Exhibit 99.1

News Release

PS Business Parks, Inc.

701 Western Avenue

Glendale, CA 91201-2349

psbusinessparks.com

 

 

 

  

For Release:    

  

Immediately

  

Date:

  

August 4, 2020

  

Contact:

  

Jeff Hedges

     

(818) 244-8080, Ext. 1649

PS Business Parks, Inc. Reports Results for the Quarter Ended June 30, 2020

GLENDALE, California—PS Business Parks, Inc. (NYSE:PSB) reported operating results for the three and six months ended June 30, 2020.

Operating Results for the Three and Six Months Ended June 30, 2020

Net income allocable to common shareholders for the three and six months ended June 30, 2020 was $25.5 million, or $0.93 per diluted common share, and $67.1 million, or $2.44 per diluted common share, respectively. Net income was negatively affected by the COVID-19 pandemic and its impact on certain of the Company’s customers. During the quarter ended June 30, 2020, the Company entered into agreements with 346 customers (representing 9.8% of customers on a percentage of total rental income basis) through which the Company agreed to defer an aggregate of $3.8 million and abate $874,000 of revenue billed during the three months ended June 30, 2020. The $3.8 million of deferred revenue is scheduled to be repaid over an average of 11 months. The Company also wrote-off $1.2 million of accounts receivable and $2.4 million of deferred rent receivable during the three months ended June 30, 2020.

Net operating income (“NOI”) attributable to the Company’s Same Park portfolio (defined below) was $65.7 million and $135.3 million for the three and six months ended June 30, 2020, respectively, representing a decrease of 3.6% and an increase of 0.5% over the same periods in 2019, respectively. The decrease in Same Park NOI for the three months ended June 30, 2020 was due to a decrease in rental income driven by the previously mentioned write-offs of accounts receivable and deferred rent receivable, of which $1.1 million and $2.3 million were attributable to the Company’s Same Park portfolio, respectively.

The Company also reports NOI on a cash basis, which excludes non-cash rental income such as amortization of deferred rent receivable and other non-cash items, and also excludes rents that have been deferred or abated during the period. Total deferred and abated rent during the three months ended June 30, 2020 attributable to the Company’s Same Park portfolio was $4.5 million. The following table details the change in Same Park rental income from Q2 2019 to Q2 2020 (in thousands):

 

    Q2 2020 Compared to Q2 2019  
Rental income   $ Change     % Change  

Base rental rate

  $ 3,290     3.5%  

Occupancy

    (1,371     (1.4%

Expense recovery income

    (128     (0.1%

Fee income

    (156     (0.2%

Lease buyout income

    (523     (0.6%

Rent receivable write-off

    (738     (0.8%

Deferrals and abatements

    (4,503     (4.8%
 

 

 

   

 

 

 

Change in cash basis rental income

    (4,129     (4.4%

Amortization of deferred rent receivable and other generally accepted accounting principles (“GAAP”) income

    4,163     4.4%  

Deferred rent receivable write-off

    (2,171     (2.3%
 

 

 

   

 

 

 

Change in GAAP basis rental income

  $  (2,137     (2.3%
 

 

 

   

 

 

 

Same Park Cash NOI was $63.1 million and $131.9 million for the three and six months ended June 30, 2020, respectively, representing decreases of 6.6% and 1.1% over the same periods in 2019. The decrease in Same Park Cash NOI for the three months ended June 30, 2020 was due to lower Cash Rental Income (defined below) as a result of the previously mentioned write-offs of accounts receivable and rent deferrals and abatements.

 

1


The following information was filed by Ps Business Parks Incca (PSB) on Tuesday, August 4, 2020 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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