Rexford Industrial: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}
LOS ANGELES (AP) _ Rexford Industrial Realty Inc. (REXR) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $22.9 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 26 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 $5.2 million, or 6 cents per share.
The industrial real estate investment trust posted revenue of $51.8 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $49.6 million.
{{#rendered}} {{/rendered}}
Rexford Industrial expects full-year funds from operations in the range of $1.05 to $1.07 per share.
The company's shares have climbed 5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $30.64, an increase of slightly more than 7 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