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Extra Space Storage: 2Q Earnings Snapshot

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

The Salt Lake City-based real estate investment trust said it had funds from operations of $167 million, or $1.22 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.19 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 $104.8 million, or 81 cents per share.

The self-storage facility real estate investment trust posted revenue of $323.6 million in the period.

For the current quarter ending in October, Extra Space Storage expects its per-share funds from operations to range from $1.22 to $1.25.

The company expects full-year funds from operations in the range of $4.79 to $4.87 per share.

The company's shares have risen 24% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $111.96, a rise of 20% 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