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Life Storage: 3Q Earnings Snapshot

WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Wednesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.

The Williamsville, New York-based real estate investment trust said it had funds from operations of $68 million, or $1.46 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.45 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 $140 million, or $2.99 per share.

The self storage real estate investment trust posted revenue of $145.6 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $146.9 million.

For the current quarter ending in December, Life Storage expects its per-share funds from operations to range from $1.40 to $1.44. Analysts surveyed by Zacks had forecast adjusted FFO per share of $1.41.

The company expects full-year funds from operations in the range of $5.59 to $5.63 per share.

The company's shares have increased 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $102.34, an increase of nearly 8% 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 LSI at https://www.zacks.com/ap/LSI