PSA reported strong 4Q07 and full year 2007 results with FFO increasing 57.3% and 39.2% respectively from the comparable periods in 2006. Operationally, PSA s portfolio continues to perform well; same store NOI and rental rates increased from last year across the company s markets. The merger integration is now complete which will result in significant cost savings going forward.
The company has a strong balance sheet and plenty of cash to be active in the acquisitions and development markets. Shares of PSA are well off their 52 week high due to a general sector sell off. Despite a weakening economy, we still rate PSA a buy. The company is the dominant player in its sector, and the company is now attractively valued on a P/FFO basis.
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