Additional Space Storage: 2nd Quarter Results Overview

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SALT LAKE CITY (AP) _ Extra Space Storage Inc. (EXR) reported a key measure of its second-quarter profitability on Tuesday. The results exceeded Wall Street expectations.

The Salt Lake City-based real estate investment trust said it had operating funds of $305.1 million, or $2.13 per share, during the period.

The average estimate of eight analysts polled by Zacks Investment Research was for funds from operations of $2.04 per share.

Funds from operations is a closely watched metric in the REIT industry. It takes net income and adds items such as depreciation and amortization.

The company said it had net income of $232.1 million, or $1.73 per share.

The self-storage real estate investment trust posted revenue of $475 million in the period, also beating Street’s forecast. Three analysts polled by Zacks expected $463.5 million.

Extra Space Storage expects operating funds for the full year in the range of $8.30 to $8.50 per share.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EXR at https://www.zacks.com/ap/EXR

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