This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PS Business Parks, Inc. Reports Results For The Second Quarter Ended June 30, 2012

PS Business Parks, Inc. (NYSE:PSB) reported operating results for the second quarter ended June 30, 2012.

Funds from operations (“FFO”) allocable to common and dilutive shares before non-cash and other adjustments were $37.3 million, or $1.18 per common and dilutive share for the three months ended June 30, 2012, a 5.4% per share increase from the three months ended June 30, 2011 of $36.0 million, or $1.12 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 $74.4 million, or $2.35 per common and dilutive share for the six months ended June 30, 2012, a 6.3% per share increase from the six months ended June 30, 2011 of $71.0 million, or $2.21 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 and six months ended June 30, 2012 over the same periods 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 $29.1 million, or $0.92 per common and dilutive share for the three months ended June 30, 2012, a 17.1% per share decrease from the three months ended June 30, 2011 of $35.8 million, or $1.11 per common and dilutive share. FFO allocable to common and dilutive shares was $61.0 million, or $1.92 per common and dilutive share for the six months ended June 30, 2012, a 21.0% per share decrease from the six months ended June 30, 2011 of $78.2 million, or $2.43 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 and acquisition transaction costs on the Company’s FFO per common and dilutive share for the three and six months ended June 30, 2012 and 2011:

                       
For The Three Months

Ended June 30,

For The Six Months

Ended June 30,

2012       2011 Change 2012       2011 Change
 
FFO per common and dilutive share, before non-cash and other adjustments $ 1.18 $ 1.12 5.4 % $ 2.35 $ 2.21 6.3 %
Acquisition transaction costs (0.01 ) (0.01 )
Non-cash distributions related to the redemption of preferred equity (0.26 ) (0.43 )
Gain on the repurchase of preferred equity               0.23  
FFO per common and dilutive share, as reported $ 0.92   $ 1.11   (17.1 %) $ 1.92   $ 2.43   (21.0 %)
 

Rental income increased $12.7 million, or 17.3%, from $73.0 million for the three months ended June 30, 2011 to $85.6 million for the three months ended June 30, 2012 primarily as a result of a $12.4 million increase in rental income from Non-Same Park facilities. Net income allocable to common shareholders decreased $10.0 million, or 87.6%, from $11.4 million, or $0.46 per diluted share, for the three months ended June 30, 2011 to $1.4 million, or $0.06 per diluted share, for the three months ended June 30, 2012. Rental income increased $23.9 million, or 16.3%, from $146.4 million for the six months ended June 30, 2011 to $170.3 million for the six months ended June 30, 2012 as a result of a $24.7 million increase in rental income from Non-Same Park facilities, partially offset by an $866,000 decrease from the Same Park portfolio. Net income allocable to common shareholders decreased $23.1 million, or 82.5%, from $27.9 million, or $1.13 per diluted share, for the six months ended June 30, 2011 to $4.9 million, or $0.20 per diluted share, for the six months ended June 30, 2012. The decrease in net income allocable to common shareholders for the three and six months was primarily due to the net impact of non-cash preferred equity transactions and increases in interest expense, depreciation and amortization and preferred equity distributions, partially offset by an increase in net operating income.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs