WILLIAMSVILLE, N.Y. (AP) — WILLIAMSVILLE, N.Y. (AP) — Life Storage Inc. (LSI) on Tuesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Williamsville, New York-based real estate investment trust said it had funds from operations of $139.3 million, or $1.63 per share, in the period.
The average estimate of six 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 $81.6 million, or 96 cents per share.
The self storage real estate investment trust, based in Williamsville, New York, posted revenue of $273.6 million in the period, surpassing Street forecasts. Four analysts surveyed by Zacks expected $263.3 million.
For the current quarter ending in June, Life Storage expects its per-share funds from operations to range from $1.70 to $1.74. 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.
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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
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