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Public Storage: 1Q Earnings Snapshot

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.

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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