LOS ANGELES (AP) — LOS ANGELES (AP) — Rexford Industrial Realty Inc. (REXR) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $97.4 million, or 49 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 48 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 $40.7 million, or 22 cents per share.
The industrial real estate investment trust, based in Los Angeles, posted revenue of $178.6 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $173 million.
For the year, the company reported funds from operations of $362.1 million. Revenue was reported as $631.2 million.
Rexford Industrial expects full-year funds from operations in the range of $2.08 to $2.12 per share.
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