Extra Space Storage: Q1 Earnings Snapshot

SALT LAKE CITY (AP) — SALT LAKE CITY (AP) — Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The Salt Lake City-based real estate investment trust said it had funds from operations of $433.7 million, or $1.96 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.95 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 $213.1 million, or $1.01 per share.

The self-storage facility real estate investment trust, based in Salt Lake City, posted revenue of $799.5 million in the period.

Extra Space Storage expects full-year funds from operations in the range of $7.85 to $8.15 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 EXR at https://www.zacks.com/ap/EXR

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