Extra Space Storage Q3 FFO Rises

(RTTNews) - Extra Space Storage, Inc., (EXR), an operator of self-storage properties, reported third-quarter funds from operations or FFO of $54.7 million or $0.46 per share, up from $47.2 million or $0.43 per share last year.

Adjusted FFO for the period was $67.1 million or $0.57 per share compared to $49.7 million or $0.46 per share last year.

On average, 15 analysts polled by Thomson Reuters expected FFO of $0.50 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net income for the quarter dropped to 29.2 million or $0.26 per share from $38.6 million or $0.37 per share last year.

Total revenues for the quarter rose to $133.1 million from $109.8 million last year. Analysts estimated revenues of $129.03 million for the quarter.

Looking forward to the full year 2013, the company expects FFO of $1.95 to $1.97 per share, and adjusted FFO of $2.09 to $2.11 per share last year.

Earlier the company expected FFO to be between $1.96 and $2.01 per share for the year.

Analysts currently estimate FFO of $2.00 per share for the year.