GREENWOOD VILLAGE, Colo. (AP) _ National Storage Affiliates (NSA) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Greenwood Village, Colorado-based real estate investment trust said it had funds from operations of $51.2 million, or 49 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 45 cents 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 $17.6 million, or 19 cents per share.
The real estate investment trust posted revenue of $123 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $120.1 million.
National Storage expects full-year funds from operations in the range of $1.89 to $1.93 per share.
The company's shares have increased 26% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $45.47, a rise of 75% 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 NSA at https://www.zacks.com/ap/NSA