WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Wednesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The Williamsville, New York-based real estate investment trust said it had funds from operations of $60.9 million, or $1.31 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.32 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 $34.5 million, or 74 cents per share.
The self storage real estate investment trust posted revenue of $136.5 million in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $137.9 million.
For the current quarter ending in July, Life Storage expects its per-share funds from operations to range from $1.38 to $1.42.
The company expects full-year funds from operations in the range of $5.55 to $5.63 per share.
The company's shares have climbed 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $95.91, a rise of roughly 8% 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 LSI at https://www.zacks.com/ap/LSI