On July 25, Rexford Industrial rose 8.53% in regular trading, trading at $39.06/share, with turnover of $165 million. The rally was driven by the company's better-than-expected Q2 earnings released after market close on July 23.

Specifically, Rexford Industrial posted Q2 core FFO of $0.63 per share, exceeding the FactSet consensus estimate of $0.60 by approximately 5%. FFO came in at $0.64 per share, representing an 8.47% year-over-year increase from $0.59. Revenue reached $243.0 million, modestly beating the $241.6 million estimate. The results were particularly notable given that the market had anticipated a roughly 3% year-over-year revenue decline heading into the report, with analysts expressing caution about interest rate pressures on net margins. Full-year core FFO guidance was set at $2.38 to $2.43 per share, largely in line with the consensus estimate of $2.41.

Rexford Industrial is a REIT focused on industrial properties throughout infill Southern California, the world's fourth largest industrial market. The company's portfolio comprises 364 properties with approximately 44.0 million rentable square feet.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)