GREENWOOD VILLAGE, Colo. – GREENWOOD VILLAGE, Colo. (AP) _ National Storage Affiliates (NSA) on Wednesday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.

The real estate investment trust, based in Greenwood Village, Colorado, said it had funds from operations of $25.9 million, or 32 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 32 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 $7.9 million, or 9 cents per share.

The real estate investment trust posted revenue of $76.5 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $77.2 million.

The company’s shares have fallen 2 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.72, a climb of 13 percent in the last 12 months.


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