SALT LAKE CITY (AP) — SALT LAKE CITY (AP) — Extra Space Storage Inc. (EXR) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The Salt Lake City-based real estate investment trust said it had funds from operations of $300.2 million, or $2.09 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.08 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 $204.3 million, or $1.52 per share.
The self-storage facility real estate investment trust posted revenue of $506.7 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $495.4 million.
For the year, the company reported funds from operations of $1.21 billion, or $8.44 per share. Revenue was reported as $1.92 billion.
Extra Space Storage expects full-year funds from operations in the range of $8.30 to $8.60 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 EXR">Zacks stock report on EXR at https://www.zacks.com/ap/EXR