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 beat Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $149.6 million, or 62 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 $68.3 million, or 30 cents per share.
The industrial real estate investment trust, based in Los Angeles, posted revenue of $252.3 million in the period.
Rexford Industrial expects full-year funds from operations in the range of $2.37 to $2.41 per share.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on REXR at https://www.zacks.com/ap/REXR
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.