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

The Williamsville, New York-based real estate investment trust said it had funds from operations of $147.7 million, or $1.73 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.66 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 $98.5 million, or $1.16 per share.

The self storage real estate investment trust posted revenue of $273 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $265.2 million.

For the current quarter ending in December, Life Storage expects its per-share funds from operations to range from $1.60 to $1.64. Analysts surveyed by Zacks had forecast adjusted FFO per share of $1.62.

The company expects full-year funds from operations in the range of $6.42 to $6.46 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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