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

The Salt Lake City-based real estate investment trust said it had funds from operations of $169.9 million, or $1.23 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.16 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 $102.9 million, or 80 cents per share.

The self-storage facility real estate investment trust posted revenue of $327.2 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $322.3 million.

The company's shares have fallen slightly since the beginning of the year. The stock has declined nearly 8% 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 EXR at https://www.zacks.com/ap/EXR

Automated Insights, source Associated Press News