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PS Business Parks, Inc. Reports Results For The Third Quarter Ended September 30, 2013 And Acquires 559,000 Square Feet Of Flex Buildings For $27.9 Million In Dallas, Texas

Stock quotes in this article: PSB

PS Business Parks, Inc. (NYSE:PSB) reported operating results for the third quarter ended September 30, 2013.

Funds from operations (“FFO”) allocable to common and dilutive shares were $38.5 million, or $1.21, as adjusted, per common and dilutive share for the three months ended September 30, 2013, a 1.7% per share increase from the three months ended September 30, 2012 of $37.6 million, or $1.19, as adjusted, per common and dilutive share. FFO allocable to common and dilutive shares was $114.6 million, or $3.60, as adjusted, per common and dilutive share for the nine months ended September 30, 2013, a 2.0% per share increase from the nine months ended September 30, 2012 of $112.1 million, or $3.53, as adjusted, per common and dilutive share. The increase in adjusted FFO per common and dilutive share for the three and nine months ended September 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.

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 acquisition transaction costs and 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 nine months ended September 30, 2013 and 2012:

 
 
      For the Three Months             For the Nine Months
Ended September 30, Ended September 30,
2013       2012 Change 2013       2012       Change
FFO per common and dilutive share, as
reported $ 1.20 $ 1.06 13.2 % $ 3.59 $ 2.98 20.5 %
Acquisition transaction costs 0.01 0.01 0.01 0.01
Non-cash distributions related to the
redemption of preferred equity     0.12     0.54
FFO per common and dilutive share, as

adjusted

$ 1.21 $ 1.19 1.7 % $ 3.60 $ 3.53 2.0 %
 

Non-cash distributions related to the redemption of preferred equity of $3.8 million and $17.3 million were included in net income allocable to preferred shareholders for the three and nine months ended September 30, 2012, respectively. Acquisition transaction costs were $153,000 and $158,000 for the three and nine months ended September 30, 2013 and 2012, respectively.

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