We are still upbeat about shares of Public Storage (PSA), a US real estate investment trust (REIT), specializing in operations involving storage facilities in the United States. The company’s market capitalization is more than USD 35 bn. The company owns 2,250 storage facilities in the US, and it also operates on European markets.The company demonstrates strong growth. According to the financial report for Q2 2015, revenue rose by 6.8% y-o-y, while funds from operation (FFO) increased 8% y-o-y to USD 2.15 per share, outpacing the consensus of Wall Street analysts. A rebound in the US economy promotes higher demand for storage facilities, while supply is quite limited. As expected, revenue of Public Storage, occupancy and FFO will continue to grow against this backdrop.Public Storage opened a new storage facility in Denver, bringing the number of such facilities in the region to 50. In addition, the company commissioned a new energy-efficient storage facility in Miami. And a large storage complex was opened in Frisco (Texas).Public Storage has a strong balance sheet and also seeks out new growth opportunities by acquiring attractive assets on US markets. Thus, the company bought eight storage facilities for USD 72.2 mn in the first half of this year. The company has signed contracts to buy another nine storage facilities (three in Colorado and six in Florida) for USD 96.7 mn.Despite robust upside YTD, we believe that Public Storage shares have prospects for further upside due to improved fundamentals of the US storage industry, the company's strong brand its footprint in key markets, and expansion of its business through the commissioning of new facilities and strategic acquisitions. The company remains loyal to its shareholders and pays out generous dividends. Public Storage recently raised its quarterly dividend to USD 1.7 (+21% y-o-y), yielding 3.3%.We left our target price for Public Storage shares unchanged at USD 230 and reiterate a Buy recommendation in the mid-term. The short-term technical target is USD 220.