National Storage: 2Q Earnings Snapshot
GREENWOOD VILLAGE, Colo. (AP) _ National Storage Affiliates (NSA) on Monday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The Greenwood Village, Colorado-based real estate investment trust said it had funds from operations of $27.6 million, or 34 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 34 cents 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 $3.3 million, or 7 cents per share.
The real estate investment trust posted revenue of $79.7 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $80.3 million.
The company’s shares have increased roughly 7 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $29.08, an increase of 31 percent in the last 12 months.