LOS ANGELES (AP) _ Rexford Industrial Realty Inc. (REXR) on Tuesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $20 million, or 25 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 24 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 $586,000, or 1 cent per share.
The industrial real estate investment trust posted revenue of $43.3 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $39.4 million.
Rexford Industrial expects full-year funds from operations in the range of 94 cents to 96 cents per share.
The company's shares have risen 28 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $29.69, an increase of 41 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