SALT LAKE CITY (AP) _ Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Salt Lake City, said it had funds from operations of $161.7 million, or $1.20 per share, in the period.
The average estimate of nine 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 $130.4 million, or $1.02 per share.
The self-storage facility real estate investment trust posted revenue of $307 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $302.4 million.
For the current quarter ending in December, Extra Space Storage expects its per-share funds from operations to range from $1.18 to $1.22.
The company expects full-year funds from operations in the range of $4.62 to $4.66 per share.
The company's shares have climbed 4 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $91.04, a climb of 13 percent in the last 12 months.
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