Extra Space Storage: Q4 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 fourth quarter. The results exceeded Wall Street expectations.

The Salt Lake City-based real estate investment trust said it had funds from operations of $450.2 million, or $2.03 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.02 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 $262.5 million, or $1.24 per share.

The self-storage facility real estate investment trust, based in Salt Lake City, posted revenue of $821.9 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $831.5 million.

For the year, the company reported funds from operations of $17.91 billion. Revenue was reported as $3.26 billion.

Extra Space Storage expects full-year funds from operations in the range of $8 to $8.30 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 EXR at https://www.zacks.com/ap/EXR