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Public Storage Q3 FFO Rises, Beats View (PSA)

By Dividend.com Staff
November 6th, 2009

public-storage-q3-ffo-rises-beats-view-psa

Self-storage REIT Public Storage (PSA) said Thursday that its third quarter FFO, or funds from operations, rose from last year, beating estimates.

The Glendale, California-based company reported third quarter FFO of $307.5 million, or $1.44 per share, compared with $249 million, or $1.08 per share, in the year-ago period.

On average, Wall Street analysts expected lower FFO of $1.25 per share.

PSA said that average occupancy fell to 89.6% in the latest quarter, from 90.5% last year, while same-store revenue and net operating income fell 4.6%.

Public Storage shares are falling 0.91%, in premarket trading Friday.

The Bottom Line
We have been recommending shares of PSA since Sept.16, when the stock was trading at $74.58. The company has a 2.87% dividend yield, based on last night’s closing stock price of $76.69.

Public Storage (PSA) is a “recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 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.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.