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

The Glendale, California-based real estate investment trust said it had funds from operations of $753.6 million, or $4.28 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $4.20 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 $528.3 million, or $3 per share.

The self-storage facility real estate investment trust, based in Glendale, California, posted revenue of $1.12 billion in the period, matching Street forecasts.

Public Storage expects full-year funds from operations in the range of $16.40 to $16.80 per share.

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