Life Storage: 4Q Earnings Snapshot
WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Monday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The Williamsville, New York-based real estate investment trust said it had funds from operations of $78.7 million, or $1.07 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.04 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 $41.6 million, or 57 cents per share.
The self storage real estate investment trust posted revenue of $166.5 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $160.6 million.
For the year, the company reported funds from operations of $282.3 million, or $3.97 per share. Revenue was reported as $616.8 million.
For the current quarter ending in April, Life Storage expects its per-share funds from operations to range from 98 cents to $1.02. Analysts surveyed by Zacks had forecast adjusted FFO per share of $1.03.
The company expects full-year funds from operations in the range of $4.18 to $4.28 per share.
The company’s shares have risen 5.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $83.96, a climb of 7.5% in the last 12 months.