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
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