LOS ANGELES (AP) — LOS ANGELES (AP) — Rexford Industrial Realty Inc. (REXR) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $138.3 million, or 59 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 58 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 $65.1 million, or 30 cents per share.
The industrial real estate investment trust, based in Los Angeles, posted revenue of $241.8 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $239.7 million.
Rexford Industrial expects full-year funds from operations in the range of $2.33 to $2.35 per share.
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