Exhibit 99.1

News Release

PS Business Parks, Inc.

701 Western Avenue

Glendale, CA 91201-2349

www.psbusinessparks.com

 

      For Release:    Immediately
      Date:    February 19, 2013
      Contact:    Edward A. Stokx
         (818) 244-8080, Ext. 1649

PS Business Parks, Inc. Reports Results for the Fourth Quarter Ended December 31, 2012

GLENDALE, California — PS Business Parks, Inc. (NYSE:PSB) reported operating results for the fourth quarter ended December 31, 2012.

Funds from operations (“FFO”) allocable to common and dilutive shares before non-cash and other adjustments were $38.3 million, or $1.20 per common and dilutive share for the three months ended December 31, 2012, a 6.2% per share increase from the three months ended December 31, 2011 of $35.6 million, or $1.13 per common and dilutive share before non-cash and other adjustments. FFO allocable to common and dilutive shares before non-cash and other adjustments was $150.4 million, or $4.74 per common and dilutive share for the year ended December 31, 2012, a 6.3% per share increase from the year ended December 31, 2011 of $142.6 million, or $4.46 per common and dilutive share before non-cash and other adjustments. The increase in FFO per common and dilutive share before non-cash and other adjustments for the three months and year ended December 31, 2012 over the same periods in 2011 was primarily due to the increase in net operating income from Non-Same Park facilities, which includes the 5.3 million square foot portfolio acquired in December 2011, partially offset by increases in interest expense, preferred equity distributions and general and administrative expenses.

FFO allocable to common and dilutive shares was $39.9 million, or $1.25 per common and dilutive share for the three months ended December 31, 2012, a 20.2% per share increase from the three months ended December 31, 2011 of $32.8 million, or $1.04 per common and dilutive share. FFO allocable to common and dilutive shares was $134.5 million, or $4.24 per common and dilutive share for the year ended December 31, 2012, a 9.6% per share decrease from the year ended December 31, 2011 of $149.8 million, or $4.69 per common and dilutive share.

In order to provide a meaningful period-to-period comparison, the following table summarizes the impact of non-cash and other adjustments which include non-cash distributions related to the redemption of preferred equity, the gain on the below par repurchase of preferred equity, lease buyout payments and acquisition transaction costs on the Company’s FFO per common and dilutive share for the three months and years ended December 31, 2012 and 2011:

 

     For The Three Months
Ended  December 31,
          For The Years
Ended December 31,
       
     2012     2011     Change     2012     2011     Change  

FFO per common and dilutive share, before non-cash and other adjustments

   $ 1.20      $ 1.13        6.2   $ 4.74      $ 4.46        6.3

Non-cash distributions related to the redemption of preferred equity

     —          —            (0.55     —       

Gain on the repurchase of preferred equity

     —          —            —          0.23     

Lease buyout payments (1)

     0.06        —            0.06        0.09     

Acquisition transaction costs

     (0.01     (0.09       (0.01     (0.09  
  

 

 

   

 

 

     

 

 

   

 

 

   

FFO per common and dilutive share, as reported

   $ 1.25      $ 1.04        20.2   $ 4.24      $ 4.69        (9.6 %) 
  

 

 

   

 

 

     

 

 

   

 

 

   

 

(1) 

Represents a lease buyout payment recorded in the fourth quarter of 2012 associated with a 39,000 square foot lease in Virginia which terminated as of December 25, 2012 and a lease buyout payment recorded in the third quarter of 2011 associated with a 53,000 square foot lease in Maryland which terminated as of August 31, 2011.

 

1


The following information was filed by Ps Business Parks Incca (PSB) on Wednesday, February 20, 2013 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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