SALT LAKE CITY (AP) — SALT LAKE CITY (AP) — Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.

The real estate investment trust, based in Salt Lake City, said it had funds from operations of $449.1 million, or $2.02 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $2.03 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 $216.1 million, or $1.02 per share.

The self-storage facility real estate investment trust, based in Salt Lake City, posted revenue of $797.8 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $773.6 million.

For the year, the company reported funds from operations of $1.45 billion. Revenue was reported as $2.56 billion.

Extra Space Storage expects full-year funds from operations in the range of $7.85 to $8.15 per share.


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