LOS ANGELES (AP) _ Rexford Industrial Realty Inc. (REXR) on Wednesday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $15.1 million, or 23 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 23 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 $4.2 million, or 6 cents per share.
The industrial real estate investment trust posted revenue of $35.4 million in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $35.1 million.
Rexford Industrial expects full-year funds from operations in the range of 91 cents to 94 cents per share.
The company's shares have increased 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $24.83, a rise of 30 percent in the last 12 months.
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
Keywords: Rexford Industrial, Earnings Report