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Extra Space Storage: 1Q Earnings Snapshot

SALT LAKE CITY (AP) _ Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The Salt Lake City-based real estate investment trust said it had funds from operations of $157.7 million, or $1.16 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.14 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 $94.8 million, or 74 cents per share.

The self-storage facility real estate investment trust posted revenue of $311.5 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $309.4 million.

For the current quarter ending in July, Extra Space Storage expects its per-share funds from operations to range from $1.18 to $1.20.

The company expects full-year funds from operations in the range of $4.76 to $4.85 per share.

The company's shares have risen 15% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $103.84, an increase of 16% in the last 12 months.

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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 EXR at https://www.zacks.com/ap/EXR