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PS Business Parks, Inc. Reports Results For The Second Quarter Ended June 30, 2013 And Acquisition Of A $14.8 Million Flex Park In Dallas, Texas

PS Business Parks, Inc. (NYSE:PSB) reported operating results for the second quarter ended June 30, 2013 and acquisition of a $14.8 million flex park in Dallas, Texas.

Funds from operations (“FFO”) allocable to common and dilutive shares were $38.0 million, or $1.19 per common and dilutive share for the three months ended June 30, 2013, a 0.8% per share increase from the three months ended June 30, 2012 of $37.3 million, or $1.18, as adjusted, per common and dilutive share. FFO allocable to common and dilutive shares was $76.1 million, or $2.39 per common and dilutive share for the six months ended June 30, 2013, a 1.7% per share increase from the six months ended June 30, 2012 of $74.4 million, or $2.35, as adjusted, per common and dilutive share. The increase in adjusted FFO per common and dilutive share for the three and six months ended June 30, 2013 over the same periods in 2012 was due to the increase in net operating income in both the Same Park and Non-Same Park facilities partially offset by an increase in preferred equity distributions as the Company has replaced short-term debt with perpetual preferred equity.

Rental income increased $2.3 million, or 2.7%, from $85.6 million for the three months ended June 30, 2012 to $87.9 million for the three months ended June 30, 2013 as a result of a $1.5 million increase in rental income from Non-Same Park facilities combined with a $757,000 increase from the Same Park portfolio. Rental income increased $5.7 million, or 3.4%, from $170.3 million for the six months ended June 30, 2012 to $176.1 million for the six months ended June 30, 2013 as a result of a $3.9 million increase in rental income from Non-Same Park facilities combined with a $1.8 million increase from the Same Park portfolio. The three and six month increases were driven by increases in occupancy rates and 2012 acquisitions.

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