Extra Space Storage Q3 Profit Down

(RTTNews) - Extra Space Storage Inc. (EXR) Tuesday reported third-quarter net income of $188.4 million or $0.96 per share, compared to $220.7 million or $1.65 per share last year.

Profit dropped largely due to $54.2 million in transition costs related to the Life Storage Merger.

Funds from operations was $348.5 million or $1.69 per share, compared to $308.7 million or $2.16 per share last year.

Core FFO was $415.8 million or $2.02 per share, compared to $314.9 million or $2.21 per share last year.

Revenues for the quarter rose to $748.0 million from $498.9 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.97 per share on revenues of $612.85 million.