WILLIAMSVILLE, N.Y. – WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Williamsville, New York, said it had funds from operations of $60.3 million, or $1.30 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.28 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 $33.9 million, or 73 cents per share.
The self storage real estate investment trust posted revenue of $133.1 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $133.2 million.
Life Storage expects full-year funds from operations to be $5.36 to $5.43 per share.
The company's shares have declined 0.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $88.59, a climb of 17 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on LSI at https://www.zacks.com/ap/LSI