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.