WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Williamsville, New York-based real estate investment trust said it had funds from operations of $64.7 million, or $1.39 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.34 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 $39.3 million, or 84 cents per share.
The self storage real estate investment trust posted revenue of $138 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $135.5 million.
For the current quarter ending in October, Life Storage expects its per-share funds from operations to range from $1.40 to $1.44.
The company expects full-year funds from operations in the range of $5.42 to $5.48 per share.
The company's shares have risen 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $95.45, an increase of 32 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 LSI at https://www.zacks.com/ap/LSI