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Friday, Dec 1, 2023

PS Business Parks Reports Solid Quarter, New Purchase

PS Business Parks Inc. on Monday announced third quarter earnings in line with analysts’ expectations, while narrowly missing on revenue. The Glendale real estate investment trust reported funds from operations of $38.5 million ($1.21 a share) in the quarter ended Sept. 30, compared to $37.6 million ($1.19) in the same period a year earlier. Revenue increased 3 percent to $87 million. FFO is a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow. Analysts on average expected FFO of $1.21 a share on revenue of $88.1 million, according to Thomson Financial. In the earning report, the company announced it paid $27.9 million to purchase a 559,000-square-feet multi-tenant flex park in Dallas. The company funded the acquisition with cash on hand and borrowings on its credit facility. PS Business Parks develops and operates multi-tenant flex, office and industrial properties. As of Monday, the company owned 29.2 million rentable square feet with approximately 4,800 customers located in eight states. Shares closed down 28 cents, or less than 1 percent, to $80.88 on the Nasdaq.

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