GREENWOOD VILLAGE, Colo. — National Storage Affiliates (NSA) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Greenwood Village, Colorado-based real estate investment trust said it had funds from operations of $41.3 million, or 41 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 38 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 $7.1 million, or 10 cents per share.
The real estate investment trust posted revenue of $104.4 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $102.3 million.
The company’s shares have decreased roughly 6% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $31.62, a climb of slightly more than 3% 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