Profit Rises at PS Business ParksTuesday, July 30, 2013
PS Business Parks Inc. late Monday announced second quarter profit that narrowly missed analysts’ expectations.
The Glendale real estate investment trust reported net income of $38 million ($1.19 a share) in the quarter ended June 30, compared to $37.3 million ($1.18) in the same period a year earlier. Revenue rose 2.7 percent to $87.9 million.
Analysts on average expected earnings of $1.21 a share on revenue of $87.9 million, according to Thomson Financial.
In the earnings report, the company also announced the $14.8 million purchase of a 389,000 square foot multi-tenant flex park in Dallas. The purchase of the 18-building, single-story park was funded with cash on hand and was 66.5 percent leased at the time of purchase, the company said.
PS Business Parks develops and operates multi-tenant flex, office and industrial properties.
At the end of December, the company owned 28.3 million rentable square feet in eight states. On March 14, the company issued 4.4 million additional preferred shares. The company used the proceeds to reduce a $90 million loan.
Shares on Tuesday closed down 60 cents, or less than 1 percent, to $74.95 on the Nasdaq.