REXFORD INDUSTRIAL REALTY, INC. Rexford Industrial Realty, Inc.
2023 KPI Metrics Report
Calculation Date: December 31, 2023
Acquisition (A)/ | LEED | |||
LEED Certified(1) Properties | Square Footage (2) | Construction Completion (C) | Certification | LEED Certified |
Date | Level | Date | ||
4175 Conant Street | 142,593 | June 2017 (A) | Certified | January 2016 |
687 N. Eucalyptus Avenue | 143,436 | November 2017 (A) | Silver | February 2018 |
Conejo Spectrum | 531,378 | January 2019 (A) | Certified | January 2019 |
The Merge | 333,544 | November 2020 (C) | Certified | August 2021 |
851 Lawrence Drive | 90,773 | May 2021 (C) | Certified | June 2022 |
415 Motor Avenue | 94,321 | August 2022 (C) | Silver | November 2022 |
29025 Avenue Paine | 111,260 | February 2022 (C) | Certified | July 2023 |
15601 Avalon Boulevard | 86,879 | January 2023 (C) | Gold | June 2023 |
9223 Balboa Avenue | 248,579 | March 2023 (A) | Silver | June 2021 |
12802 Monarch Street | 65,968 | May 2023 (C) | Certified | July 2023 |
12822 Monarch Street | 97,896 | June 2023 (C) | Silver | January 2024 |
19431 Santa Fe Avenue (3) | 1,855 | November 2023 (C) | Certified | Pending |
2800 Casitas Avenue (3) | 116,158 | December 2023 (C) | Silver | Pending |
500 Dupont Avenue (3) | 274,898 | December 2023 (C) | Silver | Pending |
444 Quay Avenue (3) | 26,700 | December 2023 (C) | Gold | Pending |
3071 Coronado Street (3) | 105,173 | December 2023 (C) | Silver | Pending |
Total | 2,471,411 | |||
Sustainability Table(4) | ||||
Calendar Year | KPI Threshold | KPI Target | ||
2022 | 3% | 3.5% | ||
2023 | 5% | 6% | ||
2024 | 7% | 8% | ||
2025 | 9% | 10% | ||
2026 and threafter | 11% | 12% |
KPI = | Square Footage of LEED Certified Properties(5) | = | 2,469,080 | = |
Square Footage of Total Properties(6) | 44,363,023 | |||
5.57%
Sustainability Adjustments
KPI Facility Fee | KPI Applicable Margin | |
KPI Achievement | Adjustment Amount | Adjustment Amount |
KPI < KPI Threshold | +0.01% | +0.04% |
KPI Threshold ≤ KPI < KPI Target | 0.000% | 0.000% |
KPI ≥ KPI Target | ‐0.01% | ‐0.04% |
Based on the calculation of the KPI of 5.57%, (i) the Sustainability Facility Fee Adjustment, which is equal to the KPI Facility Fee Adjustment Amount, is 0.000% per annum and (ii) the Sustainability Rate Adjustment, which is equal to the KPI Applicable Margin Adjustment Amount, is 0.000% per annum.
Notes:
- "LEED Certified" means the attainment, or reasonably expected attainment, of a Leadership in Energy and Environmental Design building certification in any of the four certification levels (Certified, Silver, Gold or Platinum) for such property from the U.S. Green Building Council. We define "reasonably expected attainment" as referring to a project that has been registered in the LEED Online platform, follows Rexford's sustainability specifications which were pre‐approved by Green Business Certification Inc. ("GBCI") and has completed a minimum number of points to attain LEED Certified or higher designation .
- "Square Footage" as used throughout this KPI Metrics Report and as required by the Fourth Amended and Restated Credit Agreement, dated as of May 26, 2022, among Rexford Industrial Realty, L.P., Rexford Industrial Realty, Inc., Bank of America, N.A., as administrative agent and a letter of credit issuer and the other lenders named therein (the "Credit Agreement"), we define as leasable square feet within the building .
- As of December 31, 2023, 19431 Santa Fe Avenue, 2800 Casitas Avenue, 500 Dupont Avenue, 444 Quay Avenue and 3071 Coronado Street projects had completed the points required for LEED Certified or higher designation.
- Sustainability Table as set forth in Exhibit L in the Credit Agreement.
- Numerator is calculated as the total Square Footage of all properties owned that are LEED Certified or had completed the points required for LEED Certified or higher designation as of December 31, 2023, and reduced, if applicable, by the numerator adjustment which is described in the following sentence. If the total Square Footage used in the December 31, 2023 denominator excludes any net change greater than 10% of total Square Footage as reported in the denominator of the December 31, 2022 KPI calculation that have been sold or acquired by purchase during 2023, we believe that in accordance with the Credit Agreement the numerator will be reduced proportionally for any LEED Certified properties that are acquired by purchase during 2023.
- In accordance with the Credit Agreement, the total Square Footage used in the December 31, 2023 denominator excludes any net change greater than 10% of total Square Footage as reported in the denominator of the December 31, 2022 KPI calculation that have been sold or acquired by purchase during 2023.
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Rexford Industrial Realty Inc. published this content on 30 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2024 19:15:04 UTC.
