LOS ANGELES (AP) — LOS ANGELES (AP) — Rexford Industrial Realty Inc. (REXR) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $131.7 million, or 58 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 57 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $58.6 million, or 27 cents per share.
The industrial real estate investment trust, based in Los Angeles, posted revenue of $214.1 million in the period.
For the current quarter ending in June, Rexford Industrial expects its per-share funds from operations to range from $2.31 to $2.34.
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