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Life Storage: 3Q Earnings Snapshot

·1 min read

WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Thursday 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 $71.9 million, or $1.52 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.49 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 $37.1 million, or 78 cents per share.

The self storage real estate investment trust posted revenue of $156.3 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $150.6 million.

The company's shares have climbed 5% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $113.91, a rise of nearly 10% 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