Shares of Public Storage Inc. fell Monday after an analyst downgraded the stock, noting the self storage industry’s performance will lag the economic recovery and jobs growth.

Jeffrey Donnelly of Wells Fargo Securities stated in an investors’ note that the Glendale real estate investment trust will see its income growth trail a jobs recovery by six to nine months, which means its financial performance will remain weak well into next year.

He downgraded his rating to “market perform” from “outperform” while cutting his estimates for funds from operations by 4 cents for the third quarter to $1.24 per share and by five cents for the fourth quarter to $1.22 per share.

Funds from operations, or FFO, is an important financial yardstick for REITs. It adds depreciation, amortization expenses and other non-operating items back into net income.

Shares were down $3.90, or 5.5 percent, to close at $67.59 on the New York Stock Exchange. Since the beginning of the year, the shares have lost 11 percent of their value.

Public Storage owns and operates 2,200 self-storage facilities in the United States and Europe.