GLENDALE, Calif. (AP) _ Public Storage (PSA) on Wednesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Glendale, California, said it had funds from operations of $406.7 million, or $2.34 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $2.43 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 $281.1 million, or $1.62 per share.
The self-storage facility real estate investment trust posted revenue of $645.5 million in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $655.8 million.
The company's shares have risen slightly since the beginning of the year, while the Standard & Poor's 500 index has increased almost 7 percent. In the final minutes of trading on Wednesday, shares hit $223.93, a decrease of 13 percent 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
Keywords: Public Storage, Earnings Report