GREENWOOD VILLAGE, Colo. (AP) _ National Storage Affiliates (NSA) on Monday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Greenwood Village, Colorado-based real estate investment trust said it had funds from operations of $20 million, or 30 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 28 cents 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 $8.4 million, or 7 cents per share.
The real estate investment trust posted revenue of $59.2 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $54.5 million.
For the year, the company reported funds from operations of $58.2 million, or $1.12 per share. Revenue was reported as $199 million.
National Storage expects full-year funds from operations in the range of $1.22 to $1.29 per share.
The company's shares have climbed nearly 9 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $24, a climb of 33 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 NSA at https://www.zacks.com/ap/NSA
Keywords: National Storage, Earnings Report