Extra Space Storage: 2Q Earnings Snapshot
SALT LAKE CITY (AP) _ Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Salt Lake City-based real estate investment trust said it had funds from operations of $155 million, or $1.15 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.15 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 $95.2 million, or 75 cents per share.
The self-storage facility real estate investment trust posted revenue of $296.8 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $294.9 million.
For the current quarter ending in October, Extra Space Storage expects its per-share funds from operations to range from $1.18 to $1.21.
The company expects full-year funds from operations in the range of $4.60 to $4.67 per share.
The company’s shares have risen slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $93.96, an increase of 18 percent in the last 12 months.