Rexford Industrial: 1Q Earnings Snapshot
{{#rendered}} {{/rendered}}
LOS ANGELES (AP) _ Rexford Industrial Realty Inc. (REXR) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Los Angeles-based real estate investment trust said it had funds from operations of $21.4 million, or 27 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 25 cents per share.
{{#rendered}} {{/rendered}}
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 $12.2 million, or 15 cents per share.
The industrial real estate investment trust posted revenue of $48.5 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $46.7 million.
{{#rendered}} {{/rendered}}
Rexford Industrial expects full-year funds from operations in the range of $1.02 to $1.05 per share.
The company's shares have increased 5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $30.65, an increase of 22 percent in the last 12 months.
_____
{{#rendered}} {{/rendered}}
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on REXR at https://www.zacks.com/ap/REXR