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Public Storage’s Q2 FFO Surges 51% (PSA)

Self-storage REIT Public Storage ( PSA ) late Thursday said its second quarter funds from operations jumped 51% from last year.

The Glendale, CA-based company reported second quarter FFO of $1.39 per share, compared with 92 cents in the year-ago period. Adjusted FFO was $1.43 per share, falling short of Wall Street analysts' projections of $1.47.

Revenue rose 4% from last year to $371.9 million, also missing analyst estimates of $405.4 million.

Public Storage shares were unchanged in premarket trading Friday.

The Bottom Line

Shares of Public Storage ( PSA ) have a 3.43% dividend yield, based on last night's closing stock price of $110.82. The stock has technical support in the $105-$106 price area. If the shares can firm up, we see overhead resistance around the $115 price levels.

Public Storage ( PSA ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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