Life Storage: Q1 Earnings Snapshot

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.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on LSI at

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