IPO-related Charges Increase Rexford Industrial’s LossMonday, November 11, 2013
Rexford Industrial Realty Inc. on Monday reported a smaller-than-expected adjusted third quarter profit and announced an acquisition in North Orange County.
The West Los Angeles real estate investment trust reported a net loss of $5.6 million, compared with a net loss of $2.7 million in the same period a year earlier. Revenue rose 11 percent to $9.2 million.
Excluding $3.9 million in debt extinguishment charges related to its IPO earlier this year, the REIT had adjusted profit of 1 cent a share. Analysts surveyed by Thomson Reuters had expected 14 cents.
Rexford, which targets industrial properties in Southern California infill markets, also said it had acquired The Park, an Anaheim industrial business park, for $10.6 million. The 6.9-acre property has six multi-tenant buildings totaling 120,313 square feet. It was 85 percent occupied at the time of acquisition.
Shares on Monday were unchanged at $13.07 on the New York Stock Exchange.