GLENDALE, Calif. (AP) _ Public Storage (PSA) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Glendale, California, said it had funds from operations of $643.4 million, or $3.65 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $3.59 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 $464.1 million, or $2.63 per share.
The self-storage facility real estate investment trust, based in Glendale, California, posted revenue of $973.4 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $965.7 million.
Public Storage expects full-year funds from operations in the range of $14.75 to $15.65 per share.
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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
