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Extra Space Storage reports 4Q results

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

The real estate investment trust, based in Salt Lake City, said it had funds from operations of $138.6 million, or $1.03 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 97 cents 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 $82.4 million, or 65 cents per share.

The self-storage facility real estate investment trust posted revenue of $261 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $258.7 million.

For the year, the company reported funds from operations of $514.9 million, or $3.85 per share. Revenue was reported as $991.9 million.

Extra Space Storage expects full-year funds from operations in the range of $4.15 to $4.24 per share.

The company's shares have climbed 1.5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $78.37, a fall of slightly more than 7 percent 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

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Keywords: Extra Space Storage, Earnings Report