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

The Glendale, California-based real estate investment trust said it had funds from operations of $740.3 million, or $4.20 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $4.15 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 $389.7 million, or $2.21 per share.

The self-storage facility real estate investment trust, based in Glendale, California, posted revenue of $1.16 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.14 billion.

For the year, the company reported funds from operations of $2.98 billion. Revenue was reported as $4.52 billion.

Public Storage expects full-year funds from operations in the range of $16.60 to $17.20 per share.

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