LOS ANGELES (AP) _ Rexford Industrial Realty Inc. (REXR) on Tuesday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $38.8 million, or 32 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 32 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 $11.4 million, or 10 cents per share.
The industrial real estate investment trust posted revenue of $80 million in the period.
Rexford Industrial expects full-year funds from operations in the range of $1.26 to $1.29 per share.
The company's shares have declined 11% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $40.83, a decline of 1% in the last 12 months.