SALT LAKE CITY (AP) _ Extra Space Storage Inc. (EXR) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Salt Lake City-based real estate investment trust said it had funds from operations of $172.5 million, or $1.24 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.20 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 $108.2 million, or 83 cents per share.
The self-storage facility real estate investment trust posted revenue of $332.5 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $332.9 million.
The company's shares have declined 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $84, a decline of 21% in the last 12 months.