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

The Glendale, California-based real estate investment trust said it had funds from operations of $704 million, or $3.99 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $3.92 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 $603.4 million, or $3.42 per share.

The self-storage facility real estate investment trust, based in Glendale, California, posted revenue of $1.03 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.02 billion.

Public Storage expects full-year funds from operations in the range of $15 to $15.70 per share.

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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