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Rexford Industrial Realty (NYSE: REXR), a REIT specializing in industrial properties in Southern California, has released its annual Environmental, Social, and Governance Impact (ESGi) report. The report emphasizes Rexford's achievements in 2023, including preventing 40,456 tons of carbon emissions, generating $1.4 billion in societal impact, and maintaining strong governance practices. Key milestones include committing to net zero greenhouse gas emissions by 2045, achieving LEED certifications for projects, and expanding solar energy installations. Rexford also earned several accolades in green leasing and community engagement, including the Gold Green Lease Leader designation and over 3,034 volunteer hours.
Rexford Industrial Realty (NYSE: REXR), a real estate investment trust, updated its second quarter operating and transaction activities. The company executed 1.125 million square feet of new and renewal leases, averaging 16,000 square feet per lease. Rental rates increased 68% net and 51% on a cash basis. Occupancy in the Same Property Portfolio rose to 96.5%.
Rexford completed $143 million in property acquisitions and $27 million in property dispositions. The new acquisitions are projected to yield initial unlevered cash returns of 5.6% and 6.2% respectively. The company also outlined a near-term acquisition pipeline worth $40 million.