News Release

PS Business Parks, Inc.

701 Western Avenue

Glendale, CA 91201-2349

psbusinessparks.com



October 23, 2018

 

 



 

For Release:

 

Immediately



Date:

October 23, 2018



Contact:

Jeff Hedges



 

(818) 244-8080, Ext. 1649



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



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



Operating Results for the Three Months Ended September 30, 2018



Net income allocable to common shareholders was $25.1 million, or $0.92 per diluted common share, for the three months ended September 30, 2018, an increase of $7.0 million, or 38.6%, from $18.1 million, or $0.66 per diluted common share, for the same period in 2017.  The increase was mainly due to a charge related to the redemption of preferred stock incurred during the third quarter of 2017 that did not recur in the third 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 $2.5 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 multifamily assets, partially offset by reduced NOI generated from facilities we sold before the third quarter of 2018.



Operating Results for the Nine Months Ended September 30, 2018



Net income allocable to common shareholders was $141.4 million, or $5.16 per diluted common share, for the nine months ended September 30, 2018, an increase of $72.1 million, or 104.1%, from $69.3 million, or $2.53 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, a charge related to the redemption of preferred stock incurred in the third quarter of 2017 that did not recur in 2018 and an increase in NOI with respect to our real estate facilities. The increase in NOI includes a $4.4 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 multifamily assets, partially offset by reduced NOI generated from facilities we sold in 2018.



Funds from Operations



Funds from operations (“FFO”) per share was $1.64 for the three months ended September 30, 2018,  as compared to $1.36 for the same period in 2017,  an increase of $0.28 per share. FFO per share was $4.81 for the nine months ended September 30, 2018, an increase of $0.38 per share from the nine months ended September 30, 2017 of $4.43.  



FFO 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. 



We also present “Core FFO per share,” a non-GAAP measure that represents FFO per share excluding the impact of (i) charges related to the redemption of preferred stock and (ii) separation settlement payments, as well as charges or reversals related to stock based compensation, due to the departure of senior executive. We believe our presentation of Core FFO assists investors and analysts in evaluating our comparative operating performance between reporting periods. However, Core FFO per share is not a substitute for net income per share. Because other real estate investment trusts (“REITs”) may not compute Core FFO per share in the same manner as we do, may not use the same terminology or may not present such a measure, Core FFO per share may not be comparable among REITs.

1

 


 

The following table reconciles FFO per share, as reported, to Core FFO per share for the three and nine months ended September 30, 2018 and 2017:





 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



For The Three Months

 

For The Nine Months



Ended September 30,

 

Ended September 30,



2018

 

2017

 

2018

 

2017

FFO per share

$

1.64 

 

$

1.36 

 

$

4.81 

 

$

4.43 

Charge related to the redemption of preferred stock

 

 

 

0.19 

 

 

 

 

0.19 

Net impact due to departure of senior executive

 

 

 

(0.01)

 

 

 

 

(0.01)

Core FFO per share

$

1.64 

 

$

1.54 

 

$

4.81 

 

$

4.61 





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 September 30, 2018 that were acquired prior to January 1, 2016, excluding a  held for sale property as of September 30, 2018. As of September 30, 2018, 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.

The following table presents the unaudited operating results of the Company’s Same Park facilities for the three and nine months ended September 30, 2018 and 2017 (in thousands, except per square foot amounts):



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Three Months

 

 

 

For The Nine Months

 

 



Ended September 30,

 

 

 

Ended September 30,

 

 



2018

 

2017

 

Change

 

2018

 

2017

 

Change

Rental income

$

98,228 

 

$

96,073 

 

2.2% 

 

$

294,010 

 

$

287,293 

 

2.3% 

Adjusted cost of operations (1) (3)

 

28,817 

 

 

29,191 

 

(1.3%)

 

 

87,717 

 

 

85,413 

 

2.7% 

Net operating income (2) (3)

$

69,411 

 

$

66,882 

 

3.8% 

 

$

206,293 

 

$

201,880 

 

2.2% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Statistical Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin (4)

 

70.7% 

 

 

69.6% 

 

1.6% 

 

 

70.2% 

 

 

70.3% 

 

(0.1%)

Weighted average square foot occupancy

 

95.0% 

 

 

94.1% 

 

1.0% 

 

 

94.7% 

 

 

94.1% 

 

0.6% 

Annualized rental income per occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

square foot (5)

$

15.36 

 

$

15.18 

 

1.2% 

 

$

15.38 

 

$

15.13 

 

1.7% 



(1)Adjusted cost of operations excludes Long-Term Equity Incentive Plan (“LTEIP”) amortization, which can vary significantly period to period based upon the performance of the Company.

(2)We evaluate the performance of our business parks primarily based on NOI, a non-GAAP financial measure, because we believe NOI is an important measure of the value and performance of our real estate. We believe investors utilize NOI in a similar manner and for similar reasons. We define NOI as rental income less adjusted cost of operations. NOI excludes depreciation and amortization expense because management and investors do not consider it important in valuing real estate or evaluating real estate performance, because depreciation and amortization expense assumes the value of real estate declines ratably from its historical cost based upon the passage of time, while we believe the value of real estate changes based upon cash flow and other market factors.

(3)Our calculation of adjusted cost of operations and NOI may not be comparable to those of other companies and should not be used as an alternative to measure performance calculated in accordance with GAAP.  See “Reconciliation of Selected non-GAAP Measures to Analogous GAAP Measures” below for reconciliations of each of these measures to their closest analogous GAAP measure on our income statements.

(4)Computed by dividing NOI by rental income.

(5)Computed by dividing rental income during the period by weighted average occupied square feet.





2

 


 

The following table summarizes selected unaudited quarterly financial data with respect to the Same Park facilities (in thousands, except per square foot amounts):



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



For the Three Months Ended



March 31

 

June 30

 

September 30

 

December 31

Rental income

 

 

 

 

 

 

 

 

 

 

 

2018

$

98,022 

 

$

97,760 

 

$

98,228 

 

$

2017

$

95,756 

 

$

95,464 

 

$

96,073 

 

$

97,211 



 

 

 

 

 

 

 

 

 

 

 

Adjusted Cost of Operations

 

 

 

 

 

 

 

 

 

 

 

2018

$

30,035 

 

$

28,865 

 

$

28,817 

 

$

2017

$

28,214 

 

$

28,008 

 

$

29,191 

 

$

29,642 



 

 

 

 

 

 

 

 

 

 

 

Snow removal (1)

 

 

 

 

 

 

 

 

 

 

 

2018

$

794 

 

$

40 

 

$

 

$

2017

$

378 

 

$

103 

 

$

 

$

63 



 

 

 

 

 

 

 

 

 

 

 

Utilities (1)

 

 

 

 

 

 

 

 

 

 

 

2018

$

5,713 

 

$

5,242 

 

$

6,060 

 

$

2017

$

5,448 

 

$

5,295 

 

$

5,798 

 

$

5,393 



 

 

 

 

 

 

 

 

 

 

 

Weighted average square foot occupancy

 

 

 

 

 

 

 

 

2018

 

94.6% 

 

 

94.6% 

 

 

95.0% 

 

 

2017

 

94.6% 

 

 

93.7% 

 

 

94.1% 

 

 

95.1% 



 

 

 

 

 

 

 

 

 

 

 

Annualized rental income per occupied square foot

 

 

 

 

 

 

 

 

 

2018

$

15.40 

 

$

15.36 

 

$

15.36 

 

$

2017

$

15.05 

 

$

15.15 

 

$

15.18 

 

$

15.20 



(1)

The cost of snow removal and utilities are included in Adjusted Cost of Operations and are broken out here separately for information purposes only.



Property Dispositions



We have two multi-tenant office buildings totaling 107,000 rentable square feet located in Orange County, California, held for sale as of September 30, 2018. As we are under contract, we expect to close on the sale during the quarter ended December 31, 2018.  



Distributions Declared



On October 23, 2018, the Board of Directors declared a quarterly dividend of $1.05 per common share. Distributions were also declared on the various series of depositary shares, each representing 1/1,000 of a share of preferred stock. Distributions are payable on December 27, 2018 to shareholders of record on December 12, 2018.



Company Information



PS Business Parks, Inc., a member of the S&P SmallCap 600, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of September 30, 2018,  the Company wholly owned 28.3 million rentable square feet with approximately 5,050 commercial customers in six states and held a 95.0% interest in a  395-unit apartment complex.



Forward-Looking Statements



When used within this press release, the words “may,” “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates,” “intends” and similar expressions are intended to identify “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results and performance of the Company to be materially different from those expressed or implied in the forward-looking statements. Such factors include the impact of competition from new and existing commercial facilities which could impact rents and occupancy levels at the Company’s facilities; the Company’s ability to evaluate, finance and integrate acquired and developed properties into the Company’s existing operations; the Company’s ability to effectively compete in the markets that it does business in; the impact of the regulatory environment as well as national, state and local laws and regulations including, without limitation, those governing REITs; the impact of general economic conditions upon rental rates and occupancy levels at the Company’s facilities; the availability of permanent capital at attractive rates, the outlook and actions of Rating Agencies and risks detailed from time to time in the Company’s SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

3

 


 

Additional information about PS Business Parks, Inc., including more financial analysis of the third quarter operating results, is available on the Company’s website at psbusinessparks.com.



A conference call is scheduled for Wednesday, October 24, 2018, at 10:00 a.m. PDT (1:00 p.m. EDT) to discuss third quarter results. The toll free number is (800)  901-5382; the conference ID is PSBQ318. The call will also be available via a live webcast on the Company’s website. A replay of the conference call will be available through November 7, 2018 at (800) 839-5124, as well as via webcast on the Company’s website. 



Additional financial data attached.

4

 


 







PS BUSINESS PARKS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)









 

 

 

 

 



 

 

 

 

 



September 30,

 

December 31,



2018

 

2017



(Unaudited)

 

 

 

ASSETS

 

 

 

 

 



 

 

 

 

 

Cash and cash equivalents

$

8,687 

 

$

114,882 



 

 

 

 

 

Real estate facilities, at cost

 

 

 

 

 

Land

 

816,656 

 

 

769,036 

Buildings and improvements

 

2,366,032 

 

 

2,156,862 



 

3,182,688 

 

 

2,925,898 

Accumulated depreciation

 

(1,219,249)

 

 

(1,161,798)



 

1,963,439 

 

 

1,764,100 

Properties held for sale, net

 

9,682 

 

 

49,259 

Land and building held for development

 

30,182 

 

 

29,665 



 

2,003,303 

 

 

1,843,024 

Investment in and advances to unconsolidated joint venture

 

 

 

100,898 

Rent receivable, net

 

2,092 

 

 

1,876 

Deferred rent receivable, net

 

32,903 

 

 

32,062 

Other assets

 

16,392 

 

 

7,417 

Total assets

$

2,063,377 

 

$

2,100,159 



 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 



 

 

 

 

 

Accrued and other liabilities

$

85,978 

 

$

80,223 

Preferred stock called for redemption

 

 

 

130,000 

Total liabilities

 

85,978 

 

 

210,223 

Commitments and contingencies

 

 

 

 

 

Equity

 

 

 

 

 

PS Business Parks, Inc.’s shareholders’ equity

 

 

 

 

 

Preferred stock, $0.01 par value, 50,000,000 shares authorized,

 

 

 

 

 

38,390 shares issued and outstanding at

 

 

 

 

 

September 30, 2018 and December 31, 2017

 

959,750 

 

 

959,750 

Common stock, $0.01 par value, 100,000,000 shares authorized,

 

 

 

 

 

27,346,562 and 27,254,607 shares issued and outstanding at

 

 

 

 

 

September 30, 2018 and December 31, 2017, respectively

 

273 

 

 

272 

Paid-in capital

 

734,341 

 

 

735,067 

Accumulated earnings (deficit)

 

66,107 

 

 

(1,778)

Total PS Business Parks, Inc.’s shareholders’ equity

 

1,760,471 

 

 

1,693,311 

Noncontrolling interests

 

216,928 

 

 

196,625 

Total equity

 

1,977,399 

 

 

1,889,936 

Total liabilities and equity

$

2,063,377 

 

$

2,100,159 





 

5

 


 



PS BUSINESS PARKS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)









 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



For The Three Months

 

For The Nine Months



Ended September 30,

 

Ended September 30,

 

2018

 

2017

 

2018

 

2017



 

 

 

 

 

 

 

 

 

 

 

Rental income

$

103,808 

 

$

100,481 

 

$

309,391 

 

$

300,342 



 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Cost of operations

 

31,654 

 

 

31,679 

 

 

95,910 

 

 

92,962 

Depreciation and amortization

 

25,207 

 

 

23,759 

 

 

73,505 

 

 

70,465 

General and administrative

 

2,425 

 

 

1,745 

 

 

7,099 

 

 

7,019 

Total operating expenses

 

59,286 

 

 

57,183 

 

 

176,514 

 

 

170,446 



 

 

 

 

 

 

 

 

 

 

 

Operating income

 

44,522 

 

 

43,298 

 

 

132,877 

 

 

129,896 

Interest and other income

 

488 

 

 

212 

 

 

1,066 

 

 

599 

Interest and other expense

 

(167)

 

 

(503)

 

 

(499)

 

 

(972)

Equity in loss of unconsolidated joint venture

 

 

 

(376)

 

 

 

 

(758)

Gain on sale of real estate facilities

 

 

 

 

 

85,283 

 

 

1,209 

Gain on sale of development rights

 

 

 

 

 

 

 

3,865 

Net income

 

44,843 

 

 

42,631 

 

 

218,727 

 

 

133,839 

Allocation to noncontrolling interests

 

(6,514)

 

 

(4,866)

 

 

(36,814)

 

 

(18,610)

Net income allocable to PS Business Parks, Inc.

 

38,329 

 

 

37,765 

 

 

181,913 

 

 

115,229 

Allocation to preferred shareholders based upon

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

(12,959)

 

 

(12,590)

 

 

(38,921)

 

 

(38,472)

Redemption

 

 

 

(6,900)

 

 

 

 

(6,900)

Allocation to restricted stock unit holders

 

(239)

 

 

(137)

 

 

(1,592)

 

 

(582)

Net income allocable to common shareholders

$

25,131 

 

$

18,138 

 

$

141,400 

 

$

69,275 



 

 

 

 

 

 

 

 

 

 

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.92 

 

$

0.67 

 

$

5.18 

 

$

2.55 

Diluted

$

0.92 

 

$

0.66 

 

$

5.16 

 

$

2.53 



 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic

 

27,339 

 

 

27,226 

 

 

27,310 

 

 

27,192 

Diluted

 

27,442 

 

 

27,427 

 

 

27,412 

 

 

27,399 



6

 


 



 

 

 

 

PS BUSINESS PARKS, INC.

Computation of Funds from Operations and Funds Available for Distribution

(In thousands, except per share amounts)

(Unaudited)









 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



For The Three Months

 

For The Nine Months



Ended September 30,

 

Ended September 30,



2018

 

2017

 

2018

 

2017

Computation of Funds From Operations (1)

 

 

 

 

 

 

 

 

 

 

 

Net income allocable to common shareholders

$

25,131 

 

$

18,138 

 

$

141,400 

 

$

69,275 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate facilities and development rights

 

 

 

 

 

(85,283)

 

 

(5,074)

Depreciation and amortization expense

 

25,207 

 

 

23,759 

 

 

73,505 

 

 

70,465 

Depreciation from unconsolidated joint venture

 

 

 

483 

 

 

 

 

587 

Net income allocated to noncontrolling interests

 

6,514 

 

 

4,866 

 

 

36,814 

 

 

18,610 

Net income allocated to restricted stock unit holders

 

239 

 

 

137 

 

 

1,592 

 

 

582 

FFO (income) loss allocated to joint venture partner

 

(3)

 

 

 

 

 

 

FFO allocable to common and dilutive shares

$

57,088 

 

$

47,383 

 

$

168,036 

 

$

154,445 



 

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding:

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

27,339 

 

 

27,226 

 

 

27,310 

 

 

27,192 

Operating partnership units

 

7,305 

 

 

7,305 

 

 

7,305 

 

 

7,305 

Restricted stock units

 

163 

 

 

179 

 

 

183 

 

 

188 

Common share equivalents

 

103 

 

 

201 

 

 

102 

 

 

207 

Total common and dilutive shares

 

34,910 

 

 

34,911 

 

 

34,900 

 

 

34,892 



 

 

 

 

 

 

 

 

 

 

 

Net income per common share—diluted

$

0.92 

 

$

0.66 

 

$

5.16 

 

$

2.53 

Gain on sale of real estate facilities and development rights

 

 

 

 

 

(2.45)

 

 

(0.14)

Depreciation and amortization expense, including amounts

 

 

 

 

 

 

 

 

 

 

 

from unconsolidated joint venture

 

0.72 

 

 

0.70 

 

 

2.10 

 

 

2.04 

FFO per share (1)

$

1.64 

 

$

1.36 

 

$

4.81 

 

$

4.43 



 

 

 

 

 

 

 

 

 

 

 

Computation of Funds Available for Distribution ("FAD") (1)

 

 

 

 

 

 

 

 

 

 

 

FFO allocable to common and dilutive shares

$

57,088 

 

$

47,383 

 

$

168,036 

 

$

154,445 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

Recurring capital improvements

 

(3,556)

 

 

(3,249)

 

 

(7,016)

 

 

(6,674)

Tenant improvements

 

(4,654)

 

 

(7,816)

 

 

(12,411)

 

 

(23,457)

Lease commissions

 

(2,504)

 

 

(2,017)

 

 

(6,277)

 

 

(5,162)

Straight-line rent

 

(981)

 

 

(285)

 

 

(2,325)

 

 

(1,919)

In-place lease adjustment

 

12 

 

 

 

 

35 

 

 

(26)

Tenant improvement reimbursements, net of lease incentives

 

(556)

 

 

(798)

 

 

(1,690)

 

 

(1,654)

Non-cash stock compensation expense

 

1,152 

 

 

(397)

 

 

2,933 

 

 

3,255 

Cash paid for taxes in lieu of shares upon vesting of

 

 

 

 

 

 

 

 

 

 

 

restricted stock units

 

(426)

 

 

(462)

 

 

(4,955)

 

 

(3,865)

Capitalized interest

 

 

 

 

 

 

 

(506)

Charge related to the redemption of preferred securities

 

 

 

6,900 

 

 

 

 

6,900 

FAD

$

45,575 

 

$

39,267 

 

$

136,330 

 

$

121,337 

Distributions to common shares and units

$

36,681 

 

$

29,544 

 

$

96,032 

 

$

88,575 

Distribution payout ratio

 

80.5% 

 

 

75.2% 

 

 

70.4% 

 

 

73.0% 



(1)FFO and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts and, along with the non-GAAP measure FAD, are considered helpful measures of REIT performance by REITs and many REIT analysts. FFO represents net income before real estate depreciation and amortization expense, gains or losses and impairment charges, which are excluded because they are based upon historical real estate costs and assume that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. FFO per share represents FFO allocable to common and dilutive shares, divided by aggregate common and dilutive shares. FAD represents FFO adjusted to (a) deduct capital expenditures that maintain the real estate values, tenant improvements and lease commissions and (b) eliminate certain non-cash expenses or income such as straight-line rent and non-cash stock compensation expense. We utilize FAD in evaluating our ongoing cash flow available for investment, debt repayment and common distributions. We believe investors and analysts utilize FAD in a similar manner.  FFO and FFO per share are not a substitute for net income or earnings per share.  FFO and FAD are not substitutes for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because they exclude investing and financing activities presented on our statements of cash flows.  In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.  

7

 


 

PS BUSINESS PARKS, INC.

Reconciliation of Selected non-GAAP Measures to Analogous GAAP Measures

(Unaudited, in thousands)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Three Months

 

 

 

For The Nine Months

 

 



Ended September 30,

 

 

 

Ended September 30,

 

 

 

2018

 

2017

 

Change

 

2018

 

2017

 

Change

RENTAL INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Park

$

98,228 

 

$

96,073 

 

2.2% 

 

$

294,010 

 

$

287,293 

 

2.3% 

Non-Same Park

 

3,193 

 

 

371 

 

760.6% 

 

 

5,137 

 

 

976 

 

426.3% 

Multifamily

 

1,895 

 

 

 

100.0% 

 

 

5,057 

 

 

 

100.0% 

Assets sold or held for sale

 

492 

 

 

4,037 

 

(87.8%)

 

 

5,187 

 

 

12,073 

 

(57.0%)

Total rental income

 

103,808 

 

 

100,481 

 

3.3% 

 

 

309,391 

 

 

300,342 

 

3.0% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Cost of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Park

 

28,817 

 

 

29,191 

 

(1.3%)

 

 

87,717 

 

 

85,413 

 

2.7% 

Non-Same Park

 

1,159 

 

 

294 

 

294.2% 

 

 

2,083 

 

 

918 

 

126.9% 

Multifamily

 

1,043 

 

 

 

100.0% 

 

 

3,013 

 

 

 

100.0% 

Assets sold or held for sale

 

331 

 

 

1,630 

 

(79.7%)

 

 

2,134 

 

 

4,864 

 

(56.1%)

LTEIP amortization

 

304 

 

 

564 

 

(46.1%)

 

 

963 

 

 

1,767 

 

(45.5%)

Total cost of operations

 

31,654 

 

 

31,679 

 

(0.1%)

 

 

95,910 

 

 

92,962 

 

3.2% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Park

 

69,411 

 

 

66,882 

 

3.8% 

 

 

206,293 

 

 

201,880 

 

2.2% 

Non-Same Park

 

2,034 

 

 

77 

 

2,541.6% 

 

 

3,054 

 

 

58 

 

5,165.5% 

Multifamily

 

852 

 

 

 

100.0% 

 

 

2,044 

 

 

 

100.0% 

Assets sold or held for sale

 

161 

 

 

2,407 

 

(93.3%)

 

 

3,053 

 

 

7,209 

 

(57.7%)

LTEIP amortization

 

(304)

 

 

(564)

 

(46.1%)

 

 

(963)

 

 

(1,767)

 

(45.5%)

Depreciation and amortization

 

(25,207)

 

 

(23,759)

 

6.1% 

 

 

(73,505)

 

 

(70,465)

 

4.3% 

General and administrative

 

(2,425)

 

 

(1,745)

 

39.0% 

 

 

(7,099)

 

 

(7,019)

 

1.1% 

Operating income

$

44,522 

 

$

43,298 

 

2.8% 

 

$

132,877 

 

$

129,896 

 

2.3% 









8

 


View differences made from one to another to evaluate Ps Business Parks Incca's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Ps Business Parks Incca.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account