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PS Business Parks, Inc. Reports Results For The Fourth Quarter Ended December 31, 2011

PS Business Parks, Inc. (NYSE:PSB) reported operating results for the fourth quarter ended December 31, 2011.

Funds from operations (“FFO”) allocable to common and dilutive shares were $32.8 million, or $1.04 per common and dilutive share for the three months ended December 31, 2011, a 5.1% per share increase from the three months ended December 31, 2010 of $31.7 million, or $0.99 per common and dilutive share. FFO allocable to common and dilutive shares were $149.8 million, or $4.69 per common and dilutive share for the year ended December 31, 2011, a 20.9% per share increase from the year ended December 31, 2010 of $124.4 million, or $3.88 per common and dilutive share. The increase in FFO per common and dilutive share for the three months and year ended December 31, 2011 over the same periods in 2010 was primarily a result of an increase in net operating income from Non-Same Park facilities and lower distributions resulting from the reduction of preferred equity outstanding, partially offset by a decrease in Same Park net operating income.

During the three months and years ended December 31, 2011 and 2010, the Company's FFO results were impacted by several non-cash and other items. In order to provide a meaningful period-to-period comparison, the following table summarizes the impact of these non-cash and other adjustments which include the gain on repurchase of preferred equity below par, non-cash distributions related to the redemptions of preferred equity, lease buyout income and acquisition transaction costs on the Company’s FFO per common and dilutive share for the three months and years ended December 31, 2011 and 2010:

                   
For The Three Months

Ended December 31,

For The Years

Ended December 31,

2011     2010 Change 2011     2010 Change
 
FFO per common and dilutive share, before non-cash and other adjustments $ 1.13 $ 1.07 5.6 % $ 4.46 $ 4.11 8.5 %
Acquisition transaction costs (0.09 ) (0.03 ) 200.0 % (0.09 ) (0.10 ) (10.0 %)
Lease buyout income 0.09 100.0 %
Non-cash distributions related to the redemption of preferred equity (0.05 ) (100.0 %) (0.13 ) (100.0 %)
Gain on the repurchase of preferred equity           0.23       100.0 %
FFO per common and dilutive share, as reported $ 1.04   $ 0.99   5.1 % $ 4.69   $ 3.88   20.9 %
 

Rental income increased $3.9 million, or 5.5%, from $70.8 million for the three months ended December 31, 2010 to $74.7 million for the three months ended December 31, 2011 as a result of a $5.4 million increase in rental income from Non-Same Park facilities, partially offset by a $1.5 million decrease from the Same Park portfolio. Net income allocable to common shareholders increased $426,000, or 5.1%, from $8.4 million, or $0.34 per diluted share, for the three months ended December 31, 2010 to $8.8 million, or $0.36 per diluted share, for the three months ended December 31, 2011. The increase in net income allocable to common shareholders was primarily due to an increase in net operating income and lower distributions resulting from the reduction of preferred equity outstanding.

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