford Industrial's ESGi Report
detailing milestones, initiatives and forward-looking goals
can be found under the ESG section of the Company's website
at https://www.rexfordindustrial.com/ESG.
About SBTi
The Science Based Targets initiative (SBTi) began in 2015 as a
partnership between UN Global Compact, World Resources Institute,
World Wide Fund for Nature and CDP. In 2018, the Intergovernmental
Panel on Climate Change (IPCC) warned that global warming must not
exceed 1.5°C to avoid the catastrophic impacts of climate change.
To achieve this, greenhouse gas emissions must halve by 2030 – and
drop to net zero by 2050. SBTi is a standard for, and third-party
validation of, corporate carbon emissions reduction targets that
meet the ambition of keeping planetary warming below 1.5°C, in
alignment with IPCC modeling.
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,
lowest supply 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 371 properties with
approximately 45.0 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 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.