PS Business Parks FFO Rises; Lifts Dividend - Quick Facts

(RTTNews) - PS Business Parks Inc. (PSB), a real estate investment trust, Tuesday reported fourth-quarter funds from operations, or FFO, of $51 million $1.54 per share. This compares with FFO of $40 million or $1.25 per share last year.

Excluding items, adjusted FFO for the quarter was $42 million or $1.26 per share, compared with $39 million or $1.24 per share last year.

Analysts polled by Thomson Reuters estimated FFO of $1.21 per share for the quarter. Analysts' estimates usually exclude one-time items.

Net income to shareholders for the quarter climbed to $18 million or $0.68 per share from $10 million or $.40 per share a year ago. REIT companies usually add depreciation, amortization and other items that reduce their net earnings.

Revenue for the the quarter grew to $93.6 million from $89.4 million last year. Analysts expected revenue of $89.7 million.

The company announced a quarterly dividend of $0.50 per share, an increase of 13.6 percent.