FONT-SIZE Plus   Neg

PS Business Parks Q1 FFO Down - Quick Facts

PS Business Parks Inc. (PSB) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Bond management titan Bill Gross has filed suit against his former employer, PIMCO, for breach of contract related to his ouster from the company. Gross is looking for damages of at least $200 million for forcing him out of the company, according to court filings. Gross claims that other managers conspired to push him out of the firm he co-founded in order to improve their own finances. Large U.S. companies are holding trillions of dollars overseas in an effort to avoid U.S. taxes, with big-name firms like Apple (AAPL), Pfizer (PFE) and PepsiCo (PEP) named as notable examples. This is the claim made by a pair of non-profit groups, who released a study based on the firms' financial statements. Alcoa Inc. (AA), the largest producer of aluminum in the US, Thursday reported a sharp decline in profit for the third quarter, as sales dropped 11 percent reflecting divestitures and currency headwinds. Both the earnings and revenues fell short of Wall Street analysts' estimates, sending its shares...
comments powered by Disqus
Trade PSB now with 
Follow RTT