PS Business Parks: 2Q Earnings Snapshot
GLENDALE, Calif. (AP) _ PS Business Parks Inc. (PSB) on Tuesday reported a key measure of profitability in its second quarter.
The Glendale, California-based real estate investment trust said it had funds from operations of $55.3 million, or $1.59 per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $70.2 million, or $2.56 per share.
The office and industrial space real estate investment trust posted revenue of $101.8 million in the period.
The company’s shares have climbed roughly 1 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $126.10, a drop of 2 percent in the last 12 months.