Exhibit 99.1

News Release

PS Business Parks, Inc.

701 Western Avenue

Glendale, CA 91201-2349

psbusinessparks.com

 

 

 

 

  

For Release:    

  

Immediately

  

Date:

  

February 22, 2021

  

Contact:

  

Jeff Hedges

     

(818) 244-8080, Ext. 1649

PS Business Parks, Inc. Reports Results for the Quarter and Year Ended December 31, 2020

GLENDALE, California—PS Business Parks, Inc. (NYSE:PSB) reported operating results for the quarter and year ended December 31, 2020.

Operating Results for the Three Months and Year Ended December 31, 2020

Net income allocable to common shareholders for the three months and year ended December 31, 2020 was $26.9 million, or $0.98 per diluted common share, and $124.6 million, or $4.52 per diluted common share, respectively. Net operating income (“NOI”) attributable to the Company’s Same Park portfolio (defined below) was $68.0 million and $270.8 million for the three months and year ended December 31, 2020, respectively, representing decreases of 3.0% and 0.6% over the same periods in 2019, 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. Same Park Cash NOI was $69.2 million and $267.4 million for the three months and year ended December 31, 2020, respectively, representing decreases of 0.5% and 0.9% over the same periods in 2019, respectively. The decrease in Same Park Cash NOI for the three months ended December 31, 2020 was primarily driven by lower weighted average occupancy in the fourth quarter of 2020, which was 92.0% versus 94.4% in the fourth quarter of 2019. The decrease in Same Park Cash NOI for the year ended December 31, 2020 was primarily driven by lower weighted average occupancy, which was 92.4% in 2020 versus 94.5% in 2019, and $2.4 million of rent deferrals, net of repayments and $1.3 million of rent abatement granted to customers as a result of the COVID-19 pandemic. The Company noted that Same Park Cash Rental Income per occupied square foot increased by 2.4% during the year, from $15.65 in 2019 to $16.03 in 2020. Excluding the effect of the aforementioned rent deferrals and rent abatement, Same Park Cash Rental Income per occupied square foot increased 3.4%, from $15.65 in 2019 to $16.18 in 2020.

Further detail on the change in Same Park rental income for the three months and years ended December 31, 2020 and 2019 are provided in the table below (in thousands):

 

     For The Three Months           For The Years        
     Ended December 31,           Ended December 31,        
     2020     2019     Change     2020     2019     Change  

Rental income

            

Base rental income

   $ 73,091   $ 74,597   $ (1,506   $ 292,729   $ 289,361   $ 3,368

Expense recovery income

     22,590     21,879     711     90,225     88,523     1,702

Lease buyout income

     393     232     161     1,199     1,373     (174

Rent receivable write-off

     (91     (190     99     (1,461     (1,033     (428

Abatements

     (97           (97     (1,300           (1,300

Deferrals, net of repayments

     1,683           1,683     (2,356           (2,356

Fee income

     208     332     (124     911     1,271     (360
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Rental Income

     97,777     96,850     927     379,947     379,495     452

Non-Cash Rental Income (1)

     (1,204     565     (1,769     3,417     2,455     962
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total rental income

   $ 96,573   $ 97,415   $ (842   $ 383,364   $ 381,950   $ 1,414
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Non-cash rental income includes amortization of deferred rent receivable (net of write-offs), in-place lease intangible, tenant improvement reimbursement, and lease incentive intangible. Same Park Non-Cash Rental Income is presented net of deferred rent receivable write-offs of $0.4 million and $0.1 million for the three months ended December 31, 2020 and 2019, respectively, and $3.0 million and $0.5 million for the years ended December 31, 2020 and 2019, respectively.

 

1


The following information was filed by Ps Business Parks Incca (PSB) on Monday, February 22, 2021 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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