WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Wednesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The Williamsville, New York-based real estate investment trust said it had funds from operations of $60.7 million, or $1.31 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.30 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 $18.2 million, or 39 cents per share.
The self storage real estate investment trust posted revenue of $128.7 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $127.7 million.
For the year, the company reported funds from operations of $225.5 million, or $5.19 per share. Revenue was reported as $462.6 million.
Life Storage expects full-year funds from operations to be $5.50 to $5.60 per share.
The company's shares have decreased slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $81.49, a decline of 21 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LSI at https://www.zacks.com/ap/LSI
Keywords: Life Storage, Earnings Report