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

The Glendale, California-based real estate investment trust said it had funds from operations of $711 million, or $4.03 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $4.07 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 $459.2 million, or $2.60 per share.

The self-storage facility real estate investment trust, based in Glendale, California, posted revenue of $1.16 billion in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $1.15 billion.

Public Storage expects full-year funds from operations in the range of $16.60 to $17.20 per share.


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