Public Storage Reports a 34.7% Increase in Third Quarter Earnings; Revenue Rises 4.8%

On Friday real estate investment trust Public Storage (PSA) reported an increase in earnings and revenue, beating Wall Street expectations.

The Glendale, California-based company said its third quarter funds from operations (FFO) rose +34.7% to $296.6 million, or $1.73 per share, from $220.2 million, or $1.29 per share, in the year ago period. The firm reported an adjusted FFO of $1.76 per share, beating analysts’ view of $1.68 per share.

Revenue for the company rose 4.8% to $412.6 million from the third quarter of 2011. Analysts expected revenue to be $410.5 million.

Looking forward, analysts have adjusted the fourth quarter outlook for PSA. The average Q4 earnings estimates have risen to $1.77 per share from $1.76 per share. Fiscal year outlook has dropped, however. At $6.20 per share, the average earnings estimate for the fiscal year has fallen from the previous outlook of $6.31 per share.

Public Storage shares were up 77 cents, or +0.55%, in premarket trading on Friday.

The Bottom Line
Shares of Public Storage (PSA) have a 3.10% dividend yield, based on last night’s closing stock price of $141.92. The stock has technical support in the $135 price area. The stock is not trading far off its all-time high range of $145-$150 a share.

Public Storage (PSA) is not recommended at this time, holding a 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.

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