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.