GLENDALE, Calif. (AP) _ Public Storage (PSA) 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 Glendale, California, said it had funds from operations of $440 million, or $2.52 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.52 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 $301.7 million, or $1.73 per share.
The self-storage facility real estate investment trust posted revenue of $689 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $690.3 million.
The company's shares have climbed almost 10% since the beginning of the year, while the Standard & Poor's 500 index has increased 17%. In the final minutes of trading on Wednesday, shares hit $221.96, a rise of 8.5% 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 PSA at https://www.zacks.com/ap/PSA