Public Storage: 1Q Earnings Snapshot

GLENDALE, Calif. (AP) _ Public Storage (PSA) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.

The Glendale, California-based real estate investment trust said it had funds from operations of $431.9 million, or $2.48 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.46 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 $287.8 million, or $1.65 per share.

The self-storage facility real estate investment trust posted revenue of $669.9 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $668.9 million.

The company's shares have fallen slightly more than 7 percent since the beginning of the year, while the Standard & Poor's 500 index has declined slightly more than 1 percent. In the final minutes of trading on Wednesday, shares hit $193.51, a decline of 14 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PSA at https://www.zacks.com/ap/PSA