GLENDALE, Calif. – 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.
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