Monday, PS Business Parks Inc. (PSB), reported a decline in third-quarter funds from operations, though profit for the quarter increased from a year ago. Revenues for the quarter declined 5.5%.
Equity real estate investment trust, PS Business posted third quarter funds from operations or FFO allocable to common and dilutive shares of $31.5 million or $1.04 per share, down from $32.0 million or $1.14 per share in the prior year quarter.
Third quarter net income allocable to PS Business Parks was $24.2 million or $0.39 per share, compared to $21.8 million or $0.26 per share in the same quarter last year.
On average, seven analysts polled by Thomson Reuters expected the company to earn $1.05 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $67.7 million, down 5.5% from $71.6 million in the comparable quarter last year. Analysts expected the company to report revenue of $67.54 million for the quarter.
Net income for the nine months were $70.562 million or $2.37 per share, compared to $62.243 million or $0.66 per share in the previous year period.
Revenue for the nine months were $205.27 milion, down from $212.02 million in the prior year period.
The company declared a quarterly dividend of $0.44 per common share on November 2, 2009, as well as distributions on the various series of depositary shares. Distributions are payable December 31, 2009 to shareholders of record on December 16, 2009.
PSB closed Monday's regular trading at $48.84, down $0.13 or 0.27%, on a volume of 0.102 million shares on the NYSE. In after hours, the stock further lost $0.44 or 0.91% to trade at $48.3965.
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