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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

Stocks in this article: PSB

Net income allocable to common shareholders increased $7.3 million, or 517.8%, from $1.4 million, or $0.06 per diluted share, for the three months ended June 30, 2012 to $8.7 million, or $0.36 per diluted share, for the three months ended June 30, 2013. Net income allocable to common shareholders increased $12.4 million, or 253.6%, from $4.9 million, or $0.20 per diluted share, for the six months ended June 30, 2012 to $17.3 million, or $0.71 per diluted share, for the six months ended June 30, 2013. These increases were due to the net impact of non-cash preferred equity transactions reported in 2012 combined with an increase in net operating income in 2013.

In order to provide a meaningful period-to-period comparison of FFO derived from the Company’s ongoing business operations, the following table reconciles reported FFO to adjusted FFO which excludes the impact of non-cash distributions related to the redemption of preferred equity on the Company’s FFO per common and dilutive share for the three and six months ended June 30, 2013 and 2012:

     

For The Three Months Ended June 30,

       

For The Six Months Ended June 30,

   
  2013       2012 Change   2013       2012 Change
 
FFO per common and dilutive share, as reported $ 1.19 $ 0.92 29.3 % $ 2.39 $ 1.92 24.5 %

Non-cash distributions related to the redemption of preferred equity

    0.26     0.43

FFO per common and dilutive share, as adjusted

$ 1.19 $ 1.18 0.8 % $ 2.39 $ 2.35 1.7 %
 

Non-cash distributions related to the redemption of preferred equity of $8.2 million and $13.5 million were included in net income allocable to preferred shareholders for the three and six months ended June 30, 2012, respectively.

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