10:11 AM EST, 11/14/2024 (MT Newswires) -- Rexford Industrial Realty ( REXR ) said Thursday it signed about 657,000 square feet of leases in Q4, including 422,000 square feet in renewals and 235,000 square feet in new leases.

The company said its lease renewals and new leases achieved rental rate increases of 80% on a net effective basis and 60% on a cash basis over previous rents. Average annual rent escalations for the leases signed to date in the quarter were 3.9%, it added.

Rexford said its same property portfolio reported an average occupancy of 96.8% year-to-date and an ending occupancy of 95.9% as of Oct. 31, aligning with Q3 guidance.

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