FRISCO, Texas (AP) — FRISCO, Texas (AP) — Public Storage (PSA) on Wednesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Frisco, Texas-based real estate investment trust said it had funds from operations of $736.1 million, or $4.17 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $4.25 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 $450.3 million, or $2.55 per share.
The self-storage facility real estate investment trust, based in Frisco, Texas, posted revenue of $1.23 billion in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $1.21 billion.
Public Storage expects full-year funds from operations in the range of $16.75 to $17.05 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
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