Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

PS Business Parks Q1 FFO Down - Quick Facts

RELATED NEWS
Trade PSB now with 
4/30/2012 7:17 PM ET

PS Business Parks Inc. (PSB: Quote) reported that its first-quarter Funds from operations FFO allocable to common and dilutive shares was $31.9 million, or $1.01 per share down from $42.4 million, or $1.32 per share in the year ago quarter.

Funds from operations allocable to common and dilutive shares before non-cash adjustments declined to $37.1 million, or $1.17 per share from $35.0 million, or $1.09 per share last year.

The increase in FFO per common and dilutive share before non-cash adjustments for the latest quarter over the same period in 2011 was primarily due to the increase in net operating income from Non-Same Park facilities partially offset by increases in interest expense, preferred equity distributions and general and administrative expenses.

Net income allocable to common shareholders decreased to $3.5 million, or $0.14 per share, from $16.6 million, or $0.67 per share in the same quarter last year.

The decrease in net income allocable to common shareholders was primarily due to the net impact of preferred equity transactions and increases in interest expense and preferred equity distributions, partially offset by an increase in net operating income.

Total operating revenues increased to $84.89 million from $73.69 million in the year ago quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share on revenues of $82.90 million for the quarter. Analysts' estimates typically exclude special items.

Register
To receive FREE breaking news email alerts for PS Business Parks and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Reserve Bank of New Zealand on Thursday raised its Official Cash Rate by 25 basis points, to 3.00 percent from 2.75 percent. The decision was in line with expectations, and it marks the second straight month with a rate hike following 24 straight meetings in which the rate was not changed. New Zealand's economic expansion has considerable momentum, with GDP estimated to have grown by 3.5 percent in the year to March. Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter. Stocks moved mostly lower during trading on Wednesday, giving back some ground after trending higher over the past several sessions. Selling pressure was relatively subdued, however, limiting the downside for the markets. The major averages all closed in the red, although the tech-heavy Nasdaq underperformed its counterparts by a wide margin.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.