Extra Space Storage: 4Q Earnings Snapshot
SALT LAKE CITY (AP) _ Extra Space Storage Inc. (EXR) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Salt Lake City, said it had funds from operations of $165.5 million, or $1.22 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.20 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 $101.5 million, or 80 cents per share.
The self-storage facility real estate investment trust posted revenue of $307.4 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $308.5 million.
For the year, the company reported funds from operations of $629.7 million, or $4.67 per share. Revenue was reported as $1.2 billion.
For the current quarter ending in April, Extra Space Storage expects its per-share funds from operations to range from $1.12 to $1.14.
The company expects full-year funds from operations in the range of $4.73 to $4.83 per share.
The company’s shares have climbed 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $95.97, a climb of 19 percent in the last 12 months.