Revenues in the third quarter increased 4.3 percent for PS Business Parks of Glendale over those of 2007. The company reported net income for the quarter of $18.1 million, or $0.26 per diluted share, on revenues of $71.6 million for the quarter ending Sept. 30. That is a 7 percent increase over a year ago when the company had net income of $17 million, or $0.20 per diluted share, on revenues of $69 million. Year-to-date, revenues of $212 million are 5.5 percent higher than the previous year when they were $200 million. Occupancy at the company’s properties have held steady at about 94 percent, with rental rates increasing just under 3 percent year-to-date.
