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

The real estate investment trust, based in Salt Lake City, said it had funds from operations of $181 million, or $1.31 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.24 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 $114.6 million, or 88 cents per share.

The self-storage facility real estate investment trust posted revenue of $343 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $330.6 million.

The company's shares have climbed 11% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $117.31, an increase of 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

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