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

The Salt Lake City-based real estate investment trust said it had funds from operations of $210.1 million, or $1.50 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.49 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 $203 million, or $1.53 per share.

The self-storage facility real estate investment trust posted revenue of $358.9 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $362 million.

Extra Space Storage expects full-year funds from operations in the range of $5.95 to $6.10 per share.

The company's shares have risen 27% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $146.58, an increase of 58% 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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News