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Tuesday, Jun 6, 2023

Net Slides at PS Business Parks

PS Business Parks Inc. reported net income fell to $3.7 million or $0.17 per diluted share for the fourth quarter ended Dec. 31, compared to net income of $4.9 million or $0.22 per diluted share for the comparable period a year ago. Revenues rose to $62.8 million for the fourth quarter compared to $55.9 million in the year ago period. PS Business Parks, a real estate investor based in Glendale, attributed the revenue increase to acquired properties and improved occupancy at its existing properties. Net income decreased because of discontinued operations and non-cash distributions associated with preferred equity redemptions. The company said income from continuing operations increased in the period.

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