WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Wednesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Williamsville, New York, said it had funds from operations of $58.3 million, or $1.26 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.27 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 $20.4 million, or 44 cents per share.
The self storage real estate investment trust posted revenue of $128.3 million in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $127.5 million.
For the current quarter ending in July, Life Storage expects its per-share funds from operations to range from $1.32 to $1.38.
The company expects full-year funds from operations in the range of $5.47 to $5.53 per share.
The company's shares have decreased 11 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $75.61, a drop of 31 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
Keywords: Life Storage, Earnings Report