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PS Business Parks, Inc. Reports Results For The First Quarter Ended March 31, 2012

PS Business Parks, Inc. (NYSE:PSB) reported operating results for the first quarter ended March 31, 2012.

Funds from operations (“FFO”) allocable to common and dilutive shares before non-cash adjustments were $37.1 million, or $1.17 per common and dilutive share for the three months ended March 31, 2012, a 7.3% per share increase from the three months ended March 31, 2011 of $35.0 million, or $1.09 per common and dilutive share before non-cash adjustments. The increase in FFO per common and dilutive share before non-cash adjustments for the three months ended March 31, 2012 over the same period in 2011 was primarily due to the increase in net operating income from Non-Same Park facilities partially offset by increases in interest expense, preferred equity distributions and general and administrative expenses.

FFO allocable to common and dilutive shares was $31.9 million, or $1.01 per common and dilutive share for the three months ended March 31, 2012, a 23.5% per share decrease from the three months ended March 31, 2011 of $42.4 million, or $1.32 per common and dilutive share. In order to provide a meaningful period-to-period comparison, the following table summarizes the impact of non-cash adjustments which include non-cash distributions related to the redemptions of preferred equity and the gain on the below par repurchase of preferred equity on the Company’s FFO per common and dilutive share for the three months ended March 31, 2012 and 2011:
      For The Three Months

Ended March 31,
 
2012   2011 Change
 
FFO per common and dilutive share, before non-cash adjustments $ 1.17 $ 1.09 7.3 %
Non-cash distributions related to the redemption of preferred equity (0.16 )
Gain on the below par repurchase of preferred equity       0.23
FFO per common and dilutive share, as reported $ 1.01   $ 1.32 (23.5 %)
 

Rental income increased $11.2 million, or 15.3%, from $73.5 million for the three months ended March 31, 2011 to $84.7 million for the three months ended March 31, 2012 as a result of a $12.3 million increase in rental income from Non-Same Park facilities, partially offset by a $1.1 million decrease from the Same Park portfolio. Net income allocable to common shareholders decreased $13.1 million, or 79.1%, from $16.6 million, or $0.67 per diluted share, for the three months ended March 31, 2011 to $3.5 million, or $0.14 per diluted share, for the three months ended March 31, 2012. The decrease in net income allocable to common shareholders was primarily due to the net impact of preferred equity transactions and increases in interest expense and preferred equity distributions, partially offset by an increase in net operating income.

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