Extra Space Storage: Q3 Earnings Snapshot

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

The Salt Lake City-based real estate investment trust said it had funds from operations of $415.8 million, or $2.02 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.03 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 $188.4 million, or 96 cents per share.

The self-storage facility real estate investment trust, based in Salt Lake City, posted revenue of $748 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $522.2 million.

Extra Space Storage expects full-year funds from operations in the range of $8.05 to $8.20 per share.

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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