SALT LAKE CITY (AP) — Extra Space Storage Inc. (EXR) on Monday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Salt Lake City, said it had funds from operations of $204.7 million, or $1.48 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.35 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 $156.1 million, or $1.19 per share.
The self-storage facility real estate investment trust posted revenue of $353.5 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $348.8 million.
For the year, the company reported funds from operations of $728 million, or $5.28 per share. Revenue was reported as $1.36 billion.
Extra Space Storage expects full-year funds from operations in the range of $5.85 to $6.05 per share.
The company's shares have climbed 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $120.74, a climb of 13% in the last 12 months.