PS Business Parks saw a modest rise in net income to $5.9 million or $0.27 per diluted share for the quarter ended March 31, up from $5.1 million or $0.23 per diluted share in the year ago period. Revenues rose to $65.3 million for the first quarter compared to $58.9 million for the quarter ended March 31, 2006. The Glendale-based operator said the revenue increase was due mostly to $5.3 million in assets acquired during 2006 and 2007, with $1.1 million of the increase attributable to improved occupancy and rental rates within the company’s same-park portfolio.
