Total rental income, including the lease buyout income noted above, increased $34.4 million, or 15.4%, from $222.9 million for the nine months ended September 30, 2011 to $257.3 million for the nine months ended September 30, 2012 as a result of a $37.9 million increase in rental income from Non-Same Park facilities, which includes the 5.3 million square foot portfolio acquired in December 2011, partially offset by a $3.5 million decrease from the Same Park portfolio. Excluding the lease buyout income, rental income from the Same Park portfolio decreased $564,000 due to a decrease in rental rates, partially offset by an increase in occupancy rates. Net income allocable to common shareholders decreased $33.3 million, or 76.8%, from $43.4 million, or $1.75 per diluted share, for the nine months ended September 30, 2011 to $10.0 million, or $0.41 per diluted share, for the nine months ended September 30, 2012. The decrease in net income allocable to common shareholders for the three and nine 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.Preferred Equity Transactions
PS Business Parks, Inc. Reports Results For The Third Quarter Ended September 30, 2012
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