LOS ANGELES (AP) _ Rexford Industrial Realty Inc. (REXR) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $32.1 million, or 30 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 29 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 $12.8 million, or 12 cents per share.
The industrial real estate investment trust posted revenue of $64.4 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $63.4 million.
Rexford Industrial expects full-year funds from operations in the range of $1.19 to $1.21 per share.
The company's shares have climbed 41% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $41.57, an increase of 38% in the last 12 months.