GLENDALE, Calif. (AP) _ Public Storage (PSA) on Thursday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Glendale, California, said it had funds from operations of $450.5 million, or $2.58 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.58 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 $313.1 million, or $1.79 per share.
The self-storage facility real estate investment trust posted revenue of $716.1 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $711.7 million.
The company's shares have decreased 13% since the beginning of the year, while the Standard & Poor's 500 index has decreased almost 10%. In the final minutes of trading on Thursday, shares hit $185.78, a decline of 14% in the last 12 months.