PS Business Parks Q1 Profit Rises - Quick Facts

(RTTNews) - PS Business Parks, Inc. (PSB) reported that its first-quarter net income to shareholders increased to $9.9 million, or $0.37 per share, from $8.5 million, or $0.35 per share, previous year. The company said the increase was due to an increase in net operating income combined with a decrease in interest expense partially offset by an increase in depreciation expense.

FFO per share was $1.20, flat with prior year. Funds from operations was $1.22 per share, as adjusted, for the three months ended March 31, 2014.

On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.22 for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues increased to $95.49 million from $88.28 million.