Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

PS Business Parks Q1 FFO Down - Quick Facts

RELATED NEWS
Trade PSB now with 

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

Quick Facts

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
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.