GLENDALE, Calif. (AP) — GLENDALE, Calif. (AP) — $Public Storage(PSA-N)$ (PSA) on Monday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Glendale, California-based real estate investment trust said it had funds from operations of $741 million, or $4.21 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $4.23 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 $564.4 million, or $3.21 per share.
The self-storage facility real estate investment trust, based in Glendale, California, posted revenue of $1.18 billion in the period, which met Street forecasts.
For the year, the company reported funds from operations of $2.94 billion. Revenue was reported as $4.7 billion.
Public Storage expects full-year funds from operations in the range of $16.35 to $17 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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