News Release

PS Business Parks, Inc.

701 Western Avenue

Glendale,  CA 91201-2349

psbusinessparks.com





 

 



 

For Release:

 

Immediately



Date:

July 24, 2018



Contact:

Maria R. Hawthorne



 

(818) 244-8080, Ext. 1370



PS Business Parks, Inc. Reports Results for the Quarter Ended June  30, 2018 

and Increases Quarterly Common Dividend by 23.5% to $1.05 Per Share



GLENDALE, California—PS Business Parks, Inc. (NYSE:PSB) reported operating results for the three and six months ended June 30, 2018.



Operating Results for the Three Months Ended June 30, 2018



Net income allocable to common shareholders was $70.2 million, or $2.56 per diluted common share, for the three months ended June  30, 2018, an increase of $45.5 million, or 183.8%, from $24.7 million, or $0.90 per diluted common share, for the same period in 2017.  The increase was mainly due to  gain on sale of an office park in Orange County, California, and an industrial park in Dallas, Texas, during the second quarter of 2018 and an increase in net operating income (“NOI”–described below) with respect to our real estate facilities. The increase in NOI includes a $1.4 million increase for our Same Park facilities (described below) due primarily to an increase in rental rates and occupancy combined with increased NOI from our non-Same Park and multi-family assets, partially offset by reduced NOI with respect to facilities we sold.



Operating Results for the Six Months Ended June 30, 2018



Net income allocable to common shareholders was $116.3 million, or $4.24 per diluted common share, for the six months ended June 30, 2018, an increase of $65.1 million, or 127.4%, from $51.1 million, or $1.87 per diluted common share, for the same period in 2017. The increase was mainly due to gain on sale of two office parks in Orange County, California, and an industrial park in Dallas, Texas, during 2018 and an increase in NOI with respect to our real estate facilities. The increase in NOI includes a $1.9  million increase for our Same Park facilities due primarily to an increase in rental rates and occupancy combined with increased NOI from our non-Same Park and multi-family assets, partially offset by reduced NOI with respect to facilities we sold.



Funds from Operations



Funds from operations (“FFO”) per share was $1.59 for the three months ended June 30, 2018,  as compared to $1.55 for the same period in 2017,  an increase of $0.04 per share. FFO per share was $3.18 for the six months ended June 30, 2018, an increase of $0.11 per share from the six months ended June 30, 2017 of $3.07.  



FFO, which is described in more detail below, is a non-GAAP (generally accepted accounting principles) measure defined by the National Association of Real Estate Investment Trusts and generally represents net income before depreciation and amortization expense, gains and losses from sales and impairment charges with respect to real estate assets. 







Property Operations–Same Park Portfolio



To evaluate the ongoing performance of the Company’s portfolio over comparable periods, management analyzes the operating performance of properties owned and operated throughout both periods (the “Same Park” facilities). The Same Park portfolio includes all properties we owned and operated as of June  30, 2018 that were acquired prior to January 1, 2016, except for an asset held for sale described below under “Property Dispositions.” For the three and six months ended June 30, 2018 and 2017, the Same Park facilities constitute 26.9 million rentable square feet, representing 95.1% of the 28.3 million rentable square feet in the Company’s total portfolio as of June 30, 2018.

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The following information was filed by Ps Business Parks Incca (PSB) on Wednesday, July 25, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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