SALT LAKE CITY (AP) — SALT LAKE CITY (AP) — Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The Salt Lake City-based real estate investment trust said it had funds from operations of $289.1 million, or $2.02 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.05 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 $196.3 million, or $1.46 per share.
The self-storage facility real estate investment trust, based in Salt Lake City, posted revenue of $503.1 million in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $513.7 million.
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