GLENDALE, Calif. (AP) _ Public Storage (PSA) on Wednesday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.

The real estate investment trust, based in Glendale, California, said it had funds from operations of $397.8 million, or $2.28 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.60 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 $246.9 million, or $1.41 per share.

The self-storage facility real estate investment trust posted revenue of $730.7 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $723 million.

The company's shares have climbed 11% since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 7%. In the final minutes of trading on Wednesday, shares hit $236.15, an increase of slightly more than 9% in the last 12 months.

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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