SALT LAKE CITY (AP) — SALT LAKE CITY (AP) — Extra Space Storage Inc. (EXR) on Thursday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Salt Lake City, said it had funds from operations of $460.8 million, or $2.08 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $2.03 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 $287.4 million, or $1.36 per share.
The self-storage facility real estate investment trust, based in Salt Lake City, posted revenue of $857.5 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $851 million.
Extra Space Storage expects full-year funds from operations in the range of $8.05 to $8.35 per share.
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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 EXR at https://www.zacks.com/ap/EXR
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