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.
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