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

The Salt Lake City-based real estate investment trust said it had funds from operations of $176.2 million, or $1.27 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.25 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 $112.3 million, or 86 cents per share.

The self-storage facility real estate investment trust posted revenue of $335.8 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $335.3 million.

For the year, the company reported funds from operations of $672.6 million, or $4.88 per share. Revenue was reported as $1.31 billion.

Extra Space Storage expects full-year funds from operations in the range of $4.99 to $5.08 per share.

The company's shares have climbed 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $115.31, a climb of 16% 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 EXR at https://www.zacks.com/ap/EXR

Automated Insights, source Associated Press News