News Release

PS Business Parks, Inc.

701 Western Avenue 

Glendale,  CA 91201-2349 

psbusinessparks.com

 

 

 

 

 

For Release:

Immediately

 

Date:

February 16, 2016

 

Contact:

Edward A. Stokx

 

 

(818) 244-8080, Ext. 1649

 

PS Business Parks, Inc. Reports Results for the Fourth Quarter Ended December 31, 2015 and Increases Quarterly Common Dividend by 25.0% to $0.75 Per Share

GLENDALE, California—PS Business Parks, Inc. (NYSE:PSB) reported operating results for the fourth quarter ended December 31, 2015.

 

Funds from operations (“FFO”), as adjusted, were $45.1 million, or $1.31 per share for the three months ended December 31, 2015, an increase of $5.8 million, or 14.8%, from the three months ended December 31, 2014 of $39.3 million, or $1.15 per share.   FFO was $166.7 million, or $4.83 per share for the year ended December 31, 2015, an increase of $4.2 million, or 2.6%, from the year ended December 31, 2014 of $162.5 million, or $4.73 per share. The three month and full year increases in FFO were due to an increase in net operating income (“NOI”) and savings from preferred distributions relating to the redemption of preferred equity partially offset by the impact of assets sold.  

 

In order to provide meaningful period-to-period comparisons of FFO derived from the Company’s ongoing business operations, the following table reconciles reported FFO to adjusted FFO for the three months and years ended December 31, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months

 

 

 

For the Years

 

 

 

Ended December 31,

 

 

 

Ended December 31,

 

 

 

2015

 

2014

 

Change

 

2015

 

2014

 

Change

FFO per share, as reported

$

1.31 

 

$

1.14 

 

14.9%

 

$

4.76 

 

$

4.72 

 

0.8%

Acquisition transaction costs

 

 

 

0.01 

 

 

 

 

 

 

0.01 

 

 

Non-cash distributions related to redemption 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of preferred equity

 

 

 

 

 

 

 

0.07 

 

 

 

 

FFO per share, as adjusted

$

1.31 

 

$

1.15 

 

13.9%

 

$

4.83 

 

$

4.73 

 

2.1%

 

The table above reflects an adjustment to FFO for non-cash distributions reported in connection with the October 15, 2015 redemption of Cumulative Preferred Stock, Series R, of $2.5 million, or $0.07, per above.  Acquisition transaction costs were $226,000 and $350,000 for the three months and year ended December 31, 2014.

 

Same Park NOI increased $2.8 million, or 4.8%, for the three months ended December 31, 2015 and $9.6 million, or 4.2%, for the year ended December 31, 2015 compared to the same periods in 2014.  The increases in NOI were driven by improving occupancy and rental rates as rental income increased $3.4 million, or 4.0%, from $84.5 million for the three months ended December 31, 2014 to $87.8 million for the three months ended December 31, 2015. Same Park rental income increased $10.7 million, or 3.2%, from $335.2 million for the year ended December 31, 2014 to $345.9 million for the year ended December 31, 2015.

 

Non-Same Park NOI increased $2.0 million, or 87.6%, for the three months ended December 31, 2015 and $6.8 million, or 81.9%, for the year ended December 31, 2015 compared to the same periods in 2014 as a result of an increase in occupancy and the acquisition of additional parks during the latter half of 2014.

 

Net income allocable to common shareholders decreased $67.2 million, or 81.9%, from $82.1 million, or $3.04 per share, for the three months ended December 31, 2014 to $14.9 million, or $0.55 per share, for the three months ended December 31, 2015.   Net income allocable to common shareholders decreased $44.9 million, or 39.6%, from $113.2 million, or $4.19 per share, for the year ended December 31, 2014 to $68.3 million, or $2.52 per share, for the year ended December 31, 2015.  These decreases were primarily due to the gain on sale of real estate facilities of $92.4 million for the fourth quarter of 2014.

 

All per share amounts noted above are presented on a diluted basis.

 

1

 


The following information was filed by Ps Business Parks Incca (PSB) on Wednesday, February 17, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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