WILLIAMSVILLE, N.Y. (AP) _ Life Storage Inc. (LSI) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Williamsville, New York, said it had funds from operations of $120.7 million, or $1.44 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.41 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 $73.6 million, or 88 cents per share.

The self storage real estate investment trust posted revenue of $233.5 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $228 million.

Life Storage expects full-year funds from operations to be $6.04 to $6.14 per share.

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

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