PS Business Parks (PSB) Tops Q1 EPS by 29c, Revenues Beat

PS Business Parks (NYSE: PSB) reported Q1 EPS of $0.96, $0.29 better than the analyst estimate of $0.67. Revenue for the quarter came in at $107.83 million versus the consensus estimate of $103.27 million.

Operating Results for the Three Months Ended March 31, 2019

Net income allocable to common shareholders was $26.3 million, or $0.96 per diluted common share, for the three months ended March 31, 2019, a decrease of $19.7 million, or 42.8%, from $46.0 million, or $1.69 per diluted common share, for the same period in 2018. The decrease was mainly due to the gain on sale of a real estate facility sold during the first quarter of 2018 that did not recur in the first quarter of 2019, partially offset by an increase in net operating income (“NOI”) with respect to our real estate facilities. The increase in NOI includes a $3.0 million, or 4.3%, increase attributable to our Same Park facilities driven by an increase in rental rates and occupancy, combined with increased NOI from our Non-Same Park and multifamily assets, partially offset by reduced NOI generated from facilities sold in 2018.

For earnings history and earnings-related data on PS Business Parks (PSB) click here.

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