Extra Space Storage Q2 FFO Rises - Quick Facts

(RTTNews) - Real estate investment trust, Extra Space Storage, Inc., (EXR), an operator of self-storage properties, reported second-quarter Funds from operations or FFO of $58.1 million or $0.50 per share, compared with $41.0 million or $0.38 per share during corresponding quarter last year.

Adjusted FFO for the latest second quarter was $58.8 million or $0.51 per share, up from $41.4 million or $0.39 per share in the comparable quarter last year.

On average, fourteen analysts polled by Thomson Reuters expected $0.49 per share for the quarter. Analysts' estimates typically exclude one-time items.

The firm reported net income attributable to common shareholders of $34.5 million or $0.31 per share, compared to $22.4 million or $0.22 recorded in the year-ago quarter.

Revenues for the quarter increased to $126.25 from $94.95 million in the prior year period, four analyst estimated the firm to generate revenues of $123.77 million for the quarter.

For the third quarter, the company currently estimates that FFO per share will be between $0.49 and $0.51. Analysts currently expect FFO per share of $0.52.

For fiscal 2013, the company expects FFO per share to be between $1.96 and $2.01. The Street expects the company to report FFO per share of $2.00 for the year.

Earlier, the company expected fiscal 2013 FFO per share of $1.94 and $2.01.