WILLIAMSVILLE, N.Y. (AP) — Life Storage Inc. (LSI) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Williamsville, New York, said it had funds from operations of $81.3 million, or $1.08 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.01 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 $47.4 million, or 63 cents per share.
The self storage real estate investment trust posted revenue of $171.9 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $165.2 million.
Life Storage expects full-year funds from operations to be $4.33 to $4.41 per share.
The company's shares have climbed 19% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $94.50, a rise of 68% in the last 12 months.