LOS ANGELES (AP) — LOS ANGELES (AP) — Rexford Industrial Realty Inc. (REXR) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Los Angeles, said it had funds from operations of $139.8 million, or 61 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 60 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 $87.9 million, or 38 cents per share.

The industrial real estate investment trust, based in Los Angeles, posted revenue of $245.1 million in the period.

Rexford Industrial expects full-year funds from operations in the range of $2.37 to $2.42 per share.

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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