WILLIAMSVILLE, N.Y. (AP) — WILLIAMSVILLE, N.Y. (AP) — Life Storage Inc. (LSI) on Thursday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Williamsville, New York, said it had funds from operations of $144.9 million, or $1.69 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.64 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 $93.8 million, or $1.10 per share.
The self storage real estate investment trust posted revenue of $274.7 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $271.9 million.
For the year, the company reported funds from operations of $552.8 million, or $6.51 per share. Revenue was reported as $1.04 billion.
For the current quarter ending in March, Life Storage expects its per-share funds from operations to range from $1.55 to $1.59. Analysts surveyed by Zacks had forecast adjusted FFO per share of $1.62.
The company expects full-year funds from operations in the range of $6.75 to $6.95 per share.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LSI at https://www.zacks.com/ap/LSI
Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.