FRISCO, Texas (AP) — FRISCO, Texas (AP) — Public Storage (PSA) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The Frisco, Texas-based real estate investment trust said it had funds from operations of $742.2 million, or $4.22 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $4.13 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 $476.8 million, or $2.71 per share.

The self-storage facility real estate investment trust, based in Frisco, Texas, posted revenue of $1.22 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $1.21 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